If you are renting a new place, you may need renters’ insurance. Read to learn what you need to know about renters’ insurance to determine whether renters’ insurance is best for you.
When you are a renter, you have a choice to purchase renters’ insurance. As a renter, you have many of the same risks homeowners have when protecting possessions and being liable for accidents at your living space.
Here are some common misperceptions about renters insurance:
- Renters’ Insurance Is Too Expensive. The average renters’ insurance is one of the most affordable insurance policies out there. Renters insurance cost between $15 – $30 a month. You will pay far more than that replacing all of your possessions or being liable for an accident on the premises of the property you rent.
- Renters’ Insurance Isn’t Worth It Because I Don’t Have Many Valuables. When you have renters insurance, it can cover your electronics, clothing and household appliances. Just because you don’t have many valuables does not mean minimal items will not add up to thousands of dollars worth of merchandise.
- The Landlord Has Insurance. I Am Already Protected. Your landlord has insurance for structural damage to the building and may even be protected against damage caused by you the tenant. This does not mean that your personal property is included in this coverage or protects you from being liable for damage such as a kitchen fire or a plumbing mishap.
You can decide if renters’ insurance is best for you by asking yourself and an insurance agent about the property you want to protect and the property hazards you want to have covered.
Here are some important questions to ask:
- How should you determine the value of your items?
- What optional coverage might be available?
- Does your insurance plan affect your roommate(s)?
- How much liability coverage can be included in a renters’ insurance plan?
- What hazards are included in the place and do you need a separate policy for specific circumstances?
If you have any questions or need professional services, contact the Kennedy Insurance Agency by calling 410-355-1010 or click here today!
Kennedy Insurance has provided Insurance solutions to individuals, families, and businesses for more than 25 years. No matter what type of Insurance you need, we have the knowledge, experience, and markets you can trust. Our Personal and Commercial lines departments can satisfy a broad spectrum of Insurance needs. With a large number of companies to choose from, we shop the markets so that you do not.
Our primary goal is to provide the people of Baltimore, Maryland and its surrounding areas with adequate Insurance at a competitive price, while still providing excellent customer service.