Navigating the insurance world can often be tricky for a renter but we’ll help you understand the basics and answer the question, what is renter’s insurance? In short, renter’s insurance will provide you with piece of mind that your personal property is covered but it also has other “hidden” benefits.
While your landlord is responsible for insuring the property, you’re responsible for insuring your personal items. For example, if your apartment or home catches fire or is burglarized, your landlord’s insurance will cover the cost of repairs to the structure and permanent appliances. However, you must have renter’s insurance in order to receive coverage for damage to your personal belongings.
In order to determine the amount of coverage necessary for your renter’s insurance, you will need to add up the amount that your belongings are worth. This will ensure that your renter’s insurance policy will award you the necessary funds to replace your belongings in the event that they are stolen or damaged.
In What Other Ways Does Renter’s Insurance Cover My Personal Property?
Aside from protecting your personal property inside your home, renter’s insurance can also cover your items when you’re away from your house. For instance, if you take you laptop with you on vacation and it is stolen or damaged, your renter’s insurance will still cover the cost of repairs or replacement.
Does Renter’s Insurance Cover Anything Other Than My Belongings?
In addition to providing a safety net for your personal property, renter’s insurance also provides liability coverage in the event that someone gets injured at your home. If a guest gets hurt, your renter’s insurance can help you cover the cost of medical bills and any possible legal expenses if the person takes you to court. The liability coverage will also cover accidental damage to a neighbor’s property if it’s caused by a member of your household.
It will also help cover the costs of temporary living if your rented home becomes temporarily unlivable due to damage.
What Kind of Damage Does Renter’s Insurance Cover?
Renter’s insurance will cover damage caused by fire, storms, winter weather and theft.
It does not often include coverage for damage caused by floods and earthquakes. Additional coverage is needed for these events.
How Much Is Renter’s Insurance?
While the cost of renter’s insurance varies depending on the value of your personal property and your location, on average it costs about $15 to $20 a month. Contact your insurance agent to get a personalized quote for your property.