What is Renters Insurance?
When the unexpected happens, renter’s insurance can swoop in and save the day. Renters insurance exists to cover your personal belongs in the event that your personal belongs are damaged. If your rented apartment or home is damaged in a fire or flood, your landlord’s insurance policy will cover the building that you rent, but not the items that you own. It can be expensive to replace all of your items on your own. You may not have the cash on hand to rebuild your life!
While your landlord or property management company may not require you to have renters insurance, it can be an extra layer of protection that you may need in the future. Life happens, and although you shouldn’t expect the worse, you can prepare for it through renters insurance!
What Can Renters Insurance Cover?
Renters insurance can be personalized for the renter and cover anything from vandalism and theft to water damage. It’s important to shop around when you’re searching for coverage, because not all insurance policies are created equal. Some policies may cover weather impact, fires, and vandalism, but disregard coverage for smoke damage. Generally, weather impact includes damage caused by snow, sleet, ice, or even storms.
If you want comprehensive coverage, you’ll need to tailor your insurance plan to fit your needs and lifestyle. Some insurance policies are “all-in” and can even cover visitor injuries! Personal liability renter’s coverage may be able to help with medical expenses cause by you or your pets. This means that you may have help with legal expenses if a lawsuit were to occur after an accident in your home.
Although your personal belongs are an important part of having renters insurance coverage, the safety blanket of your policy can extend to another scenario. If your home or apartment becomes inhabitable due to a covered event, temporary housing and dining expenses may be covered by your policy for a specified period of time.
If you have rare or expensive items in your home / apartment, you may need a specific type of coverage for those items added to your policy. Some insurance companies have specific jewelry insurance policies for wedding rings and rare or vintage jewelry!
Ultimately, the type of coverage you choose depends on the company you work with. It may also depend on your budget and personal preferences as a renter. Your personal belongs can include electronics, clothing, appliances, furniture, etc.
Whether you just got a place or you are renting for the first time, having the proper protection for yourself and your belongings can be invaluable!
How Much is Renters Insurance?
The cost of a monthly or bi-annual renters insurance policy can vary depending on the type of coverage that you need. Just like with your car insurance, having more extensive coverage will be more expensive. This is because there is more liability for the insurance company on the line. You have the option to choose more or less coverage and create an inventory list of the items you want covered in your home. As a renter, you can decide what your deductible will be when you choose your policy with a new insurance company.
Renters insurance can typically range between $5-$17 per month. This can depend on how much coverage you need for your rented home or apartment. Some insurance companies can offer discounts for bundling your renter’s insurance with other types of coverage, like auto insurance coverage.
If you’re currently having trouble paying your rent, then getting renter’s insurance may be the last thing on your mind. It’s important to square away your finances in order to afford other necessities like proper coverage for your personal belongings!
FAQs about Renters Insurance
Is Landlord’s Insurance Different From Renters Insurance?
Yes, landlord’s insurance only covers the building / unit and does not extend to the personal belongings of the renter.
How Do I Create a List of Items to Cover?
The easiest way to create a list of items can be to go around your home and start categorizing items based on whether they are an electronic, article of clothing, piece of furniture, or jewelry item that you would like to be covered. Make sure to estimate how much each item costs when creating this list!
Is Renters Insurance Expensive?
Renters insurance does not have to be expensive! There can be a multitude of affordable monthly plans that can suite different budgets.
