MONDAY, JUNE 20, 2016
Time and again, I read about unfortunate events that lead to the financial destruction of people who rent and do not have a Renters Insurance policy in place.
Having a Renters Insurance policy can prevent this devastation in 3 ways:
1. In the event of a fire or weather-related loss, this insurance will pay for personal items damaged or destroyed.
How many times have you seen a request for clothing and financial aid after a fire loss where no insurance was in place?
2. The liability limit included in a Renters Insurance policy can prevent financial hardship in the event of a lawsuit. Dog attacks and accidents on the property are just a couple of examples when a person may be sued for injuries.
3. There is also Medical Expense included in a Renters Insurance policy. This provides coverage up to the limit included for injuries to others not members of the household. For instance, I had an event where a nurse was going to the insured's home to complete medical requirements for their life insurance policy. The nurse slipped on ice on the insured's sidewalk and broke her ankle.
The cost of a Renters Insurance policy is minimal. If you rent, and don't have one in place, I recommend you contact your agent for a quote. It is better to have one and not need it, than to need it and not have one.