In the United States, 95% of homeowners have home insurance, but only 40% of renters have renters insurance. This is a truly alarming statistic.

Misconceptions

Many renters don’t obtain renters insurance because they believe that if something happens to their home, their landlord’s insurance policy will cover it. This is partially true; the landlord’s insurance policy will likely cover the damage to the building. However, this insurance policy will not cover any of the tenant’s personal property. Without renters insurance, everything you own is at risk.

Medical Students and Residents

If you are a medical student or resident, it’s likely that, at present, you have a tight budget. It’s good to think about the repercussions in your life if there was a fire or theft at your home. Could you afford to replace all your possessions: clothing, furniture, jewelry, housewares, electronics? How would that financial setback affect the course of your life in the coming months and years? It is important to think about your future. A low-cost insurance policy for renters can prevent many months of stress and financial hardship.

Renters Insurance: More Coverage than You Might Think

Renters insurance offers protection against more than just fire or theft. The following is a breakdown of the components of renters insurance.

Personal Property Protection

This is the basic coverage that covers the loss or damage of personal belongings, both on or off the premises of the rental property. If the tenant upstairs overflows the bathtub onto your comprehensive library of medical reference books and textbooks; if a fire wipes out absolutely everything; if there is a break in and your computer and flat-screen tv are stolen – your policy has the power to replace all these lost or damaged items.

Liability Protection

An added benefit of renters insurance is the financial protection against liability claims. This coverage applies in several types of situations. If you are held legally liable for personal property damage or physical injury, the claim may be covered if the damage occurred in your home, or was caused by your activities, your child, or your pet.

Guest Medical Protection

If a guest becomes injured at your home, renters insurance also offers coverage for their medical bills, up to a certain limit.

Reimbursed Living Expenses

In the event that your home is no longer livable due to catastrophe or fire, where will you live? If you have renters insurance, you won’t have to worry; it covers the additional costs associated with temporary housing. For example, if it costs you $500 normally to live, and temporary housing is $700, the $200 extra cost would be covered.

Affordability

Many renters also believe that renters insurance is expensive. This is simply not the case. The average cost for renters insurance in Texas is only $228 a year, which is less than 63 cents a day. This peace of mind is truly affordable.

Do you want the security of knowing your possessions and finances are protected? Now is the time to contact a TMA Insurance Trust advisor. Our knowledgeable advisors are looking out for your best interests and want to see you stay protected so you remain successful for many years to come.

TMA Insurance Trust now offers members access to multiple quotes for renters insurance from the country’s leading insurance carriers. We know you don’t have time to conduct the research and comparison shop, so our new service will do it for you – easily and conveniently. You will have access to knowledgeable advisors to assist you and help you make the best decision that fits your needs. Our goal is to protect and support you more fully by providing for all your personal and professional insurance needs.

For over 60 years, TMA Insurance Trust advisors have been serving Texas physicians, their families and staff. TMA Insurance Trust prides itself on offering unbiased information and strategies to members, along with exclusive group rates on a range of the highest-rated plans in the industry.