Do You Need Renters Insurance?

Why is Renters Insurance Important?

You should be aware of the fact that only 32% of renters in the modern day have rental insurance, regardless of your level of education or whether you are the parent of a recent college graduate. This implies that the financial damages that renter’s insurance was designed to guard against are just one fire, natural disaster, or burglary away for millions of people.

Why do they accept this unneeded risk? It could be that they have inaccurate information or lack general awareness about this important insurance product. Consider the following myths about rental insurance and the fundamentals that all tenants should be aware of.

Common Concerns

Because my landlord has insurance, I don’t need insurance.

This is a typical mistake for which many tenants have already paid the price. Your things are not covered by your landlord’s insurance policies, which only cover the structure and any detached property that is kept there. You will be responsible for paying for replacements if they are lost, stolen, or damaged by a tornado, hurricane, or fire. If the building is judged uninhabitable, you are also responsible for paying your own interim living expenditures.

Since I don’t own anything valuable, insurance isn’t necessary.

This is rarely the case, and all it takes is a quick glance around your house to disprove it. Consider the expense of replacing your computer, television, audio, electronics, books, movies, furniture, clothing, and other possessions. You’re talking about thousands of dollars, even if you buy used. Rental insurance also offers liability defense in the event that a visitor gets hurt while on your property.

It cost too much.

Policies for both renter’s insurance and homeowner’s insurance are surprisingly inexpensive. Premiums can be as little as a few hundred dollars a year, or less than $20 a month, depending on how much coverage you choose. Discuss the amount of rental insurance you require and the going rates in your state with your insurance agent

Renter’s insurance is overly complicated.

It does take some time to understand the majority of insurance products, but it is always simpler with an insurance agent’s assistance. Call us to find out more about the rental insurance options accessible to you, such as the actual cost against replacement value, deductibles, and policy add-ons (such as floaters to cover items above the coverage limitations of a regular policy). We can obtain you rates from different insurers, and we could even be able to negotiate a reduction for you.

In 1989, Oakwood’s founder, Bruce L. Sogn, set out to establish a business that would give him the opportunity to serve the community and to fulfill a need in the marketplace. Today as an independent insurance agency, Oakwood does just that.

After researching the insurance industry, he found that by becoming an independent insurance agent, he could offer a comprehensive range of insurance products and services to his clients. By maintaining focus on competitive products, Oakwood has kept its commitment to service, professionalism, and the highest integrity.