The Importance of Renter’s Insurance
It’s no secret that insurance is vitally important. Car, life, home, and health insurance coverage is necessary to protect you in the case of an emergency or accident. Yet, many renters fail to purchase renter’s insurance. Many are under the misconception that the landlord will be slapped with the bill to replace belongings after an accident, but that simply isn’t the case.
Most apartment complexes and landlord only have insurance that covers the damage to the actual dwelling, which leaves belongings vulnerable. Renters are responsible for their own possessions. To protect your items in case of fire, theft, or damage, you’ll need your own renter’s insurance policy.
What’s more, you’ll need liability coverage for damages caused by negligence. For example, if you accidentally leave the kitchen sink on and it overflows into your neighbors’ apartment, you could be found liable for that damage – and required to pay for repairs, medical bills related to the accident, as well as defense costs if they bring a suit against you. Renter’s insurance would, luckily, step in to help you cover these costs.
When shopping for renter’s insurance you can choose a policy with replacement cost value or actual cash value. Replacement cost value may cost a little more but it will replace your $1000 broken laptop with another laptop. Actual cash value will only give you the cash value of your laptop when it was damaged, which is usually considerably less than it would be to buy a new one.
Contact the expert team at Jack Stone Insurance Agency to secure the right renters’ insurance policy for belongings and rental accommodation! Serving Antioch, Brentwood, and neighboring cities in California, visit us today.