Why You Need Renters Insurance

In this day and age, when renters insurance is as cheap as a weekly coffee and donut from Dunkin Donuts, why is it that almost two thirds of renters are uninsured?

Picture this: you and your friends have just opened your apartment door after returning from spending time with your families for the holidays, and you notice that the front door is unlocked. You soon realize that your apartment was broken into — your TV, stereo system, and laptops were all stolen. Would you be able to foot the bill to buy all new stuff?

The problem with renters insurance is that most of the time, people don’t realize they need it until it’s too late — until after the break-in. Not sure exactly what you need to look for in your renters insurance policy, or have questions about where to start? Ask a Doherty Insurance agent for help.

Why do I need Renters Insurance?

Most apartment complexes and landlords have insurance policies that cover the actual dwelling, aka any damage that happens to the structure of the building you are living in. But your landlord’s insurance policy does not cover the stuff inside your apartment. This is where your renters insurance comes in. Your renters insurance policy can protect you by offering:

• Coverage for your personal belongings if they are damaged or lost due to a covered loss like a fire or theft.
• Coverage for additional living expenses in case you must relocate after a covered loss, like a fire, leaves your apartment uninhabitable.
• Liability Coverage will protect you for any claims made against you for bodily injury or property damage that YOU cause to others, anywhere in the world. So for example, if someone gets hurt in your apartment, you are covered, if you rent a hotel room and cause a fire, you are covered, if you hit a golf ball and break a windshield, you are covered. Remember, if someone sues you and gets a judgment against you, they have 20 YEARS to collect that money. Liability Coverage is critical in protecting your future earnings, and it a is very inexpensive part of Renters Insurance!

How much coverage do I need?

Many landlords have their own requirements for coverage when it comes to renters insurance, so a good first step is to check with them. If they don’t, here’s how to get started:

• Create a home inventory — add up the value of all of your possessions, especially high value items, like TVs, laptops, stereo systems, expensive heirlooms and furniture, and more.
• Once you’ve added everything up, talk to your independent insurance agent to make sure you’re purchasing the right amount of coverage.

Prices vary by state, liability limits, and the personal possessions you want covered, but a basic renters insurance policy should only cost you around $20 a month. That’s nothing compared to the alternative: having to re-purchase thousands of dollars worth of personal belongings after a break-in, or having to pay thousands of dollars in legal fees if someone sues you for negligence.

How can Doherty Insurance help me?

As an independent insurance agency, Doherty Insurance offers many options for renters insurance. As a local agency, Doherty Insurance knows the Merrimack Valley and the needs of its residents. We also offer discounts to students at Merrimack College, so in addition to helping make sure you have the right insurance in place, we may be able to help you save money as well! Contact us today to learn more: https://bit.ly/2FkeWXy

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