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Renter’s Insurance Vs. Homeowners Insurance: What Are the Similarities?

If you’re trying to determine whether you should rent or purchase a home, there are many things to consider. Firstly, you should consider how long you plan to stay in a particular area. If you plan to stay indefinitely, purchasing a home can be an excellent investment. However, if you only plan to stay for a short while, it wouldn’t be a good idea to tie yourself down with a home. Another thing that you should consider is insurance. There are many differences and similarities between renter’s and homeowners insurance, and here is a brief overview:

Coverage for Your Belongings and Beyond

Homeowner’s insurance is similar to renter’s insurance because they both provide coverage in the event of a disaster. Whether it’s a break-in, fire, or some other event that causes you to file a claim, you can usually receive compensation depending on the specifics. However, homeowners insurance covers the dwelling itself and the property it houses, while renter’s insurance covers personal belongings inside the home. 

Cost Difference

If you’re on a budget and can’t afford maintenance and repairs, perhaps renting is best for you. Not only are repairs and maintenance of a rental home the homeowner’s responsibility but as a homeowner, you would likely pay a higher insurance premium than a renter. 

So, if you ultimately decide to rent, you will likely need a good quality renter’s insurance policy. If you’re a Tacoma or Bellevue, WA resident, you should consider us at VIP Insured as your insurance provider. At VIP Insured, we go above and beyond to ensure our Tacoma and Bellevue, WA, customers are catered to in every way. We provide top-quality coverage, and our customer service is top-notch. Call today for a quote.  

4 Good Reasons To Get Renters Insurance Coverage

Just under half of Bellevue, WA residents rent their homes, according to the latest Census statistics. Many of them understand their landlord owes them a safe place to rent. But what they don’t "owe" is protection against theft and unforeseeable accidents including fire and weather-related events.

Importance of Renters Coverage

We just gave you two good reasons for renters to purchase insurance to cover themselves and their belongings. And yet, only about 40% of renters buy this insurance.

Theft is, unfortunately, a fact of life. Some people will steal anything that isn’t nailed down. We’ve even heard of people whose bicycles are stolen off a bus bike rack!

By the way, this kind of theft would be insured through a renter’s policy.

Anyone who’s lived around here the past few years has witnessed crazy weather. While rain has historically dominated our weather, the past couple of years have featured tornadoes. The drying climate has increased fire danger. Renters insurance covers damages from these events and will pay for a hotel room and meals while your residence is restored.

Here are two more reasons renters should cover themselves with renter’s insurance:

  1. They cover losses even when you’re not home. This means you can get compensation for computers, jewelry, artwork, clothing, furniture, and whatever else you deem worthy of protection if they’re stolen or damaged, and you aren’t responsible.
  2.  Renter’s insurance is really affordable. Our customers here in Bellevue WA are amazed at how little it costs them to insure themselves and their belongings. A renter who is VIP insured pays a fraction of what the homeowner pays.

VIP Insured Is Here To Help

Life happens, and insurance can buffer the hit. If you rent in the Bellevue, WA area, contact VIP Insured for a free estimate.

How Renters Insurance Could Save Your Finances

If you are currently renting a house or apartment in Bellevue, WA, you should strongly consider renter’s insurance with a provider like VIP Insured. But if you’ve never acquired renters insurance before, you probably have a lot of questions about what it actually covers. So, in today’s guide, we’re going to take a look at how renters insurance can help save your finances:

Why Do You Need Renter’s Insurance?

Renter’s insurance could save your finances in several ways. Here are a few reasons why renters insurance is a smart investment:

Protection For Personal Property

Renters insurance provides coverage for personal property, including furniture, electronics, clothing, and other items in your rented home or apartment. If your personal property is damaged or stolen, your renter’s insurance policy can help cover the cost of replacing those items.

