THE IMPORTANCE OF RENTERS INSURANCE
If an unexpected disaster occurs, could you afford to replace the possessions in your home? Renters insurance is a cost effective way to replace personal belongings in the event of theft, fire, or water damage. It will also include liability protection, covering the medical expenses of someone hurt inside your residence. At SERVPRO of NE Long Beach/Lakewood, we witness customers getting back on their feet much more quickly with the appropriate renters insurance policy.
While renters insurance is not required by law, your landlord may require it as part of your rental agreement. It is important to note that their insurance policy will only cover the building and not items within the establishment such as furniture, electronics, and appliances.
Most people’s possessions are worth more than they realize. The average person has over $35,000 worth of items that are not covered under their landlord’s policy. Thankfully, renters insurance is relatively inexpensive. According to the National Association of Insurance Commissioners’ data, the average policy costs $184 per year, or about $15 per month for coverage that ranges from $30,000 to $50,000 (depending on where you live) with a $500 to $1,000 deductible.
In order to determine which insurance policy is right for you, it is important to take an inventory of your belongings which can later be used in your claim. Coverage for certain types of property such as collectibles, gold ware, jewelry, and bank notes may have a dollar limit, and the amount of money you can recoup depends on the terms of your insurance. Cash value coverage will reimburse the cost of the item at the time of the claim, whereas replacement cost coverage will reimburse the full value of a brand new item. Also be aware of multi-policy discounts or reductions if your home is equipped with smoke alarms or a security system. Should something happen and you need to file a claim, do not attempt to clean the area but document everything with photos and be prepared to pay your deductible.
Moreover, renters insurance will not cover you in the event of a flood. Floods are the number one natural disaster in the U.S., and you don’t have to live in a high risk flood-zone to be affected. Flash floods can occur anywhere, including the beaches and the deserts, and only an inch of water can begin causing damage to your building. Consider shopping for flood insurance in addition to your renters insurance.
SERVPRO of NE Long Beach/Lakewood is here to help get your life back on track. Our trained professionals and specialized equipment can help ease your stress by taking care of you in the event of water and fire damage. Additionally, renters insurance will give you one more reason to be worry free.