Whether you are renting a room or an apartment for a short time, or you’re a long-term renter who prefers the simplicity of apartment living, you should strongly consider purchasing renters insurance.
Renters insurance provides low-cost protection against loss, damage or theft of your belongings, and it covers your personal liability in case someone is injured in your apartment. That’s important because your landlord’s insurance policy covers the building, the appliances, carpet and fixtures owned by the landlord, and the grounds, but it will not reimburse you for the loss of your personal belongings. It also will not cover the costs of damage or injury that may occur inside your apartment.
Renters as a group probably have fewer possessions than homeowners because they generally have less space, but that doesn’t mean their possessions are any less valuable. In fact, the insurance industry estimates that the average renter owns $20,000 worth of personal belongings. That may seem high, but if you stop to think about what it would cost to replace all your stuff – your furniture and electronics, your clothes and jewelry – you’ll see that purchasing a low-cost renters insurance policy is a wise decision.
What is low cost? On average in 2010, tenants spent about $185 a year for renters insurance. That’s about $15 a month, the cost of two or three trips to the coffee shop.
Renters insurance covers the “contents” of your apartment against theft – statistically, renters report burglaries more often than homeowners – and damage from everything from fire, smoke, lightning and hail, to plumbing-related water damage, electrical surges and falling objects. Your possessions can be insured for actual-value reimbursement, or, with a slightly higher premium, full-value replacement. Full-value replacement means that even if your possessions are old or worn, you will be able to replace then with new items.
Renters insurance also will typically cover the cost of temporary housing, if necessary. Your landlord’s policy may or may not cover temporary housing for displaced tenants.
The liability coverage included with renters insurance may be its biggest benefit in the event you are held responsible for an injury to a visitor to your home. A trip to the emergency room for a few stiches would likely cost more than your renters insurance policy premium for a full year.
With convenient offices in Winston-Salem and Walnut Cove, your Alliance Insurance Services agent can further explain the many benefits of renters insurance and help you determine the appropriate level of coverage for you.
The Alliance Insurance Services Guarantee
At Alliance Insurance Services, we believe that when it comes to selecting an insurance agent, the most important factors are Protection, Price, and Service. Protection of your most valuable assets is what insurance is all about. As your renters insurance agent, it is our job to make sure you are adequately insured.
As an independent insurance Agent, we represent more than 20 top-rated insurance companies. This means we shop your renters insurance for you, offering you the best possible coverage for the best price.
When you have a question, concern, or problem, we are here for you! We have offices in Winston-Salem and Walnut Cove. And our Summit Square Boulevard office in Winston-Salem has extended hours (until 5:30 pm Monday through Friday) and every Saturday (9:00 AM- 1:00 PM) for your convenience.