Why Is Renters Insurance Important for Older Adults?

Importace of renters insurance for older adults

Why Is Renters Insurance Important for Older Adults?

Mostly, seniors think that they may not need insurance as they do not own a home. However, they may have to bear hefty financial losses if:

  • The things they own (like your clothes, furniture, books, jewelry, etc.) are stolen/vandalized or damaged due to natural disasters or their negligence.
  • A visitor slips on their floor and gets injured.
  • Their dog bites a guest, causing injuries.

However, the renter’s insurance can cover such losses while protecting them from related liabilities.

Still, confused about whether or not to buy renters insurance? Read the answers to these common questions (you may have) about renter’s insurance and act accordingly.

I Don’t Have Expensive Items. Do I Still Need Renters Insurance?

Even if you own basic items, like clothing, TV, mobile phone, and furniture, replacing all of them at a time can be expensive. However, renter’s insurance will pay to replace your destroyed or damaged belongings at current prices. Besides covering your belongings, it also covers third-party bodily injuries and property damage you cause.

My Landlord/Assisted Living Center Has Insurance Coverage. Is That Not Enough to Protect Me?

Your Landlord/Assisted Living Center’s insurance will only cover damage to common areas (walkways, lobbies, and shared dining areas) and your landlord’s/living facility’s physical building. It will not cover belongings inside your building or liabilities arising from your negligence, actions, or items. Therefore, you must have renter’s insurance to cover such things.

My Dog Is Small and Couldn’t Hurt Anyone. Will Someone Sue Me for Little Dog Bite?

The person your dog bites will not usually sue you. First, they will ask you to pay for their injuries or medical bills. If you deny it, they may sue you. If you have renter’s insurance, it will cover third-party injuries, protecting you from financial loss and lawsuits.

I Used to Travel Often, Taking Precious Possessions like Jewelry. Won’t My Car Insurance Cover Them?

No, your auto insurance will not cover your personal belongings, even if they are in your car. Only renter’s insurance (or home insurance) will cover such things.

Will Renter’s Insurance Cover My Artwork, Jewelry, and Other Costly Things?

Yes, but the coverage limit depends on your policy. If your items exceed your renter’s policy’s coverage limit, you can buy riders to insure them with the required coverage limit.

How Do Insurance Providers Calculate Renter’s Premiums?

Your renter’s insurance premium varies depending on the location and size of your rental home and the value of your belongings. You can get quotes from various providers and choose the one that offers comprehensive coverage at an affordable cost.

How Can I Reduce My Renter’s Insurance Rates?

You can choose a higher deductible (out-of-pocket costs) or buy other policies (like car insurance, business insurance, etc.) from the same provider to qualify for discounts.

Protect Your Rental Homes with Kevin S. Dougherty Insurance

Having the right renter’s insurance policy is a way to ensure that you are protected against natural disasters, third-party liabilities, and your negligence causing you damages. Contact Kevin or Marci at Kevin S. Dougherty Insurance today for more information on the renter’s insurance policy. We will resolve all your issues and create a customized renter’s insurance plan best suited to your needs.

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