- Today’s housing market is quite complicated, which is why many people, especially millennials in Connecticut are renting instead of buying. Renting allows you to carve out your on slice of home without worrying about large down payments, mortgages, and taxes. With that slice comes liability, such as stolen items, damage to your car, injury to guests, or your beloved pooch attacking your neighbor. If you are not covered for these types of things you will be paying directly out-of-pocket.
- Unfortunately, it is not uncommon for renters to opt out of renters insurance. Approximately 37% of renters in the US have renter’s insurance, according to a 2014 Insurance Information Institute poll, compared to 95% of homeowners who have homeowners insurance.
- Fortunately, we are here today telling you that renter’s insurance is actually quite affordable and should be highly considered when renting.
- Protection from damages you cause. If you cause a fire in your rental home that spreads to your neighbor’s rental, you may be responsible for those damages, not you landlord.
- Protection from fire. Now let’s say your apartment building caught fire and it was not your fault, then the liability is on the landlord and you’ll be reimbursed… not actually. Your personal items are still at risk, also you will need to find a temporary place to live, all of which can be quite hefty out-of-pocket expenses if you don’t have renters insurance.
- Protection for your visitors. If you have renters liability insurance and a guest falls and gets injured, your policy may cover the cost of the medical and legal bills.
- Protection from theft. If you add up the value of just your clothing and electronics, it probably wouldn’t take long to get into the thousands of dollars. If these items were to be stolen or damaged in an accident than you would need to pay out of pocket. If you were to have rental’s insurance you would be covered for your things (clothes, furniture, electronics…that kind of stuff) up to your coverage limit.
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