Many renters think that because they pay monthly rent, everything is included, even insurance. This is simply not the case. Your landlord’s coverage only applies to the building, not all of your belongings. The landlord’s insurance also doesn’t cover you if someone injures themselves on the property and you are found liable. When you consider these two points, you can see the importance of purchasing renters insurance.
What Does Renters Insurance Cover?
Renters insurance typically has two parts – liability and contents. Liability coverage is required by many landlords, especially apartment complexes. It usually ranges from $100,000 to $500,000 and provides you protection if someone sues you after being injured on the property.
Contents coverage is what protects your belongings. Everything that you move in on moving day is covered by this coverage. When considering the amount of your contents coverage, make sure that you consider high price items such as
– Designer clothing and shoes
– Musical instruments
– Computer equipment
I once had a client that only wanted $2000 in contents coverage. However, when I asked more questions, he had over $10,000 in guitars and a piano in his apartment. (It is Nashville!) This would have been a huge problem should a total loss have occurred. Remember those things add up when you are deciding on your contents amount.
How Much Does Renters Insurance Cost?
The best thing about renters insurance is that it is so inexpensive – usually less than $1 a day! Usually when you bundle with your auto insurance, you get a discount on both, making it even more affordable.
There is really no reason not to buy renters insurance. To compare your rate with multiple companies in Tennessee, give our office a call at 615-919-1009 or visit our website today!