Facts about Renter’s Insurance

 Why you need renter’s insurance?

Just like home buyers, if you rent a home or apartment you too need insurance protection. Your personal property is NOT covered by your landlord. You need to buy coverage to be protected when the unthinkable happens.

What coverage should I buy?

You need enough coverage to replace everything in your home or apartment.

  • You should have adequate liability protection for legal situations.
  • Your policy should include additional living expense coverage in case your home or apartment is damaged and you need alternative housing.

What does renter’s insurance cover?

We suggest a policy that includes “Special Personal Property” coverage. This coverage broadens your protection considerably. You are no longer limited to a list of basic perils meaning unless something is specifically excluded, it’s covered.

How will my claim be settled?

We also suggest including Replacement Cost coverage so you aren’t charged depreciation when a claim is settlement. For example, your paid $1,000 for a new couch 4 years ago. Due to a fire you need to replace the couch. Without replacement cost coverage, you’d receive the depreciated value of the couch, probably less than $500. On the other hand, with replacement cost coverage you’d receive the full cost to replace your couch.

What Does Renter’s Insurance Cost?

Renter’s insurance is very affordable, especially when you bundle it with your auto insurance. You could start protecting yourself for $10 per month*.

*Rates and coverages vary. Please contact our office for specific information.