What You Should Know About Renter's Insurance
Below are multiple resources for apartment and home Renter's Insurance in the United States. Wherever you plan to live in the U.S., we have the resources to help you keep yourself and your personal belongings safe! Renters insurance is not legally required by any state currently but can be required by a landlord or property management company. Regardless of if renter's insurance is required, it is a very nominal fee to insure that your belongings and self are covered in the event of loss or damage.
Below are several tips and information regarding Renter's Insurance policies and coverage:
- Renter's insurance is generally extremely inexpensive. It can protect your personal belongings and save you from legal or medical expenses associated with an accident in your home.
- All rental properties are susceptible to a variety of damage whether it be fire, theft, flood, or many other scenarios. It is not just important to weigh the associated costs of your items monetarily, but also weigh the sentimental value that you place on your belongings! Many individuals are amazed at the actual cost to replace their lost or damaged belongings.
- Whether you believe you have enough items to warrant a renter's insurance policy, go through your home room by room and take a full inventory before making a decision. Generally, most people only reach the second room before realizing that the cost of their items heavily outweighs the small fee associated with Renter's Insurance. Don't just look at the "big-ticket items", but look at those hidden sentimental items that you may even consider irreplaceable. Consider how much you personally value those items and what it would mean to be compensated for them in the event of damage or theft.
- It is important to note that landlords may partner with an insurance company to offer Renter's Insurance to tenants, but more frequently than not these policies only protect the building itself. Even if the landlord owns the appliances or other items within the domicile, they would not be responsible for damages those items may inflict on your personal property. Think of a flood from a broken dishwasher owned by a landlord that damages your own rugs or furniture. The landlord's insurance would not cover the replacement of your items, only the landlord's appliance.
- Another important note for Renter's insurance is the potential damage to other tenants' property. For example, your bathtub ruins your flooring but also seeps into the unit below you damaging their property. Your Renter's Insurance policy will cover the damage up to your liability limits. This liability coverage can also cover medical and legal expenses that may occur. For example, if you are hosting a party and someone falls in your home and hurts themselves, your policy would cover this up to your policy limits.
- A typical Renter's Insurance policy will cover a full range of risks that any renter could be exposed to.
- Unlike car or homeowners insurance, Renter's Insurance can be purchased for pennies on the dollar. It is not an absorbent or large cost by any means. Of course policies vary depending on chosen coverage, but most policies are less than 50 cents per day on average.
- Once you decide what type of protection you need, the next step is to develop a value estimate and inventory of your possessions. Many insurance companies offer value estimation calculator tools, so check with your provider to make the most of all available resources during the deliberation process.
Protect what you love at a price you can afford and be covered against loss, damage, theft, and many other types of risks. Renters insurance is an affordable way to cover your belongings and protect yourself from unexpected damages and injuries.