Statistics show that U.S. homeownership is at its lowest point in 51 years. According to the U.S. Census Bureau, homeownership peaked at 69% in 2004, but is now at 62.9% in the second quarter of last year. That means more people are renting. But only 40% of renters have insurance protection versus 95% of homeowners who have home insurance.
Many people think that the landlord's property insurance is sufficient. But it only covers the structure, not your personal items. Renters insurance covers your belongings from disasters that are listed in the policy, such as fire, smoke, water damage, theft and vandalism.
Overall renters insurance is a good deal in that the price is usually low to replace your wardrobe, furniture and electronics. Plus, the policy covers more than just your belongings at home. It provides additional coverage, including...
Medical Expenses For Injured Guests: If a visitor were injured at your apartment, your renters insurance would pay the medical bills up to the policy's limit.
Damage Your Kid Causes To Others: Renters insurance provides liability insurance to cover injuries or property damage you and your family members causes others.
Legal Costs If Your Are Sued: If someone gets injured in your apartment or you accidently hurt someone and are sued, the liability coverage on the policy would pay your legal costs and courts awards, up to the policy's limit.
Coverage For Items You Rented Or Borrowed: Your renters policy covers items that are "in your possession." So that would cover property you borrowed or rented at the time of the disaster.
Coverage On Belongings Lost Away From Home: The policy covers your property even when you are away from home. So if a thief steals items from your car or steals your luggage from a hotel, you're covered.
Hotel Costs After A Disaster: Probably one of the most important benefits of a renters policy is that if your place becomes uninhabitable after a disaster and you need another place to live temporarily (such as a hotel or another apartment), your living expenses are covered.
Whether you are renting living facilities or you have a son or daughter who are renting, a J.P. Perry representative can provide you with policy options that protect you while at the same time making financial sense.