Protect your personal belongings while renting. According to the Pew Research Center, renting rates among U.S households haven’t been this high in 50 years. With almost 37% of U.S. households being renters, approximately 120 million people, the concern I have as an insurance agent is, do these renters have protection for their possessions in the event of a loss.

There are multiple reasons why you may be renting. No matter the reason, did you know that your landlord’s insurance does not cover your possessions if they are lost due to burglary, fire, or other perils? Renters insurance is the plan you need to protect your belongings. While you don’t need to protect the structure itself, you still have value in your furniture, jewelry, clothing, electronics, appliances, and more. Renters insurance will give you the ability to replace your possessions in the unfortunate event of loss. Here are 3 reasons you should purchase renters insurance.

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1. Renters Insurance Is Affordable

Affordable is relative, but when you compare the cost of renters insurance per month to the cost of losing your belongings and starting from scratch without insurance, you might agree it’s affordable. In Arkansas, renters will pay $18 on average per month for renters insurance. That’s one trip to the movies. Consider your peace of mind – that alone may be worth the $18/mo to protect your possessions!

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2. Your Personal Property Is Protected

You may not think you have many personal belongings, but they quickly add up! Renters insurance protects your personal property including clothes, jewelry, luggage, computers, furniture, and electronics. A standard policy, called an HO-4, protects property damaged by aircraft, vehicles, explosions, falling objects, fire, lightning, riot, smoke, theft, vandalism, malicious mischief, volcanic eruption, weight of snow, ice, or sleet, windstorm, hail, and water from household appliances, plumbing, heating, air conditioning, or fire-protective sprinkler systems. *

Renters insurance, like homeowners insurance, covers your personal property even when it’s not directly in your home. Have you ever had your car broken into and find the thieves stole your laptop you forgot in your car? Your auto insurance might cover the damage to the car, but your renters insurance would cover the loss of your computer.

 

3. You Have Liability Coverage

In addition to personal property protection, the standard policy for renters insurance has liability coverage and protects you if someone is injured while visiting your home. Liability coverage will pay for judgments against you and legal expenses to the policy limit.

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We’ve given you some pretty sensible reasons for purchasing renters insurance and how it could benefit you. You can take the risk and have a few extra dollars in your pocket, or you can spend 60¢/day for peace of mind that you’ll have the resources if you ever have to start over.

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*Policies may vary. Review your policy for specific details. Flood and earthquake coverage does not come in standard policies; an additional policy or rider is required. Renters Insurance, Renter's Insurance, AR, Arkansas