February 3, 2016

Should you get Renters Insurance? YES!

Should you get Renters Insurance? Whether you live in a home you rent or an apartment, the answer is YES!

There are many reasons why to get renters insurance, but we will highlight just a few.

  1. Peace of mind and protection for your personal property. Would you have the money or savings to replace your furniture, TV, IPad, clothes, jewelry, pots and pans, dishes, Xbox etc.?
  2. Additional coverage away from home. Off premise theft. Renters insurance policies can cover property loss even off premises. For example, if your car is broken into and your laptop is stolen, Renters Insurance can cover it.
  3. Liability protection– Life happens. Say one night on of your friend’s slips and falls down the stairs at your apartment severely hurting their back. This could protect you from a lawsuit.
  4. Damage to your neighbor’s property. In the event of fire or if a washing machine floods that originates in your apartment, and affects your neighbor’s apartment.
  5. It’s really not that expensive. The average premium can be around $200 for the year, which is about $16.00 a month (depending on your coverage amount) but still cheaper daily than a cup of Starbucks

Statistics show that renters are 50 percent more likely to experience theft than those who own homes, according to the Bureau of Justice Statistics. Despite these risks, most apartment dwellers are still living without renter’s insurance.

According to a recent Apartments.com survey of nearly 1,400 apartment hunters around the country, 67 percent said they do not have renter’s insurance. The top reason survey respondents gave for not being covered is that they cannot afford it, followed closely by many who claim they did not know this type of insurance existed. Other respondents believe they do not need renter’s insurance because their possessions are not valuable enough to make the investment worthwhile and nothing bad has ever happened to them. Nearly a quarter of apartment seekers surveyed are under the assumption that renter’s insurance is too rich for their blood, yet the average premium is around $200 a year, according to the National Association of Insurance Commissioners.

Here are some Renters Insurance Statistics for Texas

Cost of Insurance: Average of $228/yr.

Savings after a fire: $10,507

Savings after a burglary: $2,574

Savings after water damage: $2,619


It is very important to be protected. Renters Insurance isn’t only for apartment renters, it for people who rent houses as well. The landlord has protection against anything that happens to the actual house, but anything inside the house, is the responsibility of the tenant.

McKnight Insurance is an Independent Agent with offices in Mansfield and Midlothian TX. If you have any questions, or would like a free, no obligation quote, please call our offices and we would be glad to assist you.

Mansfield office: 817-277-6166

Midlothian Office: 469-612-5020