When you live in a place you rent, you may not realize you need to get additional coverage to protect your property. While your landlord is responsible for the property itself, its maintenance, and paying to fix things as long as they were not broken in an unreasonable way, you still need to cover your own property and belongings. This is what renter’s insurance is for.
Renter’s insurance may be something you thought about but never acted on because it seemed like a hassle, but renter’s insurance is actually incredibly easy to sign up for and wholly affordable. It’s pennies compared to most other insurance costs and covers a whole lot more than you may imagine.
Below is some information on the importance of renter’s insurance.
It’s Incredibly Affordable
Compared to many other forms of insurance, renters is among the most affordable insurance out there. Generally, it costs $100 a year which amounts to less than $10 in monthly insurance payments. While there will be differences depending on your age, the condition of your property, and the location, by and large renter’s insurance is extremely affordable for even the tightest budgets which makes it a no-brainer, especially considering how much it could cost you not to have it.
It Covers What Your Landlord Won’t
Your landlord is responsible for fixing broken appliances, leaks, or other damaged items in your apartment, but they’re not responsible for what a fire may do to your property, or vandalism, theft, weather, or what is generally known in insurance as an act of God. If a fire in your building eats your record collection or you have water damage to your electronics from a rainstorm or, most common, someone breaks in and burglarizes your home, renter’s insurance will cover the losses. For certain items you may need more than the standard policy (such as protection from earthquake damage or floods) but most common forms of damage are included on the standard policy.
You May Be Required by Law
Most landlords are now requiring renters to buy renter’s insurance as part of the agreement on the lease. While landlords do buy their own insurance, that is for the property you live in, not for the items you bring with you and own. Many times, the landlord’s insurance company is actually the one requiring the renter’s insurance on property as a way to get some of the potential burden off landlords in the event of an emergency.
What is covered on the standard renter’s insurance plan?
For standard coverage you will see: vandalism/theft, snow collapse, fire or lightning, damage from vehicles or aircraft, explosions, civil unrest, damage to the water line, and windstorm, among a few others, But it will also depend on where you live.
Does renter’s cover other costs?
If you are forced out of your home or apartment due to a covered loss, (damage, danger, etc.) then renter’s insurance may cover the cost of living while your home is repaired and made livable once again.
Renters Coverage Options
- We offer to cover schedule jewelry.
- You can add coverage for incidental business liability exposures such as an office at home.
- Renters Plus form can add water back up of sewers, and refrigerated products lost due to a power failure.
- Replacement Cost Coverage for your belongings is available.
- Equipment Breakdown
- Identity Theft Expense coverage
- Special Personal Property coverage
- Coverage for Laptops or Tablets
Complete Insurance Services Keego Harbor will help you find coverage options that protect you, your family, and your personal property. We are committed to providing the best insurance protection at the most reasonable price. Our insurance needs include Renters, Homeowners, Auto, Business, Medical, Life and more.
Talk to one of our insurance experts about how you can get an affordable renter’s insurance for your home or apartment today! Free Quotes