Millennials are swelling the ranks of renters. As reported in USA Today, the generation born in the early 1980s and early 2000s has embraced the realities that renting offers:
- No mortgage to pay
- A living space that comes with built-in amenities
- A landlord who takes care of upkeep and maintenance
If you’ve chosen to rent, rather than buy, know that one of the wisest decisions you can make is to invest in renters insurance. However, a recent Nationwide Insurance survey found that most renters aren’t protected from financial loss since they have not purchased renters insurance. If you’re confused about renters insurance, here’s a Q & A addressing some of the most frequently asked questions about the coverage.
Are my belongings valuable enough to warrant renters insurance?
Your individual possessions might be easily replaceable, but the average renter owns several thousands of dollars’ worth of belongings in total. Replacing them would cost much more than the annual cost of renters insurance. Besides covering your belongings, renters insurance can also provide peace of mind for those unfortunate instances when you get sued as a result of a covered event.
Isn’t renters insurance expensive?
At an average cost of about $20 per month, renters insurance could cost you less than what you spend on a latte or streaming video.
Won’t my landlord cover property damages?
Landlords are typically responsible for building maintenance and insurance for structural damage. This coverage doesn’t extend to your personal property, nor does it protect you from being liable for unintentional damage to your building.
Does renters insurance cover anything beyond my personal belongings?
There are unpredictable situations where your home or apartment may be damaged by factors out of your control.
Does renters insurance protect my belongings for their full value?
Offered in conjunction with renters insurance, we offer optional Brand New Belongings® coverage that can help pay to repair or replace your covered belongings with brand new versions, regardless of age or condition.
Optional feature. Exclusions and limits apply. Damaged items may be repaired in some cases. Details vary by state and policy language. Please consult your policy for the specifics of your selected coverages. Subject to underwriting guidelines, review, and approval.