Do you think home insurance is just for homeowners? Protecting your personal property and ensuring costs are covered should fire or flood destroy your rental property is not only smart, but in some cases you could be legal responsibility. So what kind of insurance do you need as a tenant and what should you be sure you have covered to protect your belongings?
What Does Renter’s Insurance Cover?
Depending on where you purchase your renter’s insurance, the types of claims that will be covered can vary. In general, renter’s Insurance coverage is similar to that of homeowner’s insurance in that it covers vandalism, theft, and fire. In most cases this also includes personal liability, meaning that you are covered even if you are the cause of the damage, and it usually includes not only the property itself, but the contents as well. The extent of the coverage can vary from minimum legal coverage to comprehensive coverage, depending on your personal situation and needs. Since the minimum coverage required in apartment building or apartment complex (and state) can vary, you will need be sure how much liability coverage you need. We can help you find a policy that is right for your situation and budget.
Renter’s insurance will also cover your personal property in the event of a theft (some limits under the policy may apply). If you come home from work or a weekend away and find that your apartment has been broken into and your personal property has been vandalized and/or stolen your renter’s policy is there for you. Renter’s insurance will also be there for you if your car is broken into and your personal property (computer, gym bag, wallet…) is stolen from your car.
What Does Renter’s Insurance Cost?
Like most insurance policies, the more comprehensive the policy, the most costly it will be, but overall, renter’s insurance is usually a very affordable type of insurance. In most cases we can help you purchase a renter’s policy for less than $145 a year. One option that will always make renter’s insurance more affordable is to combine it with another type of insurance, usually car insurance. We have these types of combined policies available, and since these are two types of insurance that you are required to have anyway, combining them to save money is a great idea for making insurance more affordable.
Give us a call to get more information, 401-433-1111!
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