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5 Renters Insurance Questions We Hear Every Day

A lot of people think of Velox for car insurance but did you know we sell a lot of renters insurance policies also?

That’s right. And we’ve found that there are a lot of things people don’t understand about renters insurance, for example, it’s a lot more affordable than most people think. There are 5 questions we hear in all our Velox agency locations throughout Georgia and we figured we’d take some time to answer them all here on the blog.

1 – What’s covered by renters insurance?

Most renters insurance policies we sell would cover the furniture, personal possessions, and electronic devices you use every day. Apartment fires, burglary, and damage due to mother nature are covered in nearly every renter’s policy.

2 – Do I need renters insurance?

Not necessarily, but in most cases, you should have it. The question to ask yourself is, ?what would I do if I came home one day and my apartment was empty?? Could you afford to replace your furniture, clothes, electronic devices, and everything else that you own? For most people, it would cost tens of thousands of dollars to replace even the most necessary items. Could you afford that?

3 – How much renters insurance do I need?

It’s common for people to underestimate the amount of coverage they may need. Most people underestimate this amount by half. If you were to walk around your place and take note of everything that would cost more than $10 to replace and add up all those amounts you’ll have a reasonable estimate of how much you need. You can also speak with a Velox agent who can help you determine a reasonable amount based on the size of your living space and the quality of your belongings. In most cases, the amount of savings that comes with underestimating the value of everything you own doesn’t save nearly enough money to make it worth it in the event of a claim.

4 – Do I need liability coverage?

Liability coverage is included in the majority of our renter’s policies and while the potential risks of being sued may be low, the extent to which it could ruin your life is very large. Liability coverage with a renters policy typically extends to all the members of your family and you never know when it may save your financial future.

5 – How much does renters insurance cost?

Your cost for rental insurance will vary depending on the value of your possessions and the form of coverage you want, but most of our clients are pleasantly surprised after getting a quote for renters insurance – it?s usually a lot more affordable than they expect. Many of our policies cost less than $20 per month.

There’s really only one way to find out how much renters insurance will cost for you and that’s by getting a quote. Click here to locate your local Velox Insurance office or click here to get a renters insurance quote online. Does it only take one bad day to make your decision to purchase renter’s insurance something you’ll appreciate for the rest of your life?

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