You probably already know that homeowners need home insurance, but you may not have considered the fact that renters need insurance too. Renters insurance has two main components and we believe they are equally important. The first is coverage for your personal belongings and the second is personal liability coverage.
What is renter's insurance?
Renter's insurance is often required by property owners in Missouri. Rates vary depending on your coverage needs, but are relatively low. Having a renters policy bundled with an auto policy often creates discounts on the auto that almost negate the cost of the renters policy.
Your renter's insurance will cover many of the same things you find in a home or condo policy with the primary exception being that there is no need for building coverage. A renters policy will cover your personal property, it will also include additional living expenses if you are forced to vacate the building due to a covered claim, and it will have a personal liability component.
The personal liability component of a renters policy is arguably the most important component of a renters policy. As a renter that causes damage to the building or adjacent units, you could be found liable for; building reconstruction, other peoples personal property, or injury to others. Imagine leaving a candle burning while you head out to dinner and you come back to a smoldering eight unit apartment building. You’ll be glad you puchased good renters insurance when that bill comes due.
To learn more about renters coverage options, contact us and we will be happy to chat.
Contact us at MedInsure Group to find out more by calling us 877-403-8584 or scheduling an appointment with one of our team members here.
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