Renters insurance is essential for anyone renting in Connecticut.
In today’s complicated housing market, more and more people are renting instead of buying. According to Reis, a provider of commercial real estate data, home-ownership in the U.S. stands at 66.2 percent, lower than any time since 1997. This has created a huge demand for rental apartments and houses. In fact, rental vacancy rates fell to 9.5 percent for 2011, and New Haven, Connecticut had the lowest vacancy rate with 2.1 percent.
Unfortunately, a majority of renters in CT do not have renters insurance. Many renters mistakenly think that their landlord’s insurance will cover their property, but that is just not the case. If there’s a flood, fire, or water-line break and your valuables are damaged, only renters insurance would cover the costs to replace your possessions. Between clothes, furniture, electronics and appliances alone, you could be out thousands of dollars without it.
Along with protection for your personal property, renters insurance also provides liability protection. It can cover injuries and other damages visitors sustain while on your property as well as damage you may cause to the property. With the right policy, you will be protected from many loss types, such as:
- Contents Loss On the Premises
- Contents Loss Off Premises
- Medical Payments Loss
- Property of Others Loss
- Personal Liability Loss
The best thing about purchasing renters insurance through James P. Murphy & Associates is the cost. As part of the Renaissance Group, we can offer incredibly affordable policies that are much cheaper than a homeowners’ insurance policy. If you are a renter in CT, please give us a call at 888.450.1074 or fill out the form on this page for more information and a free quote.