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Here’s a fact for you:  64% of renters recently surveyed say they don’t have renters insurance. That’s a pretty high number.  Considering that renters aren’t void from burglary, pipe bursting, smoke damage, vandalism, fire, etc. I wouldn’t go without it and neither should you. When the unthinkable happens, you want to make sure your belongings are covered.  Contrary to belief, your personal possessions inside your apartment or rental home are not covered by the landlord’s policy.

Let’s break down some of the highlights of a renters policy.

1. As you can imagine, it will cover your personal property in the event the loss is caused by common perils, including fire, smoke, theft, water damage, vandalism, and more.  It's essentially the same personal property coverage that you would get a on standard home-owners policy.

2. Most people don’t realize their renter's policy includes additional living expense.  If your home is uninhabitable due to a covered loss like a fire or water loss, then your policy will cover your additional expense to live elsewhere.  Think about it, you will probably still have to pay rent (per lease agreement) but due to a fire, you cannot live in the home.  Who will you stay with?  What will it cost?  Will you need a hotel?  That’s what your renters policy will pay for.

3.  Another highlight of a renters policy is that it will cover you and your family against lawsuits arising from bodily injury and property damage as well as the cost of legal defense.  Keep in mind, this liability coverage follows you so whether the incident happened at your home, hotel, etc. you will have your policy limits to cover you.

4. Lastly, there are many optional coverages that can be added to your renters policy.  Coverages like all risk personal property coverage, refrigerated products coverage, broken glass deductible waivers, sewer back up coverage, scheduled personal property coverage such as jewelry and computers, recreational vehicle liability, and more.

So if you are a renter or know someone that is, make sure you have a renters policy or spread the word to them.  It’s not very expensive and it can even offer a big discount toward an auto policy.

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