Should I Get Renter's Insurance?
There are numerous benefits and reasons for renter's insurance. It keeps you, and your staff protected when renting an apartment. You never know what will happen, so it is always better to be safe than sorry! Renters insurance will put your mind at ease. We are finding more landlords requiring renters insurance, especially in single-family homes, townhouses, and higher-end rentals.
Typically, a property manager or landlord's property insurance policy covers the apartment building's structure, the additional amenities structures, and the physical property, but it does not cover the tenant or any of the tenant's belongings. Because of this, it is best to get your own renter's insurance policy in case of theft, disaster, or accidental damage.
Even if not required, it is still in your best interest to get a renter's insurance policy. The benefits far outweigh the disadvantages. There are none. Renter's insurance comes at a very affordable cost, and it will give you the coverage and peace of mind that you desire.
What is renter's insurance?
A renters insurance policy is a form of financial protection for you and your belongings. It includes protection for your personal belongings, liability coverage, and coverage for additional living expenses.
You'll discover that many landlords and property managers require their tenants to have a renters insurance policy during your apartment search. Some landlords even state minimum requirements on the lease, meaning that you'll have to meet this minimum by showing proof of renters insurance before moving into the apartment. The owner or property manager may require that your insurance policy provide at least $100,000 in personal liability coverage. Personal liability coverage protects you, the renter, against liability claims and lawsuits by others for injuries acquired in your apartment or damage to other's property, their apartment.
How much is renters insurance?
It is quite reasonable. Most renters insurance plans cost an average of $10-$15 a month or $120-$180 one time annual payment. Having $100,000 in liability coverage is not only the typical minimum requirement for landlords and property managers; it is also the average policy for renters insurance in general. You will typically receive a $25,000 coverage for your payment for personal property liability coverage of $100,000 and a $500 deductible that you must pay before insurance steps in when making a claim. The cost of renters insurance is worth the benefits.
How to get renters insurance?
If you already have insurance coverage like auto insurance, it may be easiest to use that same provider for a renter's policy. However, if you have never had any insurance policy before in your name, you will need to take further action.
Consider asking your family and friends what insurance agent to utilize. Recommendations are always a great way to secure new contacts and information.
Estimate the value of your personal property. Some general numbers in mind to decide what renters insurance plan is best for you and your belongings.
Do thorough research and compare companies. As always, be an educated consumer!
Get multiple quotes from various agents and insurance companies so you can compare general coverage and cost, plus the deductibles.
What does renters insurance cover?
There are three parts to renters insurance policies: personal property coverage, personal liability coverage, and additional living expenses. Within each of these categories, you want coverage.
Personal Property Coverage
Your personal property consists of your belongings and anything you own in the apartment, furniture, clothing, electronics, and accessories. It covers pretty much everything.
Personal Liability Coverage
You probably will not expect to damage your apartment or anyone else's. If your friend is over for drinks at your place and they slipped on the rug and hit their head on your dining room table, your renter's insurance will cover their medical costs; please check your policy to see the breakdown of coverage and costs for medical expenses. If you have a dog and it snaps at your neighbor or guest while in your apartment, your renter's insurance will likely cover you unless they have a specific clause that does not cover injuries caused by your pets. If you have pets, this is a good thing to look out for when choosing between renters' insurance policies and providers!
Additional Living Expenses
Suppose there is damage from a natural disaster to the apartment from a storm, a fire, a fallen tree, etc. rendering the place uninhabitable; renters insurance can cover your hotel costs.