Many renters don\u2019t take the time to consider how much all of their personal stuff would cost to replace. It\u2019s actually more than one might think. Taking everything into account, such as furniture, electronics, including widescreen TVs and computers, clothing, photographic equipment and jewelry, it could easily add up to huge expense if, for some reason, you had to replace it all yourself.<\/p>\n
Renters insurance<\/a> makes complete sense, but not only for protecting your prized possessions.<\/p>\n Although the majority of American homeowners are insured, according to a recent Insurance Information Institute<\/a> survey, only about 30 percent of renters had renters insurance. In other words, nearly 70 percent of renters don\u2019t have a shred of protection against fire, theft or other unexpected event that could damage or destroy their belongings. In addition, the National Association of Insurance Commissioners<\/a> estimates the average renter\u2019s policy, depending on location, contents, and size of the rental unit, costs between $15 and $30 a month. That\u2019s a small price to pay for peace of mind, especially if it means replacing everything you own.<\/p>\n Whether you\u2019re a college student living in an off-campus apartment, a young family starting out or a retired couple downsizing to a rented condo, one thing is clear \u2013 most renters are uncertain about their need for renters insurance.<\/p>\n To simplify what a typical renters insurance policy includes, we\u2019ve listed a few types of available coverages below:<\/p>\n \u2022 Personal property<\/strong> \u2013 Protects your belongings in case of a covered loss, such as fire or theft. Unfortunately, most renters without insurance mistakenly believe their landlord\u2019s or leasing company\u2019s insurance policy covers their stuff and often find out when it\u2019s too late that this is not the case. Your landlord\u2019s insurance covers his building, including your rental unit\u2026not its contents as a result of a fire or water damage.<\/p>\n Some may argue they don\u2019t feel their stuff is worth that much, so why bother? If you take into account, even a small fire you accidentally cause can run the damage price tag into the thousands of dollars for replacing basic items\u2026not to mention being possibly held liable for causing the fire\u2026you may want to reconsider.<\/p>\n When shopping for renters insurance, an important factor to check for is whether your policy offers full replacement cost coverage or simply actual cash value coverage. With full replacement cost you\u2019re paid enough to go out and purchase a new TV or computer of the same kind, even if it\u2019s an older model. On the other hand, actual cash value only reimburses you for what the insurance company feels the item is worth, taking into consideration its age and depreciation. Needless to say, full replacement cost is the preferred of the two.<\/p>\n In the end, the decision is up to you\u2026but, ask yourself \u2013 what\u2019s your peace of mind worth to you?<\/p>\n Whether you\u2019re shopping for renters insurance or already have it\u2026make sure you\u2019re getting the best rate. Call Freeway Insurance at (800) 777-5620<\/strong>\u00a0to get a free renters insurance quote from a live agent. Or you can get your customized\u00a0renters insurance quote<\/a> online.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" Many renters don\u2019t take the time to consider how much all of their personal stuff would cost to replace. It\u2019s actually more than one might think. Taking everything into account, such as furniture, electronics, including widescreen TVs and computers, clothing, photographic equipment and jewelry, it could easily add up to huge expense if, for some […]<\/p>\n","protected":false},"author":1002628,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[70],"tags":[113],"importance":[],"type-content":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.freeway.com\/knowledge-center\/wp-json\/wp\/v2\/posts\/659"}],"collection":[{"href":"https:\/\/www.freeway.com\/knowledge-center\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.freeway.com\/knowledge-center\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.freeway.com\/knowledge-center\/wp-json\/wp\/v2\/users\/1002628"}],"replies":[{"embeddable":true,"href":"https:\/\/www.freeway.com\/knowledge-center\/wp-json\/wp\/v2\/comments?post=659"}],"version-history":[{"count":3,"href":"https:\/\/www.freeway.com\/knowledge-center\/wp-json\/wp\/v2\/posts\/659\/revisions"}],"predecessor-version":[{"id":2532,"href":"https:\/\/www.freeway.com\/knowledge-center\/wp-json\/wp\/v2\/posts\/659\/revisions\/2532"}],"wp:attachment":[{"href":"https:\/\/www.freeway.com\/knowledge-center\/wp-json\/wp\/v2\/media?parent=659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.freeway.com\/knowledge-center\/wp-json\/wp\/v2\/categories?post=659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.freeway.com\/knowledge-center\/wp-json\/wp\/v2\/tags?post=659"},{"taxonomy":"importance","embeddable":true,"href":"https:\/\/www.freeway.com\/knowledge-center\/wp-json\/wp\/v2\/importance?post=659"},{"taxonomy":"type-content","embeddable":true,"href":"https:\/\/www.freeway.com\/knowledge-center\/wp-json\/wp\/v2\/type-content?post=659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n\u2022 Liability protection<\/strong> \u2013 Protects you financially in case someone is injured in your home and sues you.
\n\u2022 Reimbursed living expenses<\/strong> \u2013 Protects you by reimbursing additional costs incurred from staying someplace else after a covered loss makes your home uninhabitable.
\n\u2022 Guest medical protection<\/strong> \u2013 Protects you by paying medical expenses for someone who may have been injured in your home.<\/p>\n