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Think Renter’s Insurance is Only for Your “Stuff”? Think Again!

10/20/2020

Published by 21st Insurance Agency on October 20th, 2020



Clients often think they don’t need renters insurance — “Nothing I have is worth that much,” they’ll say, or “I don’t have a lot of stuff.” That’s how most people think of renter’s coverage: protection for stuff, and nothing more. After all, it’s inexpensive and it doesn’t even cover the structure itself. So how important can it be, especially if you don’t think you have anything valuable to protect?

Plenty important, because you have more to protect than you realize. You just have to stop thinking only about “stuff.” Here are three key financial protections a renters policy provides:

Loss of use coverage. What would you do if a fire or other issue forced you out of your home? You’d have to find a temporary place to stay, maybe even for months — which might cost you more than your normal rent. Loss of use helps cover that and other additional expenses.

Personal liability protection. If someone trips and injures themselves in your unit, they could sue you. If your dog bites one of your guests, they might file suit, too. Yes, lawsuits happen — even among friends. Renters insurance can help cover legal expenses and even judgments against you. (Some dog breeds may disqualify you from coverage, so be sure to inform your agent of all dogs in the household.)

Personal property coverage. Wait, doesn’t this mean your stuff? Well, yes. But really, this coverage protects your finances. Even if you don’t think you have anything valuable, take a minute and mentally add up everything you own (note that if you do have any high-value items, such as jewelry or heirlooms, you may need additional coverage). Now imagine how much it would cost to replace it all. It’s probably a higher number than you thought — and that’s why renters insurance is so important.

If you’re interested in a Renters Insurance quote or have any questions, please feel free to give us a call at 866-727-4712 or contact us here.

Reposted with permission from the original author, Safeco Insurance®.

Insurance offered by 21st Mortgage Corporation dba 21st Insurance Agency where applicable. Principal place of
business: 620 Market Street Knoxville, TN 37902. Statements are for informational purposes only and do not create a
contract. Subject to policy provisions, exclusions, and limitations. Policy language prevails over any information herein.
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information. NPN 5317371. 9/16/2020.