Five Reasons Why It Pays to Have Renters Insurance | Focus 1 Insurance Group Five Reasons Why It Pays to Have Renters Insurance | Focus 1 Insurance Group

Five Reasons Why It Pays to Have Renters Insurance

Renters insurance is often not a priority when people sign a lease. This can be due to several factors, but another expenditure is usually the last thing renters want to sign up for around moving time. By the time the dust has settled, the idea of renters insurance is in the rearview. Unfortunately, many renters suffer large losses because of this. The following are reasons why renters should strongly consider investing in renters insurance.

Affordability of Policies

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Much to the surprise of many renters, renters insurance policies are not particularly expensive. According to Insurance.com, the average cost of a policy was $197 a year. Compare that to the cost of car insurance and the like and it is actually much less. Of course, costs can vary depending on the type of coverage chosen and the deductible of the policy.

Protection Against Property Loss

Another reason some renters don’t invest in renters insurance is that they believe they’re covered by the landlord’s policy. This is an incorrect assumption. By getting a policy of your own, your personal property is covered in the event of loss. You may not think your possessions are worth a ton, but you would be surprised. According to estimates, the average renter owns about $20,000 of property.

Liability Coverage

Beyond your personal property, renters insurance also provides renters with liability coverage. If someone is injured in your home, the policy can help cover court judgments and legal expenses. Most liability policies offer around $100,000 in liability coverage and between $1,000 and $5,000 in medical payment coverage.

Travel Protection

Somewhat surprisingly, renters insurance can also cover your possessions while traveling the world. Whether they are in your home, your car, or with you while traveling, the policy helps ensure that any loss incurred is protected.

Other Living Expense

If an unfortunate event leaves your apartment in an unlivable condition, renters insurance may be able to assist with expenses incurred for living elsewhere for a time, food, and other related costs.

At Focus1 Insurance Group, we strive to foster a great relationship with our customers. By supporting them through good times and bad, our office and brokers hope to become like family. We offer numerous policies to suit your needs. Request your free quote today!