Do I Need Renter’s Insurance?

Do you rent? While there are plenty of advantages, many renters don’t have insurance. To find out what renter’s insurance covers and why you need it, read on.

There are many advantages to renting. Having a landlord that covers repairs and freedom to move without having to go through the process of selling your home are just two examples.

However, many people who rent believe they are covered through their landlord’s insurance policy if something were to happen to their possessions such as burglary or fire, but that isn’t always the case. Many complexes or landlords only hold policies that cover physical damage to the dwelling, which leaves everything you own at risk. To protect what you own from damage or theft, you need renter’s insurance.

What Does Renter’s Insurance Cover?

Replacement Value

A standard renter’s insurance policy covers damage to your belongings from things like theft, fire, vandalism and other perilous events. It is important to know that every coverage option has its limits depending on the company and policy you choose. Each policy will be unique on the amount that you’re covered for in case of damage and can include aspects such as liability coverage, loss of use, and other coverage options.

Liability Coverage

Liability coverage protects you if there is damage caused by negligence. For example, if you leave your stove on and it causes a fire. Liability would cover the financial obligations that would otherwise be up to you. It also covers potential bodily injury due to negligence, such as someone who trips and falls in your apartment, which could result in expensive medical bills or even a lawsuit.

Loss of Use

If you are forced to find a temporary place to stay due to damages to your apartment, renter’s insurance can help cover some of those costs. Some policies only have a certain amount they will cover or a limit to how long they will cover those expenses, so check your individual policy.

How Do I Get Renter’s Insurance?

You can get a renter’s insurance policy through your auto insurance provider, and more than likely you will be given a bundle discount. If you don’t have auto insurance or your insurance provider doesn’t offer renter’s insurance, check out a few insurance providers and compare quotes and coverage types offered to find what’s best for you.

 

What Will It Cost?

Renter’s insurance is typically very affordable. Prices and coverage will vary by factors such as state, values of the items you wish to cover, liability limits and other possible factors.

 

A basic policy with $30,000 worth of personal property coverage, $100,000 of liability coverage, and a $500-$1,000 deductible will cost you about $15 a month. Not bad, right?

 

If you have further questions or concerns regarding renter’s insurance, contact your RE/MAX Results Agent today.

RE/MAX RESULTS