Understanding Renters Insurance
You’re not quite ready to buy but anxious to be out on your own, and have finally found the perfect place to rent. Your lease agreement says you must maintain ‘Renters’ or ‘Contents’ insurance. You call your agent and purchase the coverage, but don’t fully understand what you’ve got.
Renters or contents coverage offers many of the same features as home insurance. Hopefully you’ll get a better understanding of your policy from this post.
Renters Insurance covers your Contents and personal belongings (clothing, bedding, furniture, appliances, electronics, etc.) and Liability which protects you in the instance someone comes to visit and gets hurt. This policy also offers Additional Living Expense which pays for temporary housing while your apartment or rent house is being repaired or you find another place.
Covered perils include: Fire, Lightening, Windstorm, Hail, Burglary, Vandalism and Malicious Mischief and much more. Like a home policy, Renters does not cover flood so if you live on the lower floor(s) of an apartment building you can get a contents only flood policy.
Renters insurance is relatively inexpensive but most people still end up being under-insured because they fail to recognize the value of their personal belongings.
When looking to purchase this coverage, sit down and imagine you’ve lost everything to a fire…. all your furniture, your linens, clothes, shoes, bath room toiletries and supplies (towels, wash cloths, etc.) Then there’s dishes, dish cloths and towels, pots and pans, and cutlery. Books, music, jewelry, firearms, artwork, electronics (computer, I-Pad, stereo system.). The list could go on and on.
Write down what it would cost to replace all of these items and purchase your coverage accordingly.
Some feel they don’t need liability coverage because the landlord has that, but again, could you afford a law suit should something happen while someone is visiting you?
What if your pet bites someone or you are at fault in an auto accident? Could you fairly compensate the person or people you injure and the property you damage with your auto coverage alone?
Liability Insurance on your Renters policy can help, so don’t discount the value of having it to save a few dollars.
A renter’s policy also extends to personal belongings in your vehicle should they be stolen or lost due to a covered peril (windstorm, lightening, fire, etc.). It may also cover personal belongings while you are travelling or if you have some things in storage.
Even if you are living in a bedroom in someone else’s home, there are a lot of benefits to having your personal belongings insured, whether the people you’re living with have home insurance or not.
You may not feel your belongings are all that valuable, but think about how hard you’ve worked and how long it took to get the items you’ve acquired, then protect the things love and appreciate by purchasing a Renter’s policy today!
Give us a call, we’ll be happy to help.
Have questions about your Auto, Life or Home insurance? Check out our previous posts and/or FAQ pages.
Until next time, take care and remember - a little insurance goes a long way when it comes to peace of mind.
Tommy Curtis and Staff
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