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Why You Need Renters Insurance

Protect your valuables and purchase renters insurance in Prescott from Mosaic Insrance.There are many reasons people rent rather than purchase a home. The reasons could be anything from being in transit, attending college, a job assignment, or maybe not wanting to deal with the perils of home ownership. It’s true that when we rent, the home or apartment is insured by the landlord. Your landlord does not insure the contents of the property and to expect them to do so is not realistic. Only you as the tenant are aware of what you own and what your personal property is worth.  Mosaic Insurance in Prescott is here to provide you with renters insurance at a surprisingly affordable rate.

As a renter you are just as susceptible to the ravages of flood, fire, vandalism, broken water pipes, windstorms, or any tragedy as a homeowner. If you find that you have become displaced, your renters policy typically will cover expenses temporarily while you live somewhere else. The policy usually covers the cost of meals above your normal expenses.

Be sure to protect your possessions by considering what your items are worth. Don’t underestimate the cost of replacing your items. Replacing clothing, furniture, computers, TVs and books quickly add up to thousands of dollars.

Cash Value vs. Full Replacement – Know the Difference

Something to consider is whether to buy an actual cash value renters policy or a policy that covers the full cost of replacement.

With actual cash value coverage, lost or damaged items are depreciated based on their age. For example, if you owned a 10-year-old sofa that was stolen, the actual cash value would be the cost of buying a used sofa of comparable age and condition.

If your policy covered your couch at full-replacement value, your insurer would pay based on the cost of a new couch of the same quality without applying depreciation.

Renters Liability Coverage Renters insurance can also cover you from claims stemming from allegations of negligence. Like homeowners insurance, renters insurance covers your liability for injuries or property damage that you, your family members or your pets may cause to others.

Let’s say you hosted a party at which someone slipped and was hurt, you could be held financially liable for their injuries. However, the liability section of a renter’s policy would pay for your legal damages, up to your policy limits if you are found to be at fault for the injury. In this situation, the policy would also pay for your legal defense.

Be sure to choose a renters policy with a liability limit that's high enough to protect your personal worth.

Mosaic Insurance in Prescott knows that renting is not all that unusual. Thirty-seven percent of all housing units are occupied by renters. Most renters don’t carry a renter’s policy. There is no reason to go without it when the average cost of a renter’s policy is normally just under $200 annually. Mosaic Insurance is here to help you select just the right policy for you at an affordable price. Give us a call today for your free quote at 928-458-7374



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