While most understand why it’s important to have homeowner’s and auto insurance, many don’t see why renters insurance in Harrisburg PA is vital. According to a recent survey, almost 60% of renters have no coverage, and many of their reasons for declining insurance are myths that can prove to be costly.
The Property Owner’s Insurance Will Cover a Renter
According to the research mentioned above, 43% of survey takers said that they didn’t have renter’s insurance because their landlord is covered. While that may be true, a landlord’s coverage only pays for the structural damage. Renters need a separate policy to cover destroyed, stolen and damaged belongings. A renter’s policy can also pay a person’s living expenses while the home is under repair.
Renter’s Policies are Too Expensive
Almost half of all survey respondents said they had no coverage because it costs too much. While about 20% said that a policy costs more than $1000 per year, in fact, coverage can be had for about $300 yearly. If the apartment or rental home burns down and the renter has no insurance, they may not be able to replace all their belongings. Some policyholders may qualify for a discount if they buy multiple types of insurance from one company.
A Security System Negates the Need for Insurance
59% of those responding to the survey said they had no insurance because of the security of the rental home or apartment. However, even secure neighborhoods can be burglarized, and insurance covers more than just crime. By having renter’s insurance, possessions are protected from losses due to smoke, fire, vandalism, windstorms and water damage. However, floods are not covered; a renter would need a separate policy.
Renters Don’t Have as Many Liabilities as Homeowners
While renters may have fewer responsibilities than homeowners have, they can have additional liabilities in some cases. For instance, if a guest is hurt inside the home, they can sue the renter. A renter with no insurance can also be held liable if a pet attacks someone in or out of the home.
There are many misconceptions surrounding renters insurance in Harrisburg PA, and the information given here is meant to dispel some of them. When they visit their site to about this important type of coverage, renters can protect themselves and their belongings from the unexpected.
