If you're renting a small place
and don't have many
possessions, you may not think
that renter's insurance is
right for you, or maybe your
landlord has required you to
purchase renters insurance to
cover any liability.
Well, in today's video, I'm
going to be going over some of
the common misconceptions that
new renters have around renters
insurance and the top 10
reasons why you should purchase
renters insurance and how it
can benefit you.
The first common misconception
renters have is they don't
think they have a lot of things
to protect. If you were to add
up all the value of your
clothes, your possible
smartphone, laptop,
TV, couches
and other furniture you have
and maybe even dishes in the
kitchen. These could add up to
a significant amount.
So if you need help conducting
a home inventory, we've
included a worksheet below.
It will help you work through
your whole home and understand
what you have and how much
coverage you need. People are
often very surprised at the
replacement value it would cost
to replace everything they own.
So I highly encourage you to do
this.
Some insurance policies will
limit the value of coverage for
possessions of students away
from the home. And most
policies will require that the
student is financially
dependent on the parents and
will only be temporarily away
from the home. If you have a
party and someone slips on your
rug, you could be held liable.
Similarly, if you're playing
recreational sports and you
injure someone, you may be
liable in this case as well.
While we all like to think that
our friends won't sue us, are
you really willing to take that
risk? Imagine you woke up from
a great nap only to see that
you accidentally left a pot on
the stove and that has now lit
on fire and started to develop
smoke. The smoke has now
continued through your
apartment and it started to
damage some of your clothes and
your furniture. Not to mention
your neighbors unit might be
damaged from the smoke as well.
Without renter's insurance,
you'd be responsible for
replacing all your belongings
and your furniture that has
been damaged out of your own
pocket. Similarly,
you may have to pay for repairs
for the neighboring unit if
they have damage to their
apartment as well. All of these
costs could easily exceed ten
thousand dollars.
Are you willing to put yourself
at that kind of risk?
The last misconception is
thinking insurance is too
expensive. But when you think
in the grand scheme of things,
if you were to replace all your
belongings and how much would
that really cost you? The
monthly premium for renters
insurance can be pretty low and
thus it makes it more
affordable.
So if you're still wondering if
renters insurance is right for
you, we're going to be going
over the top 10 reasons of why
you should get renters
insurance and how it can
benefit you.
Often when you're trying to
find a new place to rent, a
landlord will require you to
have a renter's insurance
policy in place to cover any
liabilities. This will help
protect the home if there's
unintentional damage caused by
the renter or if something
unforeseen happens.
So you bought couch at a garage
sale and maybe your family has
given you some old dishes to
use. Maybe you think these
possessions aren't worth very
much, but you have to think
about how much it would cost to
actually replace these
possessions with new ones.
You'd even be surprised if you
went through all your shoes and
clothes, how much it would cost
to actually replace these items
with brand new items, including
tax.
Similar to the example I spoke
about earlier about falling
asleep and causing smoke damage
to you and your neighboring
apartment, could you really
afford to replace these things
on your own? A renter's
insurance policy may provide
coverage in instances like
these.
If you lost control while
you're skiing and crashed into
another fellow skier and
ultimately injured them, they
may look to sue you for
negligence. In an instance like
this, your renter's insurance
may be able to provide you
coverage.
If someone came to visit you
and slipped on the bathroom
floor, they may sue you for
your injuries. Most renters
insurance policies will provide
premises liability for
instances like this.
Maybe your apartment is secure.
But what about if you have
something valuable stolen out
of your car? Your auto
insurance will not cover this,
but a renters insurance policy
may provide coverage for your
personal property.
If you've got things in
storage, you can usually get
storage insurance with your
renter's insurance policy.
Similarly, many insurance
companies will include this
automatically.
A huge benefit to renters
insurance is worldwide
coverage. Not only will your
renters insurance policy
protect your belongings that
stay at your home, but will
also provide coverage for the
belongings that you take with
you on your trip.
Electronics, computers,
iPhones, tablets,
iPods and more.
We all have them. And your
renters insurance policy can
help protect those electronics.
What if your dog bites
someone's leg? Liability claims
from dog bites are actually
very common and your renter's
insurance policy can help cover
you in instances like this.
So now that you know all the
amazing benefits that renters
insurance can bring to you, you
can get an online renter's
insurance quote at
Squareoneinsurance.com