Why Do I Need Renter's Insurance?

Why Do I Need Renter's Insurance?

Special Guest: Dash Leander

Interview Transcript:

John
Hello this is John Stiles, Investment Real Estate agent [with Urban Enterprises, Inc – MN) and landlord.
Thanks for tuning into my channel: Real Estate Stiles
Today I’m going to be interviewing Dash Leander from the Dash Leander Insurance Agency – Farmers Insurance. And today we’re going to be talking about RENTER’S INSURANCE.
So Dash, fill us in, what is renter’s insurance and maybe what are some misconceptions about it?
Dash
Sure, so renter’s insurance at it’s most basic level covers your personal property. So anything that you move into your apartment in the truck or whatever comes with you – potentially all of that can be covered for little expense per month. That’s kinda the most important thing about it.
Additionally, the biggest misconception is that the landlord, or your apartment complex offers any coverage for your own belongings. So, you’ll have a very traditional situation: someone is above you, their toilet overflows and it ruins some of your belongings. You see a lot of apartment managers dealing with upset renters who think that there’s coverage involved [provided by the landlord] and unfortunately it’s your responsibility as the renter to put that coverage in force and that’s where renter’s insurance comes in.
John
Ok, and typically what would it cost to get a renter’s insurance policy.
Dash
That’s the biggest thing about it – they are very inexpensive. It’s based on the limit that you want for your personal property. So as little as $10,000 – $12,000 worth of personal property protection can be earned for as little as $10.00-$12.00 a month. So it’s very inexpensive. Even if you take $40,000 – $50,000, if you have a very well furnished apartment or something like that – even that is only $20.00-$25.00 per month. So it’s quite a good deal for the fact that it covers such an extensive part of your life.
John
Nice. And what things would it cover.
Dash
Sure, so the basic parts of it as I said: your actual belongings, your personal property. You choose the limit that best reflects that for you. It also covers your liability, your premises liability. So if I walk into your apartment and I slip and fall, whether it’s your fault or not and I try to sue you, you have that liability protection. So your insurance company will represent you and defend you if you are negligent and liable for damages.
The final part that it covers in addition to the liability and the personal property – it also covers what’s called is your Loss Of Use for your additional living expenses. So if you have to live somewhere else because of a fire or flood and it’s not inhabitable, your insurance company can extend coverage for another place where you’d have to live in the mean time, whether its for a couple weeks or a couple months.
John
Well that sounds like everybody that’s a renter really needs this.
Dash
It’s definitely a no-brainer.
John
If somebody wants to get some more information or purchase it from you, how should they get ahold of you?
Dash
Sure, so if you prefer email you can reach me at dleander@farmersagent.com – otherwise you can text or call 952-465-7187. I’d be happy to be a resource for you with a no obligations quote of course. It’s very inexpensive, very quick, very easy, very little information required. Feel free to reach out.
John
Ok Great. Thank you so much for coming in today.
Dash
Of course, thanks for having me.
John
And thank YOU for tuning into my channel: Real Estate Stiles. If you’ve liked what you’ve seen here, please do LIKE, COMMENT, SHARE, SUBSCRIBE. And we’ll see you next time.
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Real Estate Stiles
Hosted by John Stiles, Licensed Real Estate Agent with Urban Enterprises, Inc.
Urban Enterprises is a full service real estate company based in Minneapolis MN. Our specialty is working with investors who appreciate investment opportunites that they can see with their own eyes and where they be in control of how well the investment performs. We help with analyzing potential properties, guiding through the purchase transaction, managing the day-to-day operations of rental properties and positioning properties for sale in today’s market.

As landlords, Urban Enterprises’ property managers strive to have great relationships with their tenants. This video provides a real estate tip for our renters so that their experience with us can be that much better.

Related Links
agents.farmers.com/mn/mendota-heights/dash-leander
www.realestatestiles.com – destination for investors
www.urbanrent.com – destination for tenants

Credits
Background Music: Not For Nothing by Otis McDonald – YouTube Audio Library.

John Stiles is a licensed real estate agent with Bridge Realty in Bloomington, MN.