Renters Insurance

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

Why You Need Renters Insurance in South Dakota
Statistics show that over 85 million Americans are now leasing rental properties. The recent mortgage meltdown and financial crisis have made the dream of homeownership much more difficult for people to attain. Most mortgage companies have tightened their lending requirements and also continue to demand very hefty down payments from consumers trying to buy a home. This situation has caused a great increase in the number of people looking to rent a place to live. Unfortunately, even though there are more people renting rather than buying, the number of people actually purchasing renter’s insurance is alarmingly low.

In a recently commissioned survey by Allstate, it was found that nearly 43 million renters would have to personally pay to replace some or all of their personal property in the event it was lost or damaged due to fire, theft, or some other covered natural disaster. Most renters cannot afford to do this.

Insurance industry experts agree that the main reason people don’t buy renter’s insurance is a general lack of understanding about how it works. Read on to discover the common myths about renter’s insurance and why you should know the true facts.

Common Myths about Renters Insurance
Here is a sampling of the most common myths:

  1. It’s too expensive. A typical renter’s insurance policy will cost about $20 a month. That’s the equivalent of about 5 gourmet coffee drinks or 2 movie tickets. Considering the protection it provides, renter’s insurance is a great buy.
  2. I don’t own very much. 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.
  3. My landlord’s homeowner policy will cover my things. Your landlord’s homeowner insurance policy only covers the actual building (structure) where you are living and the land on which it is built. Everything inside of the apartment or home is the responsibility of the renter.

Ways to Save on South Dakota Renters Insurance

  • Shop around and compare policies.
  • Don’t buy more coverage than you need.
  • If you can, go with a higher deductible.
  • Ask about discounts. Examples are: bundling policies together (life, auto, renter’s), senior (+55), non-smokers, rental property having safety features, such smoke alarms, sprinklers, and security systems.
  • Pay the total premium in one up-front payment. Monthly installments normally come with fees.

Don’t Delay
In today’s busy world, it’s easy to put things off. But disasters have a way of striking when you least expect them. A burglary, fire, or weather-related problem can happen at any time and if it does, you want to make sure you are protected. Don’t be faced with the situation where many or all of your personal possessions are damaged or lost and the only way to replace them is to purchase everything yourself. The truth is almost no one can afford to do this.

When shopping for renter’s insurance it’s always a good idea to contact several different insurance companies so that you can compare policies and quotes. We make this a simple and quick process. Our trained agents are available 24 hours a day to assist you in finding the best South Dakota renter’s insurance policy- one that suits both your personal needs and budget. Let us help you get the peace of mind you deserve from knowing that your valuable belongings are protected by renter’s insurance coverage. Contact us today!