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Three Reasons You Need Renter’s Insurance

Three Reasons You Need Renter’s Insurance

Whether you have been living in your apartment for one week or ten years, it is important to ask yourself, “if there was an accident in my unit or in my building, would my personal belongings be protected and would I be covered if I needed temporary housing?” 

According to the Insurance Information Institute, only 37% of renters have proper insurance coverage. This means many people would be responsible for paying out of pocket if they were to experience a fire, leak, or theft in their apartment.

As your local neighbors, we at Anderson, Bagley & Mayo Insurance are here to provide you with expert help not only to understand renters insurance policies but also to help you secure affordable and comprehensive coverage. Here are our top three reasons you should consider renters insurance:

Renters insurance is affordable — and you can save even more if you bundle it with your auto insurance policy.

The average cost of renters insurance is about $15-20 per month. Plus, there are several ways to save even more on renters insurance. For example, you can get a discount of up to 20% for bundling your renters insurance and auto insurance policies with Anderson, Bagley & Mayo. The cost of a renters policy can be offset by the savings of your auto insurance — essentially it will pay for itself. 

Renters insurance will protect your personal belongings and provide liability coverage.

A common misconception is that if you are renting, your landlord is responsible for insuring your apartment. While it is true that they are required to cover the building structure itself, it is up to you to ensure your personal property is covered and you will be able to protect yourself in the event of an accident. That’s where renters insurance has you covered.

Renters insurance will cover you if you are displaced from your home.

In the event that you are displaced from your home, your policy also includes Additional Living Expenses (ALE). This coverage may reimburse you for expenses that you incur if you have to move out of your apartment after a disaster. 

Interested in learning more about renters insurance and bundling with your auto insurance policy? Anderson, Bagley & Mayo is happy to answer all your questions and work with you to find the best coverage at the best price. Contact us today. 

It’s your life, let ABM protect it with the right coverage at the right price