Do You Have Renters Insurance?
If you answered No, we would love to know your reasons for not purchasing Renters Insurance.
Many people in Philadelphia, and the surrounding suburbs are choosing to rent a home or apartment, versus purchasing a home. Many of these renters, fail to purchase renters insurance.
My Landlord Has Coverage On the House or Apartment Complex
Your Landlord’s Insurance, will only protect the Building, Business Personal Property owned by the landlord, and the Landlord’s Liability.
Your Landlord’s Insurance will not provide coverage for your personal belongings, and will not protect you in the event of a Liability Claim.
I Don’t Own Anything, and Don’t Need Renters Insurance
Have you thought about how much it would cost to replace your personal belongings?
How much would it cost to replace items, like:
- Your Entertainment System
- Televisions, DVD Players, Stereo Systems and the items that you play on the these systems
- What if you lost your entire wardrobe to a fire? What would it cost to replace all of your clothing?
- What would it cost to replace your Living Room Set, Bedroom Set, and Kitchen Set?
I feel that many people underestimate the value of their personal belongings, because they purchased and inherited their belongings over time.
Could you afford to replace all of your belongings after a fire? If you answered no, than contact us, to discuss your needs and options.
What Does Renters Insurance Cost?
The average cost for Renters Insurance in areas like Havertown, Broomall, Newtown Square, and Philadelphia is $150 to $200 per year.
This is a small cost, for Insurance Protection which includes:
- Personal Property
- Additional Living Expenses
- Identity Theft Protection can also be added to most Renters Insurance Policy’s
- Scheduled Property can also be added for items like Jewelry, Collectibles, and Fine Art
Do I Get a Discount on My Auto Insurance, when I purchase Renters Insurance?
If you purchase Renters and Auto Insurance from the same company, you will get a discount on both your Auto and Renters Insurance Policy.
Many times, we find that our clients pay less for Auto and Renters Insurance (combined), versus only having Auto Insurance.
This is especially true in areas like Philadelphia, where Auto Premiums can range from $1500-$2000 per year, for a single car.
Are All Renters Insurance Policy’s The Same?
Many Insurance Companies offer an Actual Cash Value Settlement for your personal belongings. At McCollum Insurance, we never recommend purchasing this type of policy.
Below is an example of an Actual Cash Value Settlement :
- You purchased an entertainment system for $2,000 five years ago.
- A pipe bursts in your home or apartment, and ruins the entertainment system.
- The same system today, costs $2500
- Your Insurance Company will only provide coverage up to $1250, based on their calculations that take useful life and depreciation into consideration
With Replacement Cost Settlement:
- Your Insurance Company would provide coverage up to today’s cost to replace the system – $2500.
Renters Insurance can save the day, if you have a major claim (think Fire, Theft, Water, Smoke Damage). Don’t wait until it’s too late. Contact us today, and one of our friendly team members can help you get Renters Insurance in place.
The McCollum Insurance Agency, established in 2002, has two convenient locations to assist with your Personal, Business, and Life Insurance needs. We opened our Manayunk Location in 2002, and our Edgemont – Newtown Square Location in 2016. Our Agency is passionate about being a leader in the insurance industry, and we welcome the opportunity to discuss your Auto Insurance, Homeowners Insurance, Life Insurance, and Business Insurance needs.