Liability Coverage

Renter’s insurance can also provide liability coverage, which helps protect you if someone is injured on your rental property. In the event that someone sues you for damages resulting from an injury sustained on your property, your renter’s insurance policy can help cover the cost of legal fees and damages awarded in a lawsuit.

Additional Living Expenses

If your rental property becomes uninhabitable due to a covered event, such as a fire or natural disaster, renters insurance can help cover the cost of temporary housing and other additional living expenses.

We Are Here To Help!

Renter’s insurance can provide peace of mind and financial protection for renters. By investing in renters insurance, you can avoid the financial burden of unexpected events that could otherwise lead to substantial expenses.

Are you looking for renter’s insurance in Bellevue, WA? If so, be sure to reach out to us at VIP Insured today for more information!

The Most Common Mistakes People Make With Their Renters Insurance

Renting a home comes with many responsibilities – from ensuring the rent is paid on time to keeping the property in good condition. And one of the most important responsibilities is to have adequate renters insurance. Unfortunately, many renters make some common mistakes when it comes to their insurance policies. Consult with VIP Insured in Bellevue, WA for expert insurance advice.

Here are some mistakes for you to avoid: 

1. Not Getting Enough Coverage

One of the most common mistakes people make is not getting enough coverage. Your renters insurance should cover your personal belongings and any liability risks you may face. Make sure to speak with your insurance agent to determine how much coverage you need.

2. Not Updating Your Policy Regularly

Your renters insurance policy is not a one-time purchase – it’s something you need to keep up with over time. As your life changes, so too should your policy. If you move to a new apartment, get married, or have a child, be sure to let your insurance agent know so they can adjust your coverage accordingly.

3. Not Reading the Fine Print

It’s important to read through your policy carefully so that you understand what is and isn’t covered. There may be some exclusions you’re unaware of, so it’s best to know before you file a claim.

4. Not Shopping Around

When it comes to insurance, it’s important to shop around and compare rates. Just because you’re happy with your current policy doesn’t mean you can’t find a better deal elsewhere. It’s worth taking the time to compare quotes from different insurers to make sure you’re getting the best possible rate.

5. Making Assumptions

Never assume that your policy covers something – always check with your policy documents or your insurance agent. For example, many people assume that their belongings are automatically covered if they’re stolen from their car. However, this isn’t always the case – in some instances, you may need to purchase additional coverage for items that are stolen from your vehicle.

Give Us A Call

Avoiding these mistakes ensures you’re getting the most out of your renters insurance policy. If you have any questions about your coverage, or if you’re ready to shop around for a new policy, VIP Insured in Bellevue, WA can help. Contact us today to get started.

How Renters’ Insurance Works

Renting a home requires protecting yourself with a renters’ insurance policy. These policies offer a number of different kinds of coverage that are all included in one policy. To keep yourself protected with a renters’ policy, give us a call now at VIP Insured in Bellevue, WA.

Protect Your Belongings

Renters’ insurance includes protection for your possessions that are inside your rental. This protection helps you to replace or repair your items when a covered event happens that damages them. Without this coverage, it would be extremely expensive to try to replace all of your items on your own. This coverage allows you to get back to your normal life much faster. 

Covering Your Liability

Even if you are renting your home, you can be liable if someone has an accident there. You can be found at fault for an accident in which someone was injured inside your home, and this means you would have to pay the medical bills that resulted from it. Without renters’ insurance, it could be extremely difficult to come up with the money to pay these medical bills. Medical expenses rise fast, and you don’t want to be responsible for paying them for an accident. Luckily, your renters’ insurance comes with protection against this situation. 

Inhabitable Home

If your rental were to become uninhabitable because of a disaster, accident, or some other incident, you would have to move out so that the building could be repaired. With renters’ insurance, this move and the resulting living expenses can be covered by the policy. This makes it easy to live somewhere that is inhabitable for the duration of the repairs. 

Get Your Renters’ Coverage

If you are renting a home, you need renters’ insurance to keep you protected. To find out more, contact us at VIP Insured in Bellevue, WA.

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