Virginia Renters Insurance

It seems the headlines lately have been filled with stories and pictures of the devastating damage caused by tornadoes and vicious storms. Thousands of people across the country have been left with little or no personal belongings due to these weather-related events. But you can also tune in to your local newscast which reports quite regularly on the latest break-in or apartment complex fire. There is an underlying fact which all of these situations have in common. That is if the people affected by these unfortunate events had renter’s insurance, they would most likely be able to replace all of their personal possessions by having adequate renter’s coverage. It’s true that sentimental items such as photographs or heirlooms are irreplaceable, but it certainly helps ease the blow to know that everything else can be replaced at little cost to you. If you reside in Virginia and are currently renting a place to live, you owe it to yourself to get the true facts about renter’s insurance and to realize the importance of protecting your valuable personal belongings.

Why It’s Important to Have Renters Insurance in Virginia
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
There are many reasons why people think they don’t need renter’s insurance coverage. Unfortunately, most of them are not based in fact. Here is a sampling of the most common myths:

  • It’s too expensive. Renter’s insurance is actually a great deal. 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. When you consider what it would cost to replace your personal property in the event of theft, fire, or some other covered natural disaster out of pocket, it’s easy to see why having renter’s insurance coverage is a smart choice.
  • 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.
  • 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.

Another important reason to have renter’s insurance is that a typical policy also includes liability protection. Liability coverage protects you in the event a visitor is injured in your home or apartment. Many people don’t think about the consequences of this occurring, but unfortunately accidents do happen. 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 in jeopardy. Can you afford to take such a risk?

We have friendly, qualified agents available 24/7 to help you formulate a comprehensive Virginia renter’s insurance policy. You can easily compare policies and get quotes from several different companies and then make the right decision for your situation and budget. Don’t wait for the unexpected to happen. Get started today. You’ll be glad you did!