What You Need to Know About Renters Insurance

In our current economy, pinching pennies is a part of life for most of us: buying store brands instead of name brands, driving out of your way for cheaper gas, eating out less often.  If you’re renting your home, you may be tempted to pass on renter’s insurance. It’s an extra expense and not one you need right now, right? Here’s the skinny on renters insurance.  Sure, you may never use it. And if that’s the case, then you’re lucky and should count your blessings.  However, like all insurance, it’s really great to have it when your luck runs out.

The average person isn’t aware of what renters insurance covers, which may be half of the reason why people don’t bother with it.  Renters insurance covers the contents of your home. Looking around your home, you might think that you don’t need to insure your possessions – that it’s not worth it. But, according to USAA, the average renter has more than $20,000 in possessions.  Inventory your possessions and their worth and your insurance agent can help get you a policy with sufficient coverage for all your electronics, jewelry, furniture, and other valuables. 

Your renters insurance covers more than just your valuables. Did you know that if you couldn’t live in your rented premises, your policy might pay to house you and your family while repairs were being done?  For example, in the event of a fire, the repairs could take weeks. So not only would your renters policy cover your valuables inside the home, it would also cover your living accommodations while the repairs were taking place.  Ask your local agent if you have “loss of use” coverage.  Especially in Florida, making sure you have “loss of use” coverage is almost reason enough to get renters insurance due to hurricanes or floods.  There are also numerous potential discounts.  Talk to your local agent and see which apply to you. Your premiums could be reduced if you have fire alarms, fire extinguishers, sprinkler systems, and deadbolts.  You can even save money by paying for the entire year upfront. 

Call us at Lakewood Financial to see how much money we can save you on your renters insurance.  Your local agent can help make sure that you’re properly protected without over paying.