FAQ: Renter’s Insurance

If you are renting your home currently, or are planning to rent in the future, then you should consider renter’s insurance. Many renter’s go without insurance because they believe it’s unnecessary, they believe it’s too costly, or they falsely believe their landlord’s insurance covers them. This post will hopefully answer some questions about renter’s insurance.  

Cost

The factors that determine renter’s insurance include location, property type, pet’s, type of coverage, and the deductible amount. The average cost for renter’s insurance is about $171 per year which breaks down to about $15 a month. This is an affordable coverage that helps protect your possessions and from paying out of pocket costs for damages.  

Does the Landlord’s policy cover me

If you damage the property you are renting and you don’t have renter’s insurance, you will likely be paying for all of the damages. The landlord or person that own the property likely has an insurance policy in case a tenant damages the property or if weather damages it. The policy coverage does not extend to the tenants.  

So if you burn down the property, a land lord’s policy will cover them, but they will be looking to you to cover any expense for that claim.   A landlord’s insurance policy does not cover your possessions inside or on the property, however, renter’s insurance does. Having a policy means protecting your possessions and not the property itself.    

What Am I Covered For

Depending on the policy you take out, renter’s insurance covers most personal possessions and liability costs. Your personal possessions can be electronics, storage unit items, clothes, kids toys, tools, furniture and more. You can add endorsements as well to cover jewelry, identity theft, and others to help supplement coverage.  

Outside of possessions, renter’s insurance offers liability coverage for accidents that occur on the property. If you injure a guest or their property, then liability coverage will cover the costs up to the policy limit. Renter’s insurance covers medical bills that result from injury or damages to a guest.  

Discounts

Renter’s insurance cover’s the costs that result from a loss of use of the property. This means that if an insured peril, which are things like storm damages, fires, theft and other similar events that cause a loss.

If after seeing the cost of renter’s insurance you still feel it’s not worth the price, then check to see if you qualify for a discount. If you live in a gated community, theft risk is much less, so you don’t pay as much for insurance. Additionally, you can save money when by bundling more than one policy with the same company, then your policies. Bundled policies are always cheaper than policies bought from separate companies. Let Insurance Navy help you find the best price for your renter’s insurance needs.

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