You’re a young, new renter and you’re debating on whether or not you should opt into rental insurance. Even though you are not a homeowner, your personal belongings are most likely just as valuable to you as any homeowner’s. Surprisingly, though, a recent survey revealed that half of the renters between the ages of 23 and 29 do not have rental insurance.
With so many things out of your control, wouldn’t it be wise to better protect yourself?
Here, we list four reasons that rental insurance in Boca Raton, Deerfield Beach, Delray Beach, or pretty much anywhere in South Florida for millennials ( or any renter ) should be a no brainer.
Rental Insurance is Affordable
Most Millennials don’t give renters insurance a second thought, which is why many don’t realize that it is one of the most affordable insurance products available. So, if you put off buying renters insurance because you assumed it would be yet another costly monthly expense, think again. On average, renters insurance only costs $15 a month, or $180 a year. This is according to data pulled from a 2019 report by the National Association of Insurance Commissioners (NAIC).
Of course, the cost of rental premiums varies depending on several factors, like what state you live in. States that are considered a higher risk due to extreme weather, typically see increased prices. For example, states like Mississippi and Texas often see strong storms, while Oklahoma experiences many tornados. As a result, they’re in the top five most expensive states for renter’s insurance. Those living in South Florida can breathe a huge sigh of relief. Although Florida is impacted by many hurricanes, it isn’t considered a higher risk state. Renters insurance in Boca Raton, is among the most affordable.
Offers Thousands of Dollars in Protection
Most renters insurance premiums cover a wide range of accidents and emergencies. In general, you will be covered in the event of a robbery, vandalism, fire, and damage caused by plumbing no matter where you live. In South Florida, residents can risk damage caused by hurricanes and rainstorms.
If a natural disaster caused any damage to the property, your landlord would have to cover the costs for repairs; but if something happens to your personal property, you will have to pay for that out of pocket if you don’t have rental insurance. This is a primary reason that millennials should consider becoming insured even if they aren’t homeowners. It doesn’t cost much to protect your personal belongings, but it can offer thousands in protection.
At All Risk Insurance Group, we understand the potential risks of one’s personal property during hurricane season. That’s why we provide high-quality renters insurance or personal articles insurance in Boca Raton and across South Florida. If your rented property can be affected by any of these risks, contact us to find out how much a policy costs and what it will offer.
Covers Damages You Accidentally Cause
You may be diligent in your efforts to keep your personal belongings safe, but unintentional damage can’t always be prevented. Valuable paintings may accidentally fall from the wall; jewelry may break and need repair. The list of possible accidents is long. Renters insurance is a way to protect yourself against the unexpected damages you may cause. You may think it’s unnecessary because you’re a careful person, but you can never be too careful.
It May Be Required by a Landlord
Renters insurance may actually be a requirement of the landlord. Although it is not required by law to have rental insurance, landlords are completely within their rights to make the purchase of renters insurance a stipulation in your lease. If anything happened to your valuables, landlords know insurance can reduce out-of-pocket costs. These days, it isn’t uncommon for landlords to require their tenets to purchase renter’s insurance.
Purchase Rental Insurance Today
You may not be a homeowner, but that doesn’t mean you shouldn’t protect your personal belongings. Even though many Millennials don’t consider buying rental insurance, you now have four reasons to go against the grain. At All Risk Insurance Group, we take protecting your personal assets seriously, and so should you. We make sure your personal articles receive comprehensive coverage when you purchase property insurance in Boca Raton, Florida, or the surrounding areas. Contact us today at (561) 395-5220 and see what we can do for you.