Renter’s Insurance 101
If you rent a living space, whether it is an apartment, condo, or home, getting renter’s insurance is more important than you might think! This insurance protects
both you and your belongings. It can replace lost or stolen items, protect you from liability expenses, and in some cases, even support temporary relocation. Many people rent instead of buying a home in order to save on the expense, and the good news is that renter’s insurance falls right in line.
What It Covers
Next to thinking it’s expensive, the next biggest myth that prevents people from purchasing renter’s insurance is thinking they are covered under their landlord or roommates policy. Not true! Every renter needs his or her own insurance policy. With it, you’ll typically be covered for:
-Fire, Smoke, & Explosion Damage
-Lightning, Water, & Hail Damage
-Electric & Wind Damage
-Falling Objects Including Building Partial/Total Collapse
Another important part of renter’s insurance is that the coverage can extend to your belongings – even the ones not in your rental. Lost/stolen items while traveling can be covered as well. Check out our property insurance post for tips about taking inventory on your belongings and valuables.
In the event your rental is damaged beyond livability (aka loss-of-use,) renter’s insurance pays for additional living expenses to live elsewhere.
Although uncommonly known, renter’s insurance also typically covers:
-Liability if Person(s) Injured in Your Apartment
-Medical Expenses if a guest is Injured in Person(s) Home
Just as important as what it does cover, it’s important to know renter’s insurance does not cover:
-Business & Services Conducted in Rental
-Owned or Operated Land, Air, or Sea Vehicles
-Flooding & Earthquakes (unless added to the policy)
We’re always on the hunt for ways to help you save on your insurance. Some ways to keep your renter’s insurance premium low include:
-Low Previous Number of Claims
-Increasing Your Deductible (Amount you pay before insurance begins to pay)
-Over Age 55/Retired
-Smoke & Burglar Alarms
Overall, renter’s insurance is such an important utility to renter’s lives that it shouldn’t be a second thought. Giving your local insurance agent a call can get you a reasonable premium you’ll be happy to hear about.
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