Wait… My Rent Doesn’t Cover My Stuff?

To buy a home or to rent…That is the question. Many things factor into this decision such as finances, job proximity, the city you live in, or just by pure personal choice. One thing that is certain is that renting is becoming more and more popular. However, the one major pitfall that most neglect isn’t the decision itself but assuming that paying ‘rent’ means having coverage for their ‘stuff’.

In fact, nothing is farther from that. A standard renter’s policy, or HO4 for the insurance folks, not only protects your contents (stuff) but also gives you liability protection. Some don’t understand the impact a renter’s policy can make. For example, just last year a local video store burned to the ground. The top floor was a rental for three people, none of which thought to get a renter’s policy. Not only do they have no place to live, they lost all their clothes, shoes, furniture, etc. to the fire. Simply put, you cannot afford not to have a renter’s policy. Most run as low as $150 per year! Imagine your new Xbox One and 50” TV burning up. You’ve lost probably 7-10x more money than you would have had you had a renter’s policy.

Although we think of a renter’s policy for covering just our ‘stuff’, it is very versatile. They also have many options for covering other events such as water back-up coverage, getting full replacement cost on contents (negating depreciation), refrigeration spoilage, etc. These could be incredibly valuable endorsements to have if such a situation exist. The policy itself is not just limited to someone renting an apartment but also someone at college, someone renting a room, someone renting a house, etc.

Bottom line is a renter’s policy is one of the best values in all of insurance. For the low price, you get access to massive coverages you really should have. Ask yourself, “Is my stuff covered”? If not, give us a call at 989-791-5400 for a quick and easy quote to protect your stuff should you rent.

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