I got an e-mail our week off that a reader was concerned about how many people actually go with no renters insurance.
“I study article after article regarding fires and also NO tenants insurance. I think towards tenants its regarding $100-$150 per year. There are men and women who require help, however if a person won’t buy insurance coverage, I have a hard time donating to those who won’t safeguard on their own and get started using renters insurance. Do they really not know about this?”
This audience suggested $150 to protect whatever one owns is perfectly worthwhile—only the cost of 2 cartons of cigarettes, towards peace of mind.
Your landlord is covered by his homeowners insurance coverage, and yet that doesn’t cover renters, my audience suggested.
“I had it 22 years ago when I rented. My guess was they don’t have automobile insurance either, yet this really is as, if not more, important as automobile insurance coverage.”
It has been many years since I required tenants insurance, so I turned to the representative, Rick Stahl in rural insurance coverage in Janesville, to confirm tips our audience made.
For landlords he deals with they say, “people are continuously encouraged by them as to the importance concerning renters insurance coverage,” Stahl replied with email. “you might presume you had gotten this covered, but typically, your landlord’s insurance won’t protect your personal property. It also won’t cover you if a liability suit is filed against you—for example if you own a dog and it bites someone, that would be a liability exposure.
“Tenants insurance coverage offers affordable protection for renters which will need personalized home, liability protection as well as reduction of use coverage.”
Stahl also revealed, “car insurance being needed and by taking out a renters policy with the same company, it provides a discount that will pay a good portion of their tenants plan advanced.”
Hence, figures actually would be starting about $100 in order to have $150 towards annual expense of tenants insurance coverage?
Yes, Stahl says.
I realize many renters may be living paycheck to paycheck and they may feel this is just one more expense they deem un-affordable. It seems to me that the security they would have would more than be worth it, in the event of a disaster in the form of wind, fire or flood.