5 Reasons Why Tenants Should Obtain Renters Insurance

Barrett Property Management highly recommends that all tenants obtain renters insurance.  We have teamed up with our local AAA Grass Valley Branch and State Farm insurance agency and Mike Bratton to help our tenants get started in protecting their possessions.  

Renters insurance is not a waste of money.  The low cost of renters insurance coupled with the typical benefits it provides should you need to submit a claim on your policy, make it a no brainer decision.  Did you know that while your landlord’s insurance covers the building, it doesn’t cover your belongings?  Could you afford to replace everything you own if something should happen?  

Here are the top five reasons why tenants should obtain renters insurance: 

  1. It’s not that expensive.  The cost of renters insurance per month can range from $15 to $30.  That’s the cost of a nice lunch!
  2. You’re paying a premium that is based on your possessions.  Renters insurance is calculated based on the valuation of your personal possessions, so you don’t pay for anything you don’t own.  
  3. It covers your property should one of the following occur:  fire or lightning, windstorm or hail, explosion, impact by vehicle, smoke, vandalism or malicious mischief, theft, falling objects, weight of ice, snow or sleet, sudden water discharge from plumbing or appliances, freezing of plumbing system, power surge, and breakage of glass just to name a few.  
  4. It provides liability to protect yourself financially against costly claims and lawsuits.
  5. Your possessions will often be covered by renters insurance if they are stolen or damaged while away from your home.  

You can complete a State Farm Home Inventory Checklist to discover how much your possessions are actually worth!  And, as always, you can contact Barrett Property Management today for more information or to ask questions.  We’re here to help!