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Most Renters Have No Renters Insurance – How Come?

 

Renters’ insurance provides:
liability coverage for a tenant in the event his property is damaged or destroyed because of certain perils, such as flood, fire, theft and vandalism. Renters often feel that insurance is expensive or that it is unnecessary. Some haven’t even thought of the option!



Objection #1:
I Don’t Need Renters Insurance

It’s a common misconception for renters to believe that because they rent, they don’t need insurance. However, many fail to realize that the contents of their rental home can add up to quite a pretty penny if they had to replace it all due to a flood, fire, theft, wind or hail storm. These incidents are common enough – according to the FloodSmart website1, floods are the top natural disaster in the U.S. These incidents aren’t cheap, either – the average flood claim was almost $42,000 between 2008 and 2012. Fire and burglaries happen every day, to anybody as well – thieves don’t only hit homeowners, after all.

Objection #2: My Landlord’s Insurance Covers Me

Many tenants think their landlord’s insurance policy will protect them. This is far from the truth. Your landlord’s policy only covers the building structure. In the event of fire, smoke, wind, hail, or burglary, your belongings will not be protected. Renters should ask themselves: “Can I afford to replace everything in my rental home? Can I afford to replace my furniture, my computer, my television, my clothes, etc. – right now?” 

Objection #3: It’s Too Expensive

Another common misconception about renters insurance is that it’s expensive. But the fact is that most insurance rates are less than what people spend on their daily cup of coffee over the course of a month. It’s also less than what most American employees spend on buying lunches instead of bringing a packed one to work.


The questions that should really nag at a tenant’s brain may be uncomfortable. Nevertheless, they should be considered.

“What if I come home to find it burglarized?”

“What if there’s a fire? And what if damage extends to someone else’s home?”

“What if my negligence causes a neighbor’s injury? And, even death?”

If you are the liable party in a damaging fire or the like, not only will you have personal losses to contend with, you may also be sued by your homeowner and anyone else that suffers. This can literally lead to years of payback and financial ruin.

 



It’s easy to stick your head into the sand and pretend these things don’t happen. But they do. They can happen to anybody.

The Answer

The simple answer to all the terrifying what ifs, is Renters Insurance. An inexpensive option, Renters Insurance lets you breathe easy knowing that you will have the protection if you need it.

PRIME Insurance is an independent agency that services a network of leading insurance companies. Focusing on the customer’s needs, its agents scout for the appropriate policy at competitively lowest quotes
– and even offer package deals where tenants can save by bundling their auto insurance policy together with renters insurance. For more info, visit
www.primeins.com or contact us.


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