Renters Insurance

Many people mistakenly think that if they are renting a place to live, they don’t need renter’s insurance. If you are currently living in Kentucky and are leasing your place of residence, you should learn about the value of renter’s insurance and the coverage it provides for your personal belongings and cherished possessions.

Why Renter’s Insurance Is Recommended for All Kentucky Renters
Today, it is much more difficult to qualify for a home mortgage than in the past. Mortgage companies have severely tightened their lending requirements and are also demanding very large down payments from would-be homebuyers. This has caused a dramatic upswing in the number of people leasing rental properties. It is estimated that nearly 83 million Americans are now renting their homes or apartments. But only a small percentage of them carry renter’s insurance.

It’s true that nearly everyone has been affected in some way by the economic slowdown and financial crisis of the past few years. Consumers are always looking for ways to save money and purchasing renter’s insurance may not seem like a very important decision. But when you consider what can happen if you don’t have renter’s insurance coverage, the importance of having it becomes clear.

You may have many reasons for thinking you don’t need renter’s insurance. Perhaps you think it will be terribly expensive. Or maybe you think your personal property doesn’t add up to a very large amount of money. You might even assume that your landlord’s homeowner insurance policy covers you and your belongings in the event of theft, fire, or various natural disasters.

You need only look back on the past few months of weather-related disasters in Kentucky to appreciate the importance of having renter’s insurance coverage. For a relatively small amount of money, you can protect your personal property from loss and/or damage due to fire, theft and weather-related occurrences. The average price of an annual policy in Kentucky is around $220 a year or $20 a month. When you consider that’s what you pay for about 2 movie tickets or 5 fast food meals, that’s a great bargain.

Putting together a policy is not as complicated as it sounds. First, you should make a detailed inventory of everything you own. This includes all the big items such as furniture, appliances, electronics, etc. Then include the smaller items- dishes, glassware, CDs, DVDs, jewelry, carpets, and clothing. You will probably be amazed at the number of things you own. Then imagine having to replace all of these items out-of-pocket at today’s prices. That is exactly what you will be faced with if your personal property is lost or damaged due to theft, fire, or weather-related issues. Now you can begin to understand the importance of having an adequate renter’s insurance policy and the peace of mind which it brings.

Often people assume that the landlord is responsible for all insurance coverage. It is true that the landlord or property owner is required to carry homeowner’s insurance on the property. But this only covers the actual structure (building) itself and the land on which it is built. The personal property which is inside the apartment or rental home is strictly the responsibility of the renter. Because of this fact, many landlords and leasing companies today require all tenants to provide proof of renter’s insurance before they can lease and move into a property.

Some Ways To Save
As you’ve already discovered, Kentucky renter’s insurance is very affordable. Here are more ways to save on an annual renter’s insurance premium:

  1. Choose a higher deductible. This will lower the overall cost of a policy.
  2. If they aren’t already present, install smoke alarms, deadbolt locks and a security system in your rental property. Having these safety features will generally give you a discounted price on your annual premium.
  3. If you qualify, ask about discounts for seniors (55+), AAA membership, or other organizational discounts.
  4. Some insurance companies offer savings to non-smokers. Find out about this possibility.

Get Started Today
We work with all of the major insurance carriers in Kentucky who offer renter’s insurance to consumers. From the comfort of your home or office you can compare policies and get quotes from several different insurance companies. Our friendly and professional staff is available 24 hours a day, 7 days a week to assist you in finding the most comprehensive renter’s insurance policy for the best possible price. Let us help you take the guesswork and confusion out of buying renter’s insurance. You can then relax knowing that your personal property and valued possessions are adequately covered in the event of theft, fire, and a host of other possible disasters.