The Need for Renter’s Insurance In Las Vegas and Across the U.S. Has Risen

By: Mary Thompson, Capstone Brokerage President, May 2014

Renters insurance in Las Vegas and throughout the United States is not required by law. Many people simply don’t see the necessity. However, the need is extremely important especially in the situation of a catastrophe. With the economy in Las Vegas taking such a huge hit over the past several years many individuals were forced to sell their homes and become renters. In the United States there are more renters now then their have been in the last 19 years. American home ownership is at the lowest percentage since 1995, according to the U.S. Census. These simple facts leave a huge gap for uninsured personal property.

Many renters in Las Vegas do not believe or know they should carry a renter’s insurance policy. The number one false assumption renters believe is that their property is covered by the landlord’s insurance policy. This is NOT true! The vast majority of homeowners have only their property insured. A property owner’s insurance policy rarely covers the replacement of the contents of an apartment or home not being occupied by them. Generally, the owner’s or landlord’s insurance policy only covers the structure itself and the common grounds. This leaves the renters’ personal possessions at risk should disaster strike. Most consumers do not understand renters insurance and their crucial need for it.

Renters insurance can cover everything inside of your home for a minimal amount. Renters do not have to possess many valuables for it to be worth getting coverage. Imagine having to replace every bed in your home, all your clothing, your family’s television set, etc. The cost could be astronomical for a small family. Renters insurance can include replacement cost of clothing, furniture, electronics, appliances, as well as any personal valuables such as jewelry. Furthermore, if for any reason a renter is forced to move out of the rented residence, even temporarily as the result of a covered loss, they could be reimbursed for additional living expenses.

There are several situations that would benefit from having a renters policy in place, some may surprise you. Coverage includes events of fire, vandalism, and robbery but it doesn’t stop there. Having renters insurance can also provide liability coverage. Liability coverage protects a renter if someone slips and falls resulting in injury that requires medical attention. If you are a dog owner, there can even be coverage attached to your policy if your pet bites someone.

The price of a renter’s policy may surprise you. They often cost less then you would pay for a tank of gas. Sometimes unforeseen things happen in a home that no one can control. If you are a home renter it is smart to keep yourself covered.