Sales Representative, Liberty Mutual Insurance, Eugene, Oregon
I do not see very many disadvantages to renters insurance. Lets look at the coverage renters insurance provides, and then we can talk about what it does not cover. Renters insurance is designed to cover your personal property, protect you if you are sued, and pay medical bills if someone is injured on your property.
Most people get upset when their insurance does not cover something. Sometimes people file claims to pay their landlord for clean up their deposit did not cover (this is not covered).
Some agents use renters insurance as an ad on coverage and they choose how much coverage without consulting your need. If you have renters insurance and only have $10k of coverage when you needed more you will not be paid more than the $10k
A common deductible on renters insurance policies is $500, and often smaller theft claims do not exceed the deductible. I see this a lot in personal items stolen out of vehicles.
I think the advantages of having renters insurance far out way not having it. People in our society sue for a lot of different things, and protecting your self from being sued for Bodily Injury or Property Damage out side of your Auto is an essential part of creating a sound financial plan. Just make sure you have the proper coverage before you buy.
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Most people get upset when their insurance does not cover something. Sometimes people file claims to pay their landlord for clean up their deposit did not cover (this is not covered).
Some agents use renters insurance as an ad on coverage and they choose how much coverage without consulting your need. If you have renters insurance and only have $10k of coverage when you needed more you will not be paid more than the $10k
A common deductible on renters insurance policies is $500, and often smaller theft claims do not exceed the deductible. I see this a lot in personal items stolen out of vehicles.
I think the advantages of having renters insurance far out way not having it. People in our society sue for a lot of different things, and protecting your self from being sued for Bodily Injury or Property Damage out side of your Auto is an essential part of creating a sound financial plan. Just make sure you have the proper coverage before you buy.