If you couldn’t afford to replace your belongings after a loss as a renter in Hickory, then renter’s insurance is a wise investment.
A common misconception by many renters is that if a fire or other calamity were to destroy the property and its contents, the building owner’s insurance policy would take care of things. The reality is that their insurance only covers the building itself, not your belongings. You’ll need renter’s insurance if you want to have your belongings covered. Here at First Security Insurance, we take the time to help you assess whether renter’s insurance is needed and how much coverage and what type of coverage makes the most sense for you.
As for the question about whether you need it, ask yourself two questions – how much are your belongings worth, and could you afford to replace them if they were lost? In addition, you may also be at risk of a liability lawsuit and would want that type of coverage as well. The first thing to do is take an inventory of your possessions, considering original cost, replacement cost, and current value. It might surprise you that the average household has more than $30,000 worth of belongings that have been accumulated over the years. It might also surprise you how affordable it is to have renter’s insurance to cover that amount of loss.
We take the time to go over what is covered and whether there is a dollar limit on items that you might have. Some common limitations are on money, jewelry, firearms, and electronics. We recommend taking a careful inventory and then storing that off-site, such as in a safe deposit box or in digital form online. This will help you not only get the proper coverage amount, but will aid during the claim process if you suffer a loss. Contact us today to learn more about the value of renter’s insurance.