Renters Insurance

As a renter, you’ve got it pretty good: No property taxes, no lawn cutting, no snow removal … Just simple living! 

So why would you need renters insurance? 

• Your landlord/property manager could require it.
• Money to help you restore your apartment items if items were stolen or lost in a fire.  
• Protection for at-fault incidents damaging your apartment and others, versus having to pay out of pocket.  
• Your pet bit someone.

Renters Insurance, also known as Tenant Insurance, provides insurance protection: 

1. on  everything you own inside your apartment unit 
2. and liability. 

Liability provides protection for your responsibilities, particularly if your at-fault actions cause damage to the building or other renter's apartments. It could even offer protection if your pet bit someone*. 

Many landlords require a minimum limit of $300,000 per occurrence for liability limits or even higher to match the limits they carry on the landlord building insurance policy.

While renters insurance used to be optional, many landlords and property managers have transitioned to requiring a certificate of insurance prior to allowing renters to move in.  This is overall a positive change for all involved.  

One of the most challenging questions asked when obtaining renters insurance is:    "What is the value of the contents of your apartment?"  Many times this is a daunting question and often underestimated in value, as you may not think your "stuff" is worth much or are older pieces.  

One suggestion to help calculate what you should insure your contents of your apartment for is to take each room and look at the basic items.  If you had to purchase:

• a new sofa,
• coffee table,
• end tables,
• lamps,
• wall pictures,
• recliner,
• kitchen table and chairs,
• new dishes,
• new flatware,
• new pots and pans,
• new bedroom suite,
• new TV,
• new computer, and potentially
• new appliances.

You would be surprised at how quickly the value of your "stuff" would add up.  

Renters insurance can cover virtually all of your personal possessions. Most policies provide coverage for electronic goods and equipment, small appliances, sports equipment, cameras and photography equipment, furniture, clothing, glassware and china, and books. Items such as computers, jewelry, furs, firearms, and watercraft can also be covered with extended protection.

Your renters insurance policy will generally include:

• Personal property protection
• Family liability protection
• Guest medical protection
• Additional living expenses
• Additional protection
• Temporary housing
• Liability protection for people on your property
• Lawsuits where you are held responsible for: Injury to another person; Damage to another person's property (whether the incident occurred within your rented residence or elsewhere)
  

*If you own a pet, keep in mind, some insurance companies do not provide liability for certain dog breeds.  If you have one of the breeds, it is best to be honest with your insurance agent, as it can help them find the right insurance company for you. Also, consider adding Pet Insurance to help alleviate veterinarian care for your dog, cat, or exotic.   

Again, we encourage all renters to spend just five minutes with a calculator to add up the cost of replacing everything they own. What if you came home tomorrow and your apartment had burned down? Where would you go? How would you pay to replace your clothing, furniture, and appliances? When you ask yourself what renters insurance covers, you can relax and say yes to all of the above.

You may think you want the cheapest insurance you can find, but realize you may not be getting everything you bargained for…

While most insurance products are similar in price and function, insurance providers are very different when it comes to structuring a policy that actually covers you.

There’s no such thing as a one-size-fits-all insurance policy when it comes to replacing your belongings.

We’re your neighbors. We protect businesses and people we know and care about, and that means we always look for ways to protect you better, including carefully choosing the insurance companies we represent to be both affordable and responsive.

Consider bundling your renters insurance with a life insurance or car insurance policy for additional savings. 

Contact us and let the professionals at our company help you forge the strongest shield possible to help you protect the things you are working hard to build.