Renters Insurance

You rented your home because of the many benefits that leasing provides. With minimal long-term commitment and no expensive maintenance to worry about, it may seem that nothing could go wrong. While renting can be affordable and flexible, a lease does not come without risks. Whether you live in an apartment, townhome, duplex, or rent house, your landlord’s insurance is not enough to protect you against an accident or sudden loss. Renters insurance is coverage designed specifically to pay for your personal belongings, your emergency living expenses, and the liabilities you may face if you or someone in your household is responsible for injuries to a third-party.

Coverage for Your Possessions

Your landlord is responsible for the cost of repairs to your apartment or house’s structure if a fire, storm, or other event causes damages or loss, but have you considered what would happen to your own belongings in such an event? Specifically, could you afford to replace your furniture, clothing, small appliances, and other possessions if they were destroyed by circumstances outside your control? Renters insurance is the only way to protect your finances against such a loss.

You can determine how much coverage to purchase by creating a home inventory. We recommend making a list of all the things you own to find out how much your belongings are worth and how much it would cost to replace them. Include everything that could be lost if disaster strikes – from big things like your diamond rings and mattresses to the little things like paper towel holders and your toothbrush. Then, determine how you wish to insure them:

Actual Cash Value – reimburses you for the depreciated value of your possessions
Replacement Value – pays the cost of a new replacement (up to the limits of your policy)

Renters insurance helps reimburse you for personal losses when they are caused by one of several different types of disasters. These might include:

Fire and Smoke
Lightning
Wind and Tornadoes
Hail
Burst Pipes
Theft
Vandalism
And More

Though a renters insurance policy typically does not include coverage for earthquakes or floods, speak with your agent if you are interested in supplemental coverage for these types of perils.

Additional Living Expenses

Renters insurance not only pays for the things you lose in a disaster, but also for your displacement expenses. If your apartment or rent house is uninhabitable after a fire or storm, your insurance can help cover the cost of a hotel, meals, and laundry bills until you can return or find a permanent home.

Liability

Did you know you can be held liable if someone is injured while visiting your home? Even if you do not own your home, you could be faced with a lawsuit. Renters insurance generally provides coverage for policy-holders, their pets, and any dependents that are liable for damages to another person or their personal property. That means you’re covered if your child accidentally spills fruit punch on a neighbor’s Persian rug, or a friend cuts her hand at one of your dinner parties.

You can choose how much liability insurance to purchase, but keep in mind that the amount should be enough to cover any court awards, as well as your legal defense expenses. You can also purchase back-up umbrella insurance if the liability limits available on a renter’s policy are not enough to protect your income and assets against litigation.