Renters insurance is an affordable way to protect yourself against liability and insure your belongings—furniture, electronics, clothes and shoes, housewares, and even jewelry, fine art, musical instruments, and antiques.
A 2018 survey by the Insurance Information Institute found that just 46% of renters had renters insurance, compared with 91% of homeowners who had homeowners insurance. Why the discrepancy? One likely reason is that most homeowners have mortgages, and most mortgage lenders require homeowners to carry homeowners insurance. By comparison, it’s much less common for apartment managers and other landlords to require renters to have insurance.
That doesn’t mean that renters shouldn’t have renters insurance, though. Whether you rent an apartment, house, or condo, you need protection in case of fire, accidents, or burglary.
What Renters Insurance Covers
Garvin Insurance Agency issues renters insurance policies through Mercury insurance—one of the most trusted names in the industry. Here’s what a Mercury renters insurance policy covers:
- Personal Property: Covers your household items—furniture, housewares, clothes, electronics—in the event of a fire, theft, or other covered loss.
- Additional Personal Property: Additional coverage for valuable items, like jewelry, musical instruments, and fine art.
- Personal Liability Protection: Pays for bodily injury or property damage to others as a result of a covered incident.
- Guest Medical Protection: Pays for medical expenses for your guests if they are accidentally injured on your property.
- Workers’ Compensation Coverage: Pays for medical expenses for your personal part-time employees, such as nannies or housecleaners, who are injured on the job.
Apartment and Condo Buildings Are More Vulnerable to Burglary
Since most of us believe there’s “safety in numbers,” it may seem counterintuitive that apartment and condo buildings are 85% more likely to be burglarized than single family homes, according to the National Crime Prevention Council.
Since visitors come and go from apartment buildings all the time, burglars know their presence is less likely to draw suspicion from neighbors in an apartment setting than near a single-family home.
Living in an apartment can provide a false sense of security when it comes to break-ins. The bottom line is, if you’re a renter, you need renters insurance.
Get Help from Experts at Garvin Insurance Agency
Renters insurance can be a lifesaver after a loss. The insurance experts Garvin Insurance Agency are standing by to answer all your questions and provide you with a fast estimate for cheap renters insurance.
Call us at (818) 881-5127 for a free quote today or drop in to our Woodland Hills, CA office. We look forward to working with you.