Renters Insurance

Many people think that buying insurance to protect their personal property is something that only homeowners need to do. Nearly half of the more than 80 million Americans who rent their homes or apartments do not have any type of renter’s insurance coverage. This is a very disturbing statistic to insurance industry experts who universally agree that renter’s insurance is a great bargain and something ALL renters should have. If you are currently leasing a rental property in Mississippi it’s important to know the value of renter’s insurance and the coverage it provides for your personal belongings as well as the liability protection it affords policyholders.

Why Renter’s Insurance Is Recommended for All Mississippi 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’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.

As a Mississippi resident, 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.

The fact is that renter’s insurance is very affordable. The average renter’s insurance policy costs between $200 and $300 for an annual premium. This breaks down to around $18-$25 per month, depending on the value of an individual’s personal belongings, where the rental property is located, and other factors. For this price you can normally get $30,000 of personal property coverage along with $100,000 of liability coverage.

Your landlord’s homeowner coverage does protect the actual building you are renting and also the land it is built on. But all the items you have inside of your apartment or rental home are your responsibility. Without proper renter’s insurance, this means that you alone will have to replace the lost or damaged items. Just imagine having to buy everything at today’s market value. This is probably the most compelling reason why people make the smart decision to purchase and carry renter’s insurance.

It’s a well-known fact that most people severely underestimate the monetary value of their possessions. An easy way to calculate this is to make a complete inventory of everything you own and put a current price tag on each item. You will probably be amazed at how quickly it adds up. You should include furniture, clothing, appliances, electronic equipment, rugs, jewelry and all other items inside of your home or apartment. Unless you can afford to personally pay to replace all of this property, renter’s insurance is the safest option.

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

  • Choose a higher deductible. Just like car insurance, the higher the deductible, the lower the price. Alternatively, a low deductible will be more expensive.
  • If your rental property doesn’t already have them, 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.
  • If you qualify, ask about discounts for seniors (55+), AAA membership, or other organizational discounts.
  • Some insurance companies offer savings to non-smokers. Find out about this possibility.
  • Bundle your insurance policies such as life, auto and renter’s, together with one company. Most companies give a significant discount for this.

Act Now
Our trained agents are available 24 hours a day to assist you in finding the best Mississippi renter’s insurance policy for the money. No one likes to think about losing their possessions to theft or fire or some other disaster. We can help you navigate through the many plans and options available so that you get the coverage you deserve at a fair price. Start enjoying the peace of mind that comes from knowing that your personal property is protected by renter’s insurance coverage. Contact us today!