Within the population, 37 percent are renters; however, only a third of renters have renters insurance. One reason renters don't purchase renters insurance is they don't see the value. Although renters insurance isn't compulsory, if you are a renter, you need renters insurance.
Understanding Renters Insurance
Much like auto insurance or health insurance, renters insurance helps you cover the costs associated with liabilities you are responsible for following an accident. For instance, if your actions create a fire in your apartment complex, it's likely that your renters insurance will help you recover financially by paying some of the costs.
Additionally, renters insurance helps you pay for damage that wasn't caused by you. Consider the scenario above in the reverse. What if someone else caused the fire and you lost your personal belongings; how would you recover without renters insurance?
Renters Insurance Covers Guests Too
Have you ever had a gathering where alcohol was served? Did you know you are responsible for your guests' safety when they leave your house following a party? Well, you are. If they happen to get into an accident, you could be sued. With renters insurance, you wouldn't have to spend your savings to hire a lawyer to defend you in court. Instead, you could use the coverage that comes along with your renters insurance to help you overcome the lawsuit.
Get Coverage for Animal Bites
Another often overlooked reason to have renters insurance is the fact that it protects you in the case of animal bites. Whether you have furry pets or pets that are not so furry, you are responsible if they bite a guest, the mailman or someone in the neighborhood. There is no fun in being sued; however, by having renters insurance, you can at least get peace of mind following an animal bite once you know your renters insurance covered you financially.
Often, the value of having renters insurance isn't fully realized until you experience an event. However, if you don't already have it, it's too late to be covered.
Do you have coverage? Call Jack Lee Fong Insurance Agency at 415-956-3990 for more information on San Francisco renters insurance.