The Importance of Renter’s Insurance
July 7th, 2017 — Martinson Agency LLC — Chaska, MN
Clients often think they don’t need renters insurance — “Nothing I have is worth that much,” they’ll say, or “I don’t have a lot of stuff.”
That’s how most people think of renter’s coverage: protection for stuff, and nothing more. After all, it’s inexpensive and it doesn’t even cover the structure itself. So how important can it be, especially if you don’t think you have anything valuable to protect? You just have to stop thinking only about “stuff.” Here are three key financial protections a renters policy provides:
Personal Property Coverage:
Wait, doesn’t this mean your stuff? Well, yes. But really, this coverage protects your finances. Even if you don’t think you have anything valuable, take a minute and mentally add up everything you own (note that if you do have any high-value items, such as jewelry or heirlooms, you may need additional coverage). Now imagine how much it would cost to replace it all. It’s probably a higher number than you thought — and that’s why renters insurance is so important.
Personal Liability Protection:
If someone trips and injures themselves in your unit, they could sue you. If your dog bites one of your guests, they could file a law suit as well. Yes, lawsuits happen — even among friends. Renters insurance can help cover legal expenses and even judgments against you. (Some dog breeds may disqualify you from coverage, so be sure to inform your agent of all dogs in the household.)
Loss of Use Coverage:
What would you do if a fire or other issue forced you out of your home? You’d have to find a temporary place to stay, for weeks or even months in some cases — which might cost you more than your normal rent. Loss of use helps cover that and other additional expenses.
Call your local independent agent at the Martinson Agency in Chaska, MN today to compare current coverage options and get all of your questions answered!
Martinson Agency LLC – Chaska, MN
Phone: (952) 314-4400