Why is Renters’ insurance a Smart Financial Decision?

While renters’ insurance is not generally legally required, this specific type of insurance – designed for those who do not own their home, offers affordable protection against potential losses to property or injury to others covered by the policy’s terms. Renters insurance is an intelligent choice as it helps you recover from financial losses that you may not have otherwise been able to do. The Bingham Insurance Group, which serves the greater Braselton, GA vicinity, offers this guidance regarding the benefits of purchasing renters’ insurance.

It Provides Protection for Personal Property

Renters’ insurance covers the insured’s personal belongings – i.e., clothing, electronics, furniture, etc., should these items be damaged/stolen under a covered event like theft or vandalism. Certain policies may even provide coverage for belongings when damaged/stolen outside the property – i.e., your laptop from your car.

It Provides Liability Coverage

A renter’s policy offers liability coverage (which can pay for medical costs and legal expenses) should you be responsible for injuring someone else on your property.  

It Pays for Additional Living Expenses

If your unit becomes uninhabitable (as the result of a covered loss), renters insurance reimburses for temporary living expenses while the unit is repaired.

It Offers Customizable Options

Renters have the option to select the appropriate coverage level.

Note that some landlords in and around Braselton, GA may make require their tenants to carry renters’ insurance as a provision within the lease agreement. However, given the peace of mind renter’s insurance offers against unexpected occurrences, renters’ insurance can only be considered a wise financial decision.

For additional information about how renters’ insurance may be a worthwhile investment, contact the insurance specialists of Bingham Insurance Group at 706-684-0040 or online.

What every renter needs to know about renters insurance

More than half of all renters don’t have renters insurance. If their rental was damaged, they could lose everything in the rental. At Bingham Insurance Group in Braselton, GA, we want to ensure that renters understand the valuable protection that renters insurance provides and how affordable it is. 

You may think you are covered under the same insurance policy covering the building you live in. That is, unfortunately, not true. Your landlord or management company only protects their property, not your property. You are responsible for protecting yourself. Renters’ insurance provides valuable protection, maybe even more than you know. 

Personal property

You own a lot more things than you realize. That’s a fact. It would be a hardship if you had to replace them all at once. Think about how much furniture and clothing you have, electronics and appliances. It would be devastating. With renters insurance, your property is covered in your rental and when it travels with you. 

Liability coverage

No one likes to think about being sued, but it is all too common nowadays. If someone is injured while visiting your rental, you could be responsible for their medical bills and any pain and suffering they decide they need. Just the legal fees can be quite high. This coverage provides the protection you need. 

Loss of use

Have you ever considered what you would do if your rental were damaged so badly that you couldn’t live in it? Loss of use coverage will help you to pay for a place to stay while your rental is being repaired. This can make all the difference in what is already a difficult situation. 

Contact Bingham Insurance Group in Braselton, GA to learn more about why every renter can benefit from renters insurance. 

How Renters’ Insurance Works

If you rent your home, you are likely required by your landlord to have a renters’ insurance policy. However, if it isn’t required, it’s still a smart idea to have one of these policies in place. If you need a renters’ policy, give us a call today at Bingham Insurance Group in Braselton, GA.

Renters’ Coverage

When you rent your home, you are not responsible for insuring the actual dwelling itself. The landlord owns it and must keep it insured. So, what does renters’ insurance cover? One of the main ways that it protects you is by insuring your things. These policies cover your personal belongings that are inside your rental. If the worst should happen and a major accident or disaster should ruin your things, your insurance policy will help you to start replacing your possessions. 

Liability Protection

Another way that your renters’ policy protects you is by covering your liability for injuries and illnesses that happen in your home. If a guest were to get sick or have an accident while in your home, you could be liable for paying all of the resulting medical bills yourself. If you have liability protection, the policy pays for those instead of you being sued for them. 

Other Coverage

There is still another way that renters’ insurance can protect you. It carries a type of coverage that protects you against having to stay in a home that is uninhabitable. If something were to damage your rental and it became unlivable, your renters’ policy would pay for you to stay somewhere else until your home is made livable again. 

Get Your Renters’ Policy

If you rent and need renters’ coverage, call us right away at Bingham Insurance Group in Braselton, GA to find out more. We can help you to understand how renters’ insurance protects you and help you choose the best policy for you. 

What is included with renters insurance in Georgia?

In the Braselton, GA area, you are going to have a lot of options when it comes to choosing housing. One form of housing that you may want to consider would be to rent your home. Those that are renters will enjoy having the flexibility of being able to move when their lease term is over and having fewer obligations when it comes to maintenance and repairs. If you do decide to rent a home, you will still have insurance needs. A quality renters insurance policy comes with several forms of coverage. 

Liability Protection

A renter will end up taking on many of the same liability risks as a property owner will. If your negligence leads to damage to the property, another unit, or even an injury of another person, you could be held liable. Fortunately, if you get a renters insurance policy, you can receive the coverage that you need to offset this risk. 

Protection for Personal Belongings

When you move into a new rental property, you will bring a lot of your personal assets. The value of these assets, which can include furniture, electronics or clothing will add up quickly. To ensure that your assets are properly covered and protected, you will need to get a full renters insurance policy. This will give you the funds necessary to repair or replace your assets if you incur a loss.

As you are looking for a new place to live in the Braselton, GA area, you should plan on discussing your renter’s insurance needs with the Bingham Insurance Group.  There are a lot of choices that come with picking a renters insurance and the Bingham Insurance Group can make the process easier to understand. When you do call them, they will offer you personalized guidance and assistance to ensure you remain covered at all times. 

Two of the Most Commonly Asked Questions about Renters Insurance

Renters insurance is designed to provide coverage for your damaged, lost, or stolen personal belongings. It will also offer coverage should another person get injured in your rented apartment or house in Braselton, GA. For instance, if someone visiting you is hurt while in your home, and their injuries are deemed to be your fault, the person may file a liability claim with an insurance company to cover the costs that are associated with their injury. If you aren’t familiar with renters insurance, you may have a lot of questions about coverage, so here are the answers to the most commonly asked questions policyholders ask Bingham Insurance Group.

Does it Cover Theft?

Yes, after you pay the deductible amount, renters insurance covers your personal belongings from theft. A renter’s insurance policy generally covers your possessions, whether the theft occurs as the result of a burglary or if they are stolen from your vehicle while traveling. Be sure to review your policy to fully understand the circumstances in which you may file a claim for theft.

Does it Cover Fire Damage?

Yes, after paying the deductible, renters insurance will cover smoke and fire damage. The compensation amount received depends on various factors, such as the amount of coverage you buy, your deductible amount, and whether you choose replacement cost coverage or actual cash value coverage for your belongings. In the event a fire occurs, you will first file a claim for the loss, pay the deductible, and then receive the compensation for the remaining costs of the loss (up to the policy limit).

It’s important to understand that your landlord’s insurance policy does not cover your possessions. The landlord’s insurance policy only covers damage to the building, so it’s important to have renters insurance to cover the cost of your belongings. Without renter’s insurance, you are responsible for the full cost of replacing all lost, stolen, and damaged properties.

Residents of Braselton, GA interested in learning more information about renters insurance or upgrading their current policy should contact Bingham Insurance Group.