Try to think of a gift for a special college graduate? If you look for convenient gift giving, rental insurance might be just the ticket! OK, it might not have the same allure immediate cash, but it could be much more valuable in the long run. Even if you do not want to give as a gift, you can make the young tenant a great service by helping them understand the importance of this coverage -. And dispelling some myths in the process
owners understand the importance of home insurance. The Insurance Information Institute (III) reports that about 95% of all homeowners insurance. Tenants not so much. In a 2014 survey, only 37% of tenants said they had a rental insurance coverage.
rental insurance myths
There are many misconceptions about what the rental insurance is and why it is important. Here are some myths and objections that we often hear.
My landlord insurance . Many renters are under the false impression that they are covered by the policy owner, but the owner's policy is for the building. If a fire or other disaster occurred, the personal property of a tenant would not be covered. In addition, the owner of a policy would not help with temporary living expenses if the building is destroyed or for any prosecution injury that could occur if someone is injured in your apartment.
I do not have enough to make it worth . This is rarely true. Look around your apartment furniture, electronics, kitchen items, clothes, books ... what it would cost you to replace these things if you had to start from scratch? In addition, renters insurance also provides liability protection against personal injury or property damage lawsuits and coverage for additional living expenses if you are displaced from your home in a disaster.
I can not afford it . rental insurance is surprisingly affordable. III made a national rental assessment and owners of average premiums in 2012 and found that the average rent subsidy was $ 187 per year. It can work for as little as $ 12 to $ 14 per month. The amount you (or premium) varies depending on the condition and what type and how much coverage you need.
I'm not sure what or how much to buy . An independent agent can help you determine what you need and can you say about different options - such as "actual cost" vs. They can advise you on franchises and if "replacement value." add-ons that would benefit your unique circumstances. A good agent will be able to get quotes from several insurance companies and can advise on the discounts available. For example, there are sometimes discounts if you combine a vacation with your car insurance policy.
Learn more about renters insurance
Renters Insurance Checklist
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