Why do I need renters insurance? GEICO offers 5 reasons why it's important.
WASHINGTON, D.C., May 06, 2017 – What's the worst that could happen if you rent an apartment but don't have renters insurance? Plenty! Believe it or not, the landlord isn't responsible for your personal property, which means if there's a fire or burglary, you'll be financially responsible for replacing all of your items.
The GEICO Insurance Agency offers five reasons why it's important to have renters insurance:
- Protect your personal items – If you think your building is "secure," think again. Rental units are prime targets for theft and burglars. Even if you think you do not own anything of value, can you afford to replace all of your personal belongings? Renters insurance covers the costs of replacing items such as clothing, furniture, televisions and electronic devices.
- Most landlords require it – In most cases, tenants must have renters insurance as a condition of their lease agreement, to protect personal property. The landlord's insurance policy covers the building structure and liability of the general area and does not cover your personal belongings.
- Cover your temporary living expenses – If your place is damaged by a fire or another covered disaster, renters insurance provides "loss of use" coverage for temporary living expenses. Some policies include coverage for hotel expenses if you can't use your apartment and will reimburse you for food and any other related expenses that you incur during that time. Shop carefully and decide what you need.
- Liability protection – If someone is injured on your property, renters insurance could provide liability protection and coverage for legal matters, injury claims or medical expenses associated with an accident in your home.
- It's inexpensive – The GEICO Insurance Agency says renters insurance is one of the most affordable types of insurance. For the cost of a large pizza each month, renters insurance could provide you with an affordable safety net. Your actual cost will depend on a number of factors, including how much coverage you will need, the type of coverage options you choose, your deductible amount and where you reside. GEICO advises that you consider your situation carefully and shop wisely.
For more information on renters insurance, please visit https://www.geico.com/renters-insurance/.
GEICO (Government Employees Insurance Company) is a member of the Berkshire Hathaway family of companies and is the second-largest private passenger auto insurance company in the United States. GEICO, which was founded in 1936, provides millions of auto insurance quotes to U.S. drivers annually. The company is pleased to serve more than 15 million private passenger customers, insuring more than 24 million vehicles (auto & cycle).
Using GEICO's online service center, policyholders can purchase policies, make policy changes, report claims and print insurance ID cards. Policyholders can also connect to GEICO through the GEICO App, reach a representative over the phone or visit a GEICO local agent.
GEICO also provides insurance quotes on motorcycles, all-terrain vehicles (ATVs), boats, travel trailers and motorhomes (RVs). Coverage for life, homes and apartments is written by non-affiliated insurance companies and is secured through the GEICO Insurance Agency, Inc. Commercial auto insurance and personal umbrella protection are also available.
For more information, go to www.geico.com.
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