If you are renting in the Lewisville-Clemmons area, Renters Insurance is a must
Many young adults in Lewisville-Clemmons are being forced to rent due to inflation and increasing home values. One of the benefits to renting, is the owner is responsible for insuring the building and making repairs. However, many renters are complaining about the possibility of loss that comes with renting, because an owner’s policy does not cover loss of a renter’s personal property. They
may not be aware that one of the most important factors of renting is having a rental insurance plan (aka Renters Insurance). Renters insurance can provide coverage for items lost or damaged in your home or apartment, as well as liability coverage in case someone slips and falls inside your rental unit. Having a Renters Insurance policy is crucial, because it covers your personal belongings in case of theft, fire or other types of disasters. It can also pay your legal expenses if someone tries to sue you. Most owners require it, but surprisingly some do not. According to SafeHome.org, only about 55% of renters carry rental insurance. Keep reading so you don’t make the mistake of not having renters insurance.
What Does Rental Insurance Cover?
A basic renters policy provides coverage for you for four things.
Type of coverage | What Renters Insurance does |
|---|---|
Personal property | Covers your clothing, furniture, electronics and other personal belongings. |
Loss of use | Pays for hotel stays, restaurant meals or other expenses if you have to live elsewhere while your home/apartment undergoes covered repairs. |
Pays out if you’re responsible for injuries to other people or damage to their property. | |
Medical payments | Covers injuries to other people in your home, regardless of fault. |
Renters Insurance Infographic
Here is an excellent infographic about renters insurance provided by Allstate.
Mistakes Lewisville-Clemmons Renters Make with Renters Insurance
If you’re a renter in the Lewisville-Clemmons area, it’s important to understand what exactly this type of policy does and does not cover before you buy it. Here are three mistakes renters make about rental insurance.
1. You don’t know that you need renters insurance… of course.
Most renters are not aware that they should be buying renters insurance. It protects them from damage to their apartment and their belongings in case of a fire, rain or other loss, even theft, and liability protection should a guest become injured in your apartment. It could also pay for a hotel room if your dwelling has to undergo repairs, and it could cover medical payments if someone is injured.
2. You think that the owner’s insurance covers your loss.
An owner’s homeowners insurance policy covers damages to the property in case of fire, wind damage, or other types of disasters, but it does not cover their renter’s belongings.
3. You think renters insurance is too expensive for what it does.
Many renters assume that their renter’s insurance is too expensive. It’s really not. The average renters policy in North Carolina costs about $15 per month, which is less than $200 per year, according to valuepenguin.com. That’s not much to pay to have peace of mind about all of your personal belongings. Whitley-Reavis is a good place to start in the Lewisville-Clemmons area.
Conclusion on Renters Insurance
With the rising number and severity of natural disasters as well as inflation causing the replacement cost of personal items to increase, a renters insurance policy is a wise purchase. The benefits of purchasing a renters insurance policy far outweigh the cost of the purchase.
Final Thoughts
Purchasing renters insurance is definitely the right move for any renter. However, when your considering renting vs. buying a home, be sure to reach out to us, and we’ll let you know the best option for you. You can call or text us at 336.701.BUY1 (2891). Even though home values have gone up and rates are higher than they were, home ownership is one of the best ways to create personal wealth. And its one of the things that makes the Lewisville-Clemmons area so great.
