- Grange Insurance Blog
Reasons for Renters Insurance
4 reasons you need renters’ insurance
More U.S. households are renting now than at any point in the last 50 years. However, only 37% of renters have renters’ insurance. Common misconceptions like, “My landlord’s policy will cover me” and “I don’t have that much stuff or anything worth that much” may factor into the low percentage. But if something were to happen to your home, it could be financially devastating even if you’re renting. Regardless of the value of your possessions, there are many other instances where renters’ insurance is key to helping you stay financially sound.
Take a look at the top reasons you need renters’ insurance. Then, give your agent a call to see what kind of coverage is best for your situation.
1. Protect your personal possessions. If something were to happen to your apartment, your landlord’s insurance policy will cover the structure, as well as all cabinets, appliances and other property that he or she owns. However, your personal property, like your TV, furniture or laptop, is not covered under your landlord’s policy. Renters’ insurance can help cover costs to replace your belongings after covered events, such as a fire or robbery.
Tip: Know if your policy covers the Actual Cash Value or Replacement Cost of your belongings. Replacement Cost covers the full amount to repair or replace the item. Actual Cash Value will reimburse you for how much the item is worth in its current condition, accounting for wear and tear over the years. Read More