Renters Insurance

The collapse of the housing market over the past few years has caused many people to take a fresh look at renting a place to live rather than buying a property. In many cities, demand for rental properties far exceeds availability. According to the latest statistics, over 80 million Americans now lease a home, apartment, or condo as their personal residence. This number is expected to increase as the mortgage industry continues to tighten its lending requirements and demand large down payments from potential homeowners. Unfortunately, the number of renters who actually purchase renter’s insurance remains dangerously low- around 30 million. If you currently live in Missouri and are leasing a place to live, you should familiarize yourself with the value of having renter’s insurance protection.

Why It’s Important to Have Renters Insurance in Missouri
Probably no one has to tell a resident of Missouri about the importance of having renter’s insurance. Considering the devastating flooding and other weather-related issues which have battered the state in recent years, purchasing renter’s insurance should be an easy decision for most people. A comprehensive renter’s policy protects your personal property against damages and loss in the event of fire, theft, or natural disaster. It can also provide liability coverage in the event a visitor is injured in your home or apartment. Many people don’t think about the consequences of this happening, but accidents can and do occur. Without the proper liability coverage, you can be sued for damages. This can put your income, your savings, your personal property and even your future wages at risk.

Insurance experts agree that there are many reasons why people don’t have renter’s insurance. Some misguided explanations are:

  1. They think renter’s insurance coverage will be too expensive.
  2. They think their landlord’s coverage will pay for their personal losses or damage.
  3. They think they don’t own enough personal property to make it worthwhile.
  4. They greatly underestimate the value of their belongings.

Considering the protection you get with a renter’s insurance policy, it is very much a bargain. The cost of renter’s insurance does vary according to where you live and what type of dwelling you lease. But on average, an adequate renter’s policy costs between $200 and $300 per year. That’s less than $1 a day which is a pretty good bargain considering it’s less than a cup of coffee at Starbucks.

People sometimes assume the landlord’s homeowner insurance will cover their personal property as a renter. Not true. The landlord’s policy does cover the actual structure or building you are renting and the land on which it is built. However, all of the contents of the apartment or rental home are solely the responsibility of the renter when it comes to insurance protection.

Most people seriously underestimate the monetary value of their personal possessions. A great reality check is to make a complete inventory of everything you own- furniture, appliances, clothing, electronics, jewelry, CDs and DVDs. Now imagine having to replace some or all of these items out of pocket. For most individuals, this would be impossible. That’s why if you live in Missouri, it is important to protect your personal property and cherished possessions by purchasing adequate renter’s insurance.

A special note to Missouri residents – As a general rule, a typical renter’s insurance policy does not cover loss or damage due to earthquakes or floods. If you live in an area which is prone to these types of natural disasters, you should inform your agent of this when writing up your personal renter’s insurance coverage. For an additional cost, protection from these disasters can be added to your policy.

Smart Ways to Save

  • Choose a high deductible if you can financially afford to. Low deductible amounts= higher premium costs.
  • Ask about discounts. Some insurance companies give discounts to seniors (55+) or members of AAA.
  • Bundle your policies together. Having your auto, life, and renter’s coverage with one company generally will give you sizeable savings on your annual premium.
  • Safety features such as smoke alarms, sprinklers, deadbolt locks, and security systems will normally lower your renter’s insurance costs. Install as many of these items as you can if they are not already in your rental property.

We work with all of the major insurance carriers in Missouri 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. Contact us today and let’s get started!