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 North Dakota 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.
The Basics of Renters Insurance
Buying renter’s insurance can sometimes seem like an impossible task. How much do I need? What will it cost? What’s covered and what isn’t? The truth is that a renter’s insurance policy works in much the same way as an automobile insurance policy. You decide on a coverage level and a deductible amount and then, in most cases, you make monthly payments to your insurance carrier. If your personal possessions are ever lost, stolen or damaged due to theft, fire, water damage, or certain weather-related situations, the insurance company will pay you to replace the items once you have paid the deductible.
A typical renter’s insurance policy also includes liability coverage. This protects you in the event that a visitor is injured in your home and sues you for damages. Many people don’t give much thought to this situation but unfortunately accidents do happen. Without the proper liability coverage, your income, savings, personal property, and even future wages could be at risk if you are found liable in a court of law.
Some Common Reasons People Think They Don’t Need Renters Insurance- ALL WRONG!
- Renter’s insurance is too expensive.
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.
- My landlord’s insurance covers my personal property.
This is a very common misconception that renters believe. The fact is that your landlord does carry homeowner’s insurance on the place you are renting. But it only covers the actual structure itself and the land on which it is built. Anything that is located inside of the rental home or apartment is strictly the responsibility of the renter when it comes to insurance coverage.
- My possessions aren’t worth very much.
A lot of people think this. A good reality check is to do this: First, 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.
- It’s only my things.
Most people think of renter’s insurance as protection for their personal property in the event of a fire, theft, or weather damage. But a standard policy also includes liability coverage which is very important. This protects you in the event a visitor is injured in your home. Many people don’t think about the consequences of this happening, but unfortunately accidents 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.
- It takes too long and is too complicated.
We work with all of the major insurance carriers in North Dakota 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. We take the guesswork and confusion out of buying renter’s insurance. You can 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.