When you are a renter, you may feel as if you don’t have a lot to lose if your apartment is destroyed, or maybe you never think about that possibility. A recent study showed that more than 55% of renters do not have renters insurance. If you are like most people, almost everything you own is in your home, and if it were destroyed, you would need to start from scratch. This is much more expensive than you might think. At D & E Insurance Agency in Muskogee, OK, we are here to show you the benefits of renters insurance and why you should have it.
Doesn’t my landlord have insurance?
It is likely your landlord does have insurance to cover their building. Their insurance, however, offers no protection for your personal possessions. You need to insure your property yourself with renters insurance.
If someone gets hurt at my rental, am I responsible?
You may be. It depends on the type of injury and if you were negligent in any way. If they decide to sue, you could end up with not only a judgment against you, but you could have to pay for legal fees. Renters insurance includes liability coverage that can help pay for a judgment against you.
Does renters insurance cover property away from home?
Yes, if you are traveling, you still have coverage. It can be when you travel not only in your car but on a plane, train or bus. If something is stolen, you are covered no matter where you are or lost or damaged.
What type of property coverage should I choose?
You have two options: actual cash value and replacement cost. It is less expensive to choose actual cash value, but you will only receive what the item is valued at today with depreciation. With replacement cost, you would receive the amount actually to replace the item at today’s prices.
Contact D & E Insurance Agency in Muskogee, OK for all your renter’s insurance needs.