Your apartment or house rental needs to have the right insurance to protect your possessions. Similar to homeowners insurance, renters insurance can protect you in the event disaster strikes, such as fire, theft, water damage, or anything else that can cause damage to your belongings. Renters insurance is strictly for those who rent their homes instead of owning them.
What Is Renters Insurance?
When shopping for inexpensive renters insurance, you need to understand what it is and what it covers. Renters insurance is different than homeowners insurance. When you rent, your landlord insures the structure alone. Renters insurance covers all of your furniture, clothes, electronics and other items you keep inside your apartment or rental home. If there is a disaster, such as a fire, this insurance will help recover the cost of all of those belongings. If you live in an apartment or a multi-family dwelling, renters insurance is a necessity. While you may be cautious, your neighbors may not exercise the same precautions. Even if you weren’t the cause of a serious incident, your personal property is covered when you purchase the appropriate insurance.
What about Visitors?
Perhaps you have a family member or friend who is temporarily staying with you and disaster strikes during that time. Renters insurance also includes personal liability coverage. This covers the damages of property in situations for which you are liable. With personal liability coverage, this also covers the damages if a visitor is hurt under your roof. Not only does this coverage provide financial protection, it also includes medical payment coverage.
What Kind of Coverage Do You Need?
When it comes to renters insurance, you need to look for certain coverage. Make sure the policy includes personal property coverage, liability coverage, and coverage for additional living expenses. If your property is destroyed in a fire or other incident, you’ll need somewhere to stay, making this additional coverage necessary. Living expense coverage helps pay for temporary living expenses, such as a hotel.
How Much Does It Cost?
Renters insurance is the least-used insurance, but it’s also the most affordable. Unfortunately, many people either aren’t aware of the need or don’t think they will ever use it. However, due to the low cost and requirements of many rental properties, it is best to purchase this coverage. Inexpensive renters insurance is calculated by several factors, such as how much coverage you need, the type of coverage you choose, and the amount of the deductible. When looking at prices, don’t let cost be the deciding factor. There may be discounts for which you are eligible, especially if you bundle renters insurance with your automobile insurance. Ask your agent about potential discounts to get the most coverage for less. At Steven Graves Insurance Agency, we help you choose the policy that best fits your needs at the best price available. If you aren’t sure what kind of coverage you need for your renters insurance policy, contact us. We are here to answer any questions you may have.