Did you know that if you rent a home or commercial space every item that you moved into that space is at risk for losses from fire, theft or flood, unless you purchase renters’ insurance? That’s right…no matter the origin of the damage, your personal property is not covered under the property owner’s insurance.
We have seen first hand renters’ lose all of their property following a home fire because they did not purchase renters’ insurance. One of our clients had significant smoke damage to her personal property after badly burning a turkey in her oven. She was unable to afford the cost of replacing and repairing her damaged furnishings, and without renters’ insurance, she had no options but to swallow the loss.
Another client experienced a flood in their basement level rental. Even though the flood came from a damaged water main, his personal items were still a total loss because he did not have insurance. His landlord did have insurance..but this only protected the landlord’s property.
Another benefit of renters’ insurance is that should you be forced to temporarily move out of your home because of a significant event, often your insurance will cover the costs of moving you out and housing you while your home is repaired. Coverage will also usually pay to clean, repair or replace your damaged property.
Some landlords make it mandatory that their tenants purchase insurance. For as little as $10.00 to $30.00 a month, you can protect yourself from a catastrophic loss. Don’t leave your property and piece of mind at risk. Talk to your insurance agent today to find out more about renter’s insurance.
Disclaimer: Depending upon your personal needs and the terms of the coverage purchased the amount of coverage you are eligible for may vary. Helpers has no affiliation with any insurance broker, agent or carrier and does not profit in any manner from the provision of this advice. We strongly advise you to contact a licensed insurance broker to learn more about the coverage options that are best for you.