Quick Guide to Renter's Insurance

Quick Guide to Renter’s Insurance

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If you’re like most renters, your thoughts on renter’s insurance probably echo the phrase, “What could go wrong?”

The unfortunate reality is that life is unpredictable. And while there is no sure-fire way of avoiding disaster, renter’s insurance offers financial assistance when an “accident waiting to happen” actually does.

Covers Your Possessions

Accidents can happen. In the event of a fire, pipe burst, or severe weather, renter’s insurance will reimburse you for your destroyed or damaged items. A Home Inventory Checklist makes it easy to keep track of your belongings and their value in case you need to file a claim.

  • Fire and lightning
  • Windstorms and hail
  • Explosions
  • Riots
  • Damage by aricraft
  • Damage by another's vehicle
  • Smoke Damage
  • Vandalism
  • Theft
  • Falling Objects
  • Weight of snow, ice, sleet
  • Damage from steam-heating/water-heating appliances or systems
  • Leakage or overflow of water or steam
  • Freezing of plumbing, heating, or air conditioning units
  • Short-circuit damage cause by electrical appliance
Does Not Cover
  • Natural disasters (floods, earthquakes, sinkholes, etc)
  • Pest damage (bugs, rodents, etc)
  • High-Value items- antiques, autograph collections, art or jewelry, so on
Your Landlord’s Insurance Doesn’t Have You Covered
Many renters are under the impression that they are covered by their landlord’s insurance, which is unfortunately not the case. Your landlord is likely responsible for damages to the apartment itself, but the contents of your apartment are not covered by their policy. So, let’s say that there is a pipe burst- your landlord is responsible for replacing the pipes but not for your belongings. However, your renter’s insurance policy will help you restore items affected by water damage.

Personal Liability
Most renters’ policies have built-in liability protection. If someone is injured while in your home this coverage can help cover legal expenses if they sue you.

Medical Protection
Similar to liability coverage, your renter’s insurance can alleviate the financial burden if a guest is injured at your place of residence, leaving you responsible for their medical expenses.

Covers Theft
On average, a burglary happens once every 23 seconds in the US. Renters Insurance will cover lost or stolen items from your apartment, and in some cases, even your car.

So, what happens if you don’t have a renter’s insurance policy- nothing. Without renter’s insurance, technically, nothing happens. Meaning any of your possessions that were damaged or lost in a disaster will not be replaced or reimbursed by insurance. You will not receive financial support to cover repairs. If someone is injured at your home, nothing will happen to help protect you from being liable. You can’t afford to lose your valuables, but you can afford renters insurance. The average cost of renter’s insurance in the U.S. is about $16 per month.

Contact us today to learn more.

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