Renters insurance is for anyone who rents, period. You could rent an apartment in Little Rock, townhouse in Fayetteville, condominium in Hot Springs, duplex or home in Conway. A misconception many renters’ hold is that rental insurance isn’t needed because their landlord’s insurance will cover them. The only thing that the landlord’s insurance covers is the building that they own. In fact, many landlords now require tenants to provide proof that they have purchased renters insurance when they sign the lease. They do this because they have seen many times what the results are to those that aren’t covered. If you rent, here are some questions you should think about.
Have you ever thought about how you would pay to replace your belongings if you were a victim of theft or vandalism?
Have you ever thought about what you would do if you have a fire and can’t live in your apartment?
Have you ever thought about how you would pay to replace your belongings if there was a fire or if the apartment above you flooded and it leaked into your apartment?
Have you ever thought about what you happen to your belongings if someone got injured in your apartment?
Without renters insurance the answer is, you would be on your own.
Studies have found that renters have a higher likelihood of theft and burglary than home owners.
According to Insurance Information Institute:
- Renters are 52.6% more likely to be burglarized than homeowners
- Renters are 118% more likely to experience motor vehicle theft
- Renters are 33.5% more likely to experience a theft than homeowners
These statistics make the thought of being on your own without any renter’s coverage a little frightening. Unfortunately most people think that their belongings aren’t valuable enough to justify protection. But take some time to add up how much it would cost you to replace your furniture, televisions, computers, electronics (iPhone, iPod), jewelry, musical instruments, sporting equipment and even your clothes. Individually, the costs of these items might be minimal but collectively, it would cost quite a bit to replace them all. The average renter actually owns about $25,000 worth of personal property. Renter’s insurance coverage with the Alan Springer Agency is very flexible, which allows you to pick the amounts and coverage’s that fit your needs.