Why renters insurance isn’t a waste of money in Arizona

Paying insurance premiums, whether it’s for health, life or any other type of insurance each and every month often feels like a complete drain on your bank account. It’s frequently hard to see the value of your payments when all you’ve got to show for this monthly payment is a plastic card in your wallet and “peace-of-mind”.  The moment you find yourself needing that insurance, on the other hand, you’re likely thanking your lucky stars you kept up with the payments!

Renters insurance is frequently an optional coverage for rental properties throughout Arizona.  Typically larger apartment complexes will require at least a tiny bit of coverage but for the most part it isn’t required in particular.  Though you may think that renters insurance may not be all too important here in the valley since we are lucky enough to be in a climate free from most major disasters, there are still plenty of other factors to consider.

Renters insurance will cover a few different aspects of living in a rental home:

• Theft or damage of personal property
• Personal liability if someone is hurt while visiting your rental
• Covered damages

Now, the term “covered damages” is a fairly vague! Imagine a water pipe bursts while you’re at work and the home is flooded.  The homeowners insurance will likely cover the damage to the house itself but it will likely leave you with waterlogged furniture. Ridding the mildew smell is hopeless; you’ll have to throw it all out.  Crazy weather is known to happen around the valley. Remember those wicked hailstorms that impaled roofs all over Phoenix, or that sandstorm which caused stifling air conditioning problems?  As a renter the roof or the air conditioner is likely not within your realm of responsibility, but the items no longer protected by a roof or left to melt in the sweltering 120 degree heat are certainly your problems.

There are still a myriad of things that can go wrong living in the beautiful valley of the sun unfortunately. Living in an apartment or any rental property exposes you to the risk of losing your personal belongings with no recourse for action.  Typically renters insurance ranges from just a few bucks to under $100 per month – depending upon your coverage needs and is well worth considering!