The core of our success at Bay Property Group is an awareness of the needs of both owners and renters, and we take care of both. When it comes to insurance, though, not all policies are created equal – your landlord’s coverage doesn’t cover your stuff. Most landlords’ insurance covers only the building and damages due to negligence.
Coverage for some of the most common causes of property damages and loss, such as theft, vandalism, and fire, is entirely up to the resident and so we are strong advocates for renters insurance.
There is a common misperception that renters insurance protects only your possessions when in fact, it covers more than personal property. The average policy also includes up to $100,000 in liability coverage. Translation: your insurer will help absorb the costs if you are held responsible for injuring someone or damaging another person’s property, including your landlord’s.
Maybe you lit several candles which start a small fire. Renters insurance may help you replace that sofa and bookcase. If you are entertaining guests and one falls on a frayed carpet in the hallway and requires medical attention, you might be on the hook for medical expenses for his arm injury. When a washer hose bursts and floods your apartment, renters insurance may help with the extra costs of housing and food if you’re forced to move out while your landlord makes repairs. A thief robs all of the electronics from your media center – it’s a few years old and you want to replace your old toys with everything new.
You might begin to see the importance of renters insurance, but what about the cost? According to the Independent Insurance Agents & Brokers of America, the numbers make it a no-brainer – the average renters policy costs just $12 a month for up to $30,000 in personal property coverage, less than a couple Starbucks a week.
Bay Property Group invites you to shop around to research providers online, compare quotes, or pick up the phone to call an insurance agent. After answering a few questions, you most likely will get a quote in a nanosecond.