Many people feel renters insurance is not necessary. We would like to ask that you read the information below, and seriously consider purchasing coverage.
A landlord’s insurance policy, covers the building and any outbuildings and protects the landlord against lawsuits arising out of accidents on the property. However, landlord insurance does not cover the personal possessions of the tenant. This is a piece of information that seems to come as a shock to many tenants after disaster strikes.
Some renters may assume that they are covered by some mythical insurance umbrella held by the landlord, others simply do not associate the need for insurance with their own circumstances until it is too late.
If you rent, look around. You probably have a pretty substantial amount invested within those walls you do not own. A stereo, high-def TV, a business and a leisure wardrobe, all of those small appliances in the kitchen, the electronics in the study; even if your furniture was bought second hand or from WalMart it all adds up and should disaster strike, everything will have to be replaced out of pocket.
And there is the matter of liability. Should your television repairman trip on the front walk he will probably sue your landlord. But if the repairman takes a swan dive over a poorly positioned coffee table inside your apartment or if sweet little Fluffy decides that his ankle looks like lunch it will not be your landlord’s problem. It will be yours.
Tenant’s insurance covers personal property within a home or apartment against the same types of loss covered by homeowners insurance – fire, theft, vandalism, and water damage (but not flood damage and probably not earthquake damage either) as well as protecting your interests should someone have an accident within your dwelling unit for which you might be held liable.
If you would like additional information regarding the low cost of renters insurance, we encourage you to call our Keychain Discount Club member, the State Farm Insurance agency of Tad Hankins. If you already have car insurance with State Farm, he may quite well even be able to get you a discount!
Tad Hankins agency info is:
3283 E Paris Ave SE
Grand Rapids, MI 49512-2962
Phone: (616) 942-1940
Mon-Friday 9:00am to 5:00pm