Are there items in your apartment you can’t live without? Your gaming system, TV, computer, priceless collectibles, or family heirlooms? Do you have a plan and the finances to replace them in the case of a fire or a burglary?
If you have possessions you want to protect, you may be asking yourself “Do I need renters insurance?” You can’t assume your landlord’s coverage or some other windfall will take care of you if the worst happens.
Luckily for you, renter’s insurance is extremely affordable and covers you in more situations than you might think. Read on to see exactly what a renter’s policy can offer!
Do I Need Renter’s Insurