Why Renters Insurance?
Updated: Jul 5
This is a common question, and it's a fair one too.
We would love to shed some light on it.
Renters insurance is designed to cover your personal items and belongings, like your laptop, phone, clothing, etc; in the event of a loss that happens at the rented location. For example a fire.
Now, most policies will cover also for additional expenses that you might have after the damage. In our example of the fire; while the place is being repaired you probably will be out 2-4 weeks; a renters insurance policy could provide in average $3,000 - $5,000* in additional expenses for things like staying at a hotel and other living expenses.
Last but not least, a renters insurance policy is equipped with liability protection. Let's imagine that your next door neighbor had a damage in a wall due to the fire that started in your place; sadly you are responsible for fixing this wall and painting it. Thanks to your renters insurance coverage you don't have to use your own money this expense; hence why landlords and apartment complexes will ask you to have renters insurance in order to move in.
Another good news is that this policies are pretty inexpensive.
We hope you found this content helpful, feel free to share it with any friend.
Castleway Insurance Agency
*Notice that the examples used here are not necessary the case of all policies, we highly recommend to check your declaration page to understand the amount of coverage.
You can also call us (or text) to verify what coverages you have, and change them if needed, or to get a free quote.