Don’t have it? Get it. – Renter’s Insurance
Have you been contemplating whether or not to get renter’s insurance? I have an answer for you… YES. Renter’s insurance is a must. You never know what may happen! I could give you a whole book on incidents caused by tenants where insurance, thankfully, covered everything.
So, here are 5 reasons why you should get Renter’s Insurance
- It’s Required – Most property management companies require tenants to carry some form of a Renter’s policy. We are one of those companies! If someone doesn’t want to get their own policy, we actually can provide them with a basic liability coverage (will talk more about this in No. 4).
- It’s not expensive – I know this may sound crazy, but… renter’s insurance is not expensive!! Normally its only about $12/month. And trust me, its totally worth it.
3. It covers your personal property – Although we don’t require your personal property to be covered, we highly recommend you get some coverage for your belongings. Let’s say your neighbor starts a kitchen fire while attempting to cook and your apartment gets smoke damage and none of your clothes will ever smell the same again… Ta-Da! Renter’s insurance will replace those smelly clothes!! – You’re Welcome 🙂
4. Liability – This is the main thing that our company requires all renters to have. At least $100,000 in liability insurance. Let’s say that you were the neighbor who caused the kitchen fire. The fire damaged the kitchen cabinets and now all the cabinets need to be replaced… at your cost!! Thank goodness you have $100,000 in liability! Your insurance will cover the cost of those cabinets and you will be more careful in kitchen from now on.
5. Peace of mind – Who doesn’t want to feel secure in their own home, knowing that no matter what happens, its just “stuff” that can be replaced and you don’t have to feel the financial burden of it. If paying $10 to $12 a month for insurance brings you peace of mind, then its worth it! (Regardless, it’s required here at EPM)