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Insurance Tidbits:
Renters Need Insurance Too!
If you don’t own a
home, do you still need homeowner insurance? The answer is YES!
Whether you rent an apartment, condominium, or a single family
dwelling, you could still suffer a financially devastating loss.
Consider a fire that damages your unit and/or destroys your
belongings. Could you afford to replace everything you owned?
You may be
thinking that you do not have many valuables to replace. However,
take a mental inventory of everything you own including clothing,
shoes, CD collection, linens, furniture, tools, decorations, etc…
The cost to replace these items would be significant, especially
if you tried to do it all at one time.
Where would you
live? You may need to stay in a hotel and eat meals out for an
extended period of time until you could find a new home or your
unit is repaired. How would you pay for this extra expense?
A Renter policy is
designed to provide protection from these types of losses. In
addition, a Renter policy also provides liability coverage. This
coverage provides protection for a wide array of losses from your
dog biting someone to accidentally starting a fire that caused
damage to your unit or others.
A common
misconception is that the landlord provides the insurance.
Landlords do carry insurance for the physical structure of the
building, but not for anything inside that you own. As a
result, many rental agreements require tenants to carry their own
Renters insurance. Check your agreement for this requirement.
Although Renter
policies provide a wide range of coverages, they are relatively
inexpensive. Depending on the coverage selected, a Renter policy
can be purchased for less than $25 per month. Given the potential
consequences, a Renter policy is one of the smartest insurance
decisions you can make.
Jon Gardner,
CPCU is an Insurance Agent with Farmers
Insurance who offers complimentary insurance evaluations. His
office is located at 27907 Smyth Dr., Suite #101 in Valencia. He
can be reached at (661) 775-9244
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