3 Reasons You Need Renters Insurance

 In Insurance Advice

3 Reasons You Need Renters Insurance

Renting used to be mainly for twenty-somethings just starting their career. Now, many people rent for much longer of their life to avoid the mortgage crisis or the upkeep of an owned property.

However, renting can come with challenges. It’s still important to protect your assets, which is why you need renters insurance.

1. It helps you protect yourself and the things you own.

It works the same as homeowners insurance, but it is tailored to renters. Landlord’s insurance doesn’t cover you and your stuff, too. It only covers them and their property – not yours. Renters insurance covers several things:

  • Personal possessions – clothes, furniture, etc.
  • Personal liability – for any injury or damage on your property
  • Medical payments – any medical expenses for someone injured in an accident at your property
  • Additional living expenses – any temporary expenses if your property is damaged and unlivable 

2. It fills any coverage gaps.

For example, if you were to leave a laptop or expensive item in your car overnight and someone steals it out of your car, your auto insurance would cover the broken window but not the laptop in most cases. With renters insurance, you would get help replacing the stolen laptop.

3. It’s extremely affordable.

While many types of insurance can look pointless due to cost, renters insurance equates to less than half a dollar a day, even lower when added to other existing policies in a bundle.

Weather damage, fires, and theft can all happen while renting and are just as likely as in a house. Make sure you’re covered.

Travelers Insurance or Progressive Insurance are some of our top carriers for a renters policy.  Call us at 417.882.1800 and talk with one of our qualified agents today.

The Resource Center is an independent financial services firm that creates retirement strategies using a variety of investment and insurance products. Neither the firm nor its representatives may give tax or legal advice. Investment advisory services offered through AE Wealth Management, LLC. 

Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Any references to protection benefits or lifetime income generally refer to fixed insurance products, never securities or investment products. Insurance and annuity product guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company.

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