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Why you should purchase rental insuranceIt doesn’t matter if you are living in a rented room, apartment, townhouse or a single family home, renters insurance may be one of the most important investments you can make. You might be a college student heading off to school, a recent graduate setting out on your own, or Mom and Dad downsizing to a smaller home with less maintenance. It doesn’t matter -- protecting your possessions, your “stuff”, should be a necessity not a nicety. Randall Hall Insurance Agency, Inc. wants to make sure all of your insurance needs are being met.

According to Insurance Information Institute, renting living space is on the rise, and buying renters insurance has seen small increases; however, only 40 percent of renters in 2015 had coverage compared with 95 percent of homeowners.

Won’t the landlord’s insurance cover everything in rented home, you might be thinking.  You would be thinking wrong. The landlord’s policy only covers the landlord’s property.  The landlord is not responsible for his tenants’ personal property. The landlord has no insurable interest in his renters’ stuff, but you do.   

If you want to be covered against losses from theft and catastrophes such as fire, lightning and windstorm damage, renters insurance is a good investment. Like homeowners insurance, renters insurance includes liability, which covers your responsibility to other people injured at your home and pays legal defense costs if you are taken to court.

It’s crucial to get the correct amount of renters insurance in case you do have a loss. Erie Insurance provides great tips for purchasing renters insurance.  Why you should purchase renters insurance

  • Figure out how much your stuff is worth. III.org has a great, free, home inventory tool – Know Your Stuff.

  • Decide between actual cash value and replacement cost. Actual cash value is the original cost minus depreciation. Replacement cost is usually defined in the policy as the cost to replace the damaged property with materials of like kind and quality, without any deduction for depreciation.
       
  • Consider earthquakes and other disasters. Remember, flood damage is excluded under standard homeowners and renters insurance policies. However, flood coverage is available in the form of a separate policy both from the National Flood Insurance Program (NFIP) and from a few private insurers.
         
  • Choose a deductible.
  • Think about extra protection for any valuables.
  • Pick a liability limit.

Finally, remember no matter where or what you’re renting, Randall Hall Insurance, Inc. is always here to help you get the right coverage at the right price. Purchasing both a renters and an auto policy can often qualify you for a multi-policy discount. In some cases, the discount actually pays for the renters policy. Contact us for more information or drop by our Richmond office.  We'd love to talk to you!

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