A lot of renters in El Paso don’t realize they can protect their belongings with renters insurance. It is true, a person doesn’t need to be a homeowner to have the belongings in their home protected from theft or disaster. What is even better is the fact that renters insurance is considerably less expensive than homeowners insurance and offers many of the same benefits. There is no need to pay for coverage for the dwelling or building, so the premiums are considerably less. Whether you need more information to understand this form of insurance or need help determining how much coverage, our qualified staff at Pan American Insurance can help.
Do I Really Need Renters Insurance?
The benefit of purchasing renters insurance outweighs the risk of not having it. This insurance can cost as little as a few dollars a month depending on how much you need. When you move into an apartment or rental home, the landlords normally only purchase insurance that covers their property. This means if a busted pipe, faulty water heater, or any other type of damage caused by living in that home takes place, your personal items would not be covered. Renters insurance would cover your items from this type of damage. Renters insurance also covers damage caused by fires, natural disasters, and theft. Without coverage you could be left without a place to stay and the expensive bill of purchasing all new items.
There are other considerations to think about as well. Renters insurance can also come with additional coverages like loss of use and liability coverage.
Loss of Use - If you need repairs conducted after damage this insurance will cover costs while you cannot live in your apartment or rental home. This can possibly include food, hotel stays, and other expenses accrued during this time.
Liability - This coverage will pay for bodily injuries or property damage caused by your negligence. If you leave a faucet running that leaks into your neighbor’s home their damage would be covered. If your pet bites your neighbor their medical bills would be covered.
Our Experts Can Help
Understanding the renters insurance can be difficult. If you want your personal property protected as well as any extra coverages, our experts at Pan American Insurance in El Paso can help. We can help you determine what kind of coverage and how much coverage you need. Please give us a call today. One of our qualified representatives will be happy to answer your questions.