If you are renting an apartment or house, you’ll want a renter’s insurance policy to cover your personal belongings. In fact, your lease may require it. The personal property and liability coverage a renter’s insurance policy provides is valuable for reducing the financial impact of unexpected events that damage your personal items or leave you legally liable.
What Is Renter’s Insurance?
Renter’s insurance provides coverage for your personal property against damage or loss, not only where you rent, but also while you travel anywhere in the world. It insures if someone’s injured while they are on your property and insures you elsewhere while you engage in daily activities. Most renter’s insurance policies will pay legal costs if you are sued for an occurrence covered under the policy even if the lawsuit is groundless, false, or fraudulent.
What Does Renter’s Insurance Cover?
While your landlord’s property insurance covers losses to the building, your personal property and certain liabilities are only covered by renter’s insurance. A renter’s insurance policy covers your personal property against theft or damage subject to the limits and deductibles you select. This includes furniture, computers, electronics, clothing, and jewelry.
The coverage applies even when you are away from home. For a small additional premium, you can choose to carry full value coverage on your personal property, which ensures that you will be paid the full replacement cost of items that are damaged or stolen without deduction for depreciation.
Renter’s insurance also protects you against certain bodily injury and property damage claims for which you are liable. Legal defense is also provided in the event you are sued after a covered loss, subject to the limits you have selected. In addition, you can select medical payments coverage to pay for medical expenses incurred by a visitor who is injured at your residence regardless of fault. Various coverage limits are available.
What Other Protections Does Renter’s Insurance Provide?
You can select medical payments coverage to pay for medical expenses incurred by a visitor who is injured at your residence regardless of fault and additional living expenses coverage if your rental becomes uninhabitable due to a covered loss. Various coverage limits are available.
What About My Landlord’s Insurance?
Your landlord’s insurance does not cover your personal belongings. If your rental property burns down, your landlord’s insurance enables them to rebuild, but you will be looking for a new home and will need to replace the belongings that were damaged. Having renter’s insurance is your way of protecting yourself.
If I Don’t Own Much, Why Do I Need Renter’s Insurance?
You may be surprised at the value of your property when you include all of your belongings—TVs, furniture, clothes, and electronics. Can you afford to replace it all without renter’s insurance to cover the cost?
How Do I Determine My Coverage Needs?
To determine how much insurance coverage you need, take an inventory of your personal property and include the original price, purchase date, and serial and/or model number. It is a good idea to take photos or a video of your personal property, obtain certified appraisals of valuable items, and store a copy of this information off-premises in a safe place.
How Much Does Renter’s Insurance Cost?
The cost of renter’s insurance varies by state and your coverage selections, but overall because you are not insuring a building, it is relatively inexpensive. The average renter’s insurance premium is $12 to $15 a month for $30,000 property and $100,000 liability coverage. If you have special valuable items such as jewelry, art, antiques, or collectibles, you can purchase an endorsement to increase your coverage.
Are Discounts Available for Renter’s Insurance Policies?
Yes, if you have multiple policies with the same insurer or your rental has a security or sprinkler system, smoke detectors, and deadbolt locks, there are discounts available.
Does My Renter’s Insurance Cover My Roommate’s Possessions?
No, unless your roommate is a family member or relative. Your roommate needs to be a “named insured” on your renter’s insurance policy to be covered. Otherwise, they need a separate policy.
Contact Zuber Insurance
Whether you’re starting out in your first apartment or renting while you are between homes, Zuber Insurance can help you choose the renter’s insurance coverage that best fits your needs. Your agent can discuss actual cash value versus replacement cost coverage, coverage for business equipment, floods, and college students, and limits for coverage for theft of jewelry, furs, and expensive silverware.
What you own is worth more than you think. Protecting it and yourself with renter’s insurance is a smart investment that provides peace of mind and security. You want to feel confident that everything you’ve worked for is not at risk. Let us help make sure you are properly covered. Contact your independent agent today to discuss your options so you can make an informed decision.