Why get renter’s insurance? It is one of the most common questions renters ask – often because they do not understand what renters insurance covers or the types of risks they face as tenants. The truth is every renter – regardless of how much stuff you own – needs renters insurance.
Your Landlord’s Insurance is not Enough
It is a common misconception that landlords have insurance that cover tenants and their belongings. The truth is most landlords have insurance to protect their rental properties against major disasters, such as fires and weather-related events. The coverage is designed to insure structural damages only – not the contents of each unit. That means that you are responsible for any personal losses you sustain, whether you lose all of your rugs and furniture due to a burst water line or you lose everything you own in a fire.
Even if you have not accumulated a lot of personal possessions, your savings and future income could be at stake in a lawsuit without adequate renters insurance. For example, what would happen if you asked a coworker to care for your plants and fish while out of town. During a visit to your apartment, your coworker trips over a lamp cord and breaks her wrist. You are responsible for the medical bills, as well as your coworker’s lost wages during the recovery period. Your landlord’s insurance generally will not cover accidents occurring within your unit. If you do not have your own coverage, you could be forced to liquidate your savings or withhold a portion of your future income to pay the bill.
Affordable Renters Insurance in Wisconsin
Fortunately, renters insurance is very affordable for the average renter in Wisconsin. Covering your personal belongings and liability typically costs about the same amount of money as going to dinner or grabbing a couple of lattes each month. Furthermore, our office shops for renters insurance quotes from several providers on your behalf, comparing rates and discounts that maximize your savings.
We can help you find renters insurance with the following types of coverage:
You would never expect your dog to bite a small child at the dog park or a party-guest to slip and fall in your rental unit. When it happens, though, your liability insurance can help cover medical bills, as well as your legal defense fees and any judgments brought against you.
Personal Property Insurance
Your wardrobe would probably cost hundreds, if not thousands of dollars to replace. Imagine forking over the cash for new clothes, shoes, toiletries, furniture, décor, and your small kitchen appliances all at once. Add in the cost of your electronics, and you can see why personal property insurance would be important when disaster strikes.
Emergency Living Expenses
Have you ever stayed in a hotel? If so, you know the bill can add up quickly if you stay for several nights. Renters insurance helps cover your emergency living expenses – including hotel and restaurant bills – when you are displaced from an uninhabitable apartment due to a covered event.
If you rent an apartment, townhome, duplex or house, renters insurance could be the most affordable path to peace of mind. For just a few dollars a month, you could save yourself thousands in future damages. Contact our office for more information about renters insurance or to request your free quote today. We look forward to serving you soon.