Why Buy Renters Insurance?
The majority of renters feel that renters insurance is unnecessary. Many legitimately think that the landlord has them covered or that their belongings aren’t worth insuring. Most certainly, the Landlord has the property insured; however, Landlords’ coverage doesn’t offer any protection for the tenant’s liability or personal contents in the rented home, condo or apartment.
7 out of 10 fires are started in rental units; thus a tenant would be at higher risk for losing his/her belongings. The lease agreement states that the Landlord is not responsible for the contents of the rented unit; what would a tenant do if a fire or water leak ruined all of his/her personal belongings? Renters insurance also covers loss due to theft, wind and various other perils. Thankfully, HDA renters insurance can help insure your belongings and personal liability even if you don’t own your own home.
What does renters insurance include?
Before you simply write off all your belongings, you may want to make a list of everything you own: clothes, furniture, electronics, jewelry, etc…. Renters Insurance policies provide inexpensive coverage to tenants, insuring personal belongings which are not covered elsewhere. Although individual policies vary, most policies do include:
- Theft and vandalism
- Fire and smoke damage
- Wind, hail and lightning
- Water damage
- Personal Liability
It is becoming more common to come across landlords who require tenants to carry renters insurance. Landlords are only interested in the Personal Liability portion of the renters insurance policy; if a claim occurs as a result of the tenant’s negligence, the claim would be paid by this section of the policy. If tenant is truly not interested in purchasing insurance and is only doing so as a condition of the lease agreement, the best way to generate the lowest premium is to purchase the minimum contents coverage amount and the highest available deductible.
Why choose HDA?
As a renter, you seek contents and liability coverage at the most affordable rate. HDA provides a Renters Insurance online portal to obtain a quote and purchase the insurance directly. Clients are provided superior customer service and exemplary claims service.