Renter's Insurance: How Much Is My Stuff Worth?

If you're out there shopping for a Greensboro Renters Insurance policy, you're to be commended. You're in the minority in an area where making the right decision can have a huge financial impact on your life.

Homeowner's vs. Renter's Insurance

According to the Insurance Information Institute (III), approximately 97% of homeowners in the U.S. carry homeowner's insurance while less than 40% of renters carry renter's insurance. There may be several reasons that so many renters remain without coverage:

1. Some may feel that the personal property they have doesn't have a high enough value to warrant insuring it.
2. Some may feel the cost of renter's insurance is too high to justify this ongoing expense.
3. Some may not realize the benefits that come with a renter's insurance policy.

Is It Worth It?

Bringing clarity to the three above-listed concerns may be just what you need to justify your taking out Greensboro Renters Insurance coverage.

As far as total value of your possessions goes, you likely have much more in value than you think. Once you factor in all of your clothing, all of your furniture, all of your electronics, your books, dishes, kitchenware, etc., you likely have thousands more than you've considered. A typical renters insurance policy with a personal possessions limit of $30,000 would probably cover you adequately, but once you start adding everything up you might even want more protection.

Cost for a typical renters insurance policy is surprisingly low. According to the III, here in North Carolina the average cost for renter's insurance runs about $157 per year, which is only about $13 a month.

Considering what you get for that $13 per month premium payment is also to be seriously taken into account. Not only are your personal possessions covered against numerous threats such as fire, smoke, explosion, theft and other perils, you also have significant liability protection. This means if someone becomes injured while on your rental property and you end up getting sued for damages or medical costs, you have a certain amount of liability coverage. Limits for liability coverage are typically around $100,000, and this can go toward court costs, legal fees and any judgments you face.

For a few dollars more, you can increase policy limits by quite a bit. This may be the lowest cost, highest value insurance you can buy. One time use could pay back a lifetime of premium dollars!