Renters Insurance
Renters Insurance
Should I get renters insurance?
The answer is yes because you’re at risk if you don’t have renters insurance because your landlord’s insurance policy won’t pay out if any of your possessions or cash are stolen or damaged, it only covers their property, furnishings, and any other amenities they provided.
Benefits of Renters Insurance
Renters insurance protects your belongings from loss, damage, or destruction following things like burglaries, fires, tornadoes, and other covered events. Additionally, renters insurance protects you from liability if someone is injured at your rental home or apartment.
Covers your belongings – even items stolen out of your car or while you’re traveling.
Pays the extra cost of food, rental, and other things if you have to move out of your place for a short time because of damages from a covered loss.
- Protects you if someone is injured in your home and pays legal costs if you are liable and taken to court.
- Will help pay for the medical expenses of guests who are injured on your property.
Pays for damage up to the policy limit for your personal property
caused by water backup.
This is an optional coverage that can help protect high-value items beyond the limits of standard personal property coverage.
Your landlord might require it
There’s no legal requirement to have renters insurance, but many landlords require it. The landlords who do require it often won’t rent to you until you show proof you have a renters policy.
Floods are not covered
Most renters policies will cover losses due to fire, smoke, theft, or vandalism, and certain kinds of water damage. They don’t cover losses due to floods.
Know your policy limits
Your policy will pay to replace or repair your belongings up to the policy dollar limit. This is the most the company will pay, even if the amount of your loss is higher.
Some policies limit payments for certain kinds of property. Common limits are $100 for cash, $2,500 for items used for business, and $500 for jewelry and watches. Ask your agent about buying more coverage for expensive items or collectibles.
The fine print
Let’s say you paid $1,300 for a laptop two years ago, but now the same kind is selling for $500. A basic renters policy would pay $500 if your laptop was destroyed. You can buy a policy that will cover the replacement value of your items, but it will cost more.
Renters Insurance
We take pride in offering money-saving discounts, ensuring you get the coverage you need at the savings you deserve. Trust us to provide peace of mind and reliable insurance solutions for your home and your family.