Maybe this is your first apartment (if so, congratulations!), or maybe you’re a long-time renter. No matter how long or where you rent, renter’s insurance can help you protect your personal belongings in a disaster. Whether it’s a robbery or a fire, we’ll work to replace your lost items with a brand new equivalent. For instance, a 10 year old sofa may not sell for more than $100, even before an event like a fire. But if the same couch could be bought brand-new, that dollar amount would be the replacement value amount you would receive.
Because renters don’t own the building, it’s understandable why most don’t get insurance. However, renter’s insurance doesn’t cover the structure in particular, it insures all your belongings inside while your landlord insures the structure itself. Having renter’s insurance protects you from having to pay any damages caused to the building, whether it’s due to a small fire or a hole in the wall, while also helping you rebuild in the event that your possessions or assets are stolen or damaged by something out of your control.
Property coverage under your renters policy helps if personal property like a sofa and a bookcase are damaged by fire or a busted pipe.
Medical payments coverage helps if a guest is injured on your premises.
Additional living expenses coverage helps with the extra costs of housing and food if you’re forced to move out for temporary repairs to your residence.
No matter if an angry neighbor trashes your place or if a thief robs you dry, replacement cost coverage helps cover the cost of replacing items with their brand new equivalents.
Identity Shield can assist in efforts to recover your identity, notify credit bureaus, replace important documents, and help with compensation for your time and other related expenses.
Not really, which is one of the best reasons we recommend renters insurance. While several variables can affect the cost of your premium, overall, renters insurance is a cost-effective type of coverage. In fact, according to the Insurance Information Institute, the average yearly premium for renters insurance is just under $200.
