Why Bother With Renter's Insurance?

If you rent your residence instead of being a homeowner, you may not have thought of what it would cost you if your building (house or apartment) were to burn down or be destroyed in some other way.

First the bad news (the good news is coming). Your landlord's insurance won't cover the loss of your property.

Now the promised good news. Insurance on the property in the rented residence (your property) is remarkably inexpensive.

I just quoted a woman whose personal property in her apartment is worth an estimated $40 thousand and her monthly cost of insurance is under $20.00 per month.

The reason that most folks who don't have it, haven't bought renter's insurance, is that they think their "stuff" isn't all that valuable. But if you think about it, you'll realize that replacing simple things like linens, towels, dishes, furniture and your clothing would cost a bunch of bucks.

One advantage of Farmers renter's insurance coverage is that if your personal property is destroyed, we pay for replacement of that property, if it's available (we can no longer obtain Timex/Sinclair computers or genuine original buggy whips, for example). Many companies only offer the depreciated value on what you purchased 10 years ago or 20 years ago or last week. In other words, if your purchases were a long time ago, they'll pay you what they estimate that piece of property's value, now.

As said on our page, though I'm a Farmers agent, this blog doesn't necessarily represent the views, policies, or opinions of Farmers Insurance. That said, the Farmers renter's policy will replace your old, destroyed items with new stuff.

And the premium's still very low.

Realistically, if you rent, you can't afford to be without renter's coverage.

Thanks for your attention. If you're in Arizona and have any questions about the topics covered here, or insurance in general, please give me a call - 602-466-2636 (office) or 480-628-9786 (cell).