Renters Insurance

Everything You Need to Know about Renters’ Insurance

Even if you don’t own a home, you still want to protect your personal possessions in case something happens to your residence. A fire, a leak in the roof, a burglary, or water damage caused by a neighbor flooding their home can result in the damage, destruction, or theft of your belongings. Your landlord’s insurance will cover any damage to the structure of the building, but they will not reimburse you for lost personal items.

Our insurance agents are here to help you protect yourself and your property from unforeseen circumstances like these. Your renter’s insurance also offers liability protection in case it’s your leaky appliance that damaged the structure of the building.

Why Renters Need Insurance

There are many advantages to being a renter. You don’t have to worry about yard maintenance or snow removal, and you won’t get the dreaded property tax bill in the mail every year. And while renting can be a great option to save money, it doesn’t mean you should skimp on purchasing renter’s insurance. Renter’s insurance is there to protect your belongings and your assets.

If a fire or other catastrophe destroys the building you live in, your landlord’s insurance will only cover the structure of your home, but not the furniture and personal items you keep inside your walls. If there was a break-in and your valuables got stolen, you have to replace them out of pocket unless you have insurance. Another worst-case scenario? You accidentally leave the water running or your washing machine leaks. You’d be responsible for the water and property damage to the building and whoever lives underneath.

What Renter’s Insurance Covers

Your renter’s insurance covers the belongings in your apartment, everything from the furniture down to your socks. If you own any valuable art, jewelry, or electronics, you need to make sure they’re specifically covered under your insurance policy. If something happened to your home, the landlord’s policy would not extend to your personal possessions.

Your renter’s insurance also includes a liability portion. Most landlords require you to carry liability insurance to cover any damage caused to the property. This could include a leaky appliance or an accidental water leak. Liability insurance also protects you if someone gets hurt while inside your home and files a lawsuit against you. Liability insurance also protects you in case you damage someone else’s property.

Current Value vs. Replacement Cost Coverage

Most policies default to current value coverage. This means if your TV gets stolen, your renter’s insurance will reimburse for the current value of the TV. As you know, a new TV with similar specs will be significantly more expensive than a used TV. Replacement cost coverage provides you with enough reimbursement to pay for a replacement of the damaged or lost item.

Frequently Asked Questions

Typically, your renter’s insurance covers your belongings up to a certain amount. Most policies cap the reimbursement amount for electronics and other valuables. If you own jewelry, valuable art, or other expensive items, add them to your policy. A customized policy can cover everything from furs to firearms and even the items you keep in a storage unit.

Think about how much it would cost to replace all your belongings if your apartment building flooded or burned down. You’d have to replace your furniture, appliances, computers, clothing, and personal items at once. People often underestimate how much they own because you don’t typically buy everything at once. You also want to include a sizable liability coverage to protect your assets in case of a claim against you. We can help you calculate how much coverage you need.

No, there’s no legal requirement to carry renter’s insurance. However, your landlord might demand an insurance policy, and you may even have to list them on the policy. This means if the policy gets modified or dropped, the landlord will be notified, too. Your renter’s insurance is in your best interest to protect yourself financially from adverse events outside of your control.

Contact Us for a Quote Today

Renter’s insurance can provide coverage for a lot of unusual events, including theft, fire, and water damage. Fortunately, purchasing renter’s insurance is not nearly as expensive as a homeowner’s policy because you’re not covering any main structures. Contact us today to get a quote for a renter’s insurance policy customized to your needs.

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