Why Is It Important to Have Renters Insurance?

Renters insurance protects what you own and store in your apartment, condo, or rental home. Having insurance will help you compensate if your items are lost or damaged.

It also covers you if you injure another person or damage their property without their permission. This type of insurance is similar to homeowners insurance, but it typically does not cover the house itself or other buildings.

Here are five reasons why you should buy renters insurance. According to the Insurance Information Institute, only 68% of renters reported having home insurance in 2023.

A common reason renters don’t have insurance is because they believe their landlord’s insurance will cover them, but that’s not always the case.

Also, many people do not think about how much their belongings are worth, or simply think that nothing bad will happen to them. These are false beliefs that you should not believe. Here are five reasons why you should consider purchasing renters insurance.

1. Covers damage to personal property. Renter’s insurance protects you if your belongings are damaged by something that’s covered by your policy. What you think isn’t worth much can quickly become valuable.

2. Your employer may force you to do this. More and more landlords are requiring tenants to purchase renters insurance and provide proof of coverage.

3. It protects you from liability. As usual, many renters insurance policies include liability insurance. This protects you if someone gets hurt in your home or if you accidentally injure someone or damage their property. 4. Protect your belongings when you move. You may be able to get renters insurance that covers your belongings, including things in your home, car, and while traveling.

5. May cover additional living expenses. If you have to leave your home for a covered event, the additional costs of rent and temporary lodging may be covered by your renter’s insurance.

Get a free quote for renters insurance in Grand Junction, Colorado.

For more information about renters insurance, contact Mortgage Insurance. For more than 120 years, people in the Grand Junction area have come to us for the services they need. We can help you find the rental insurance plan that best fits your needs.

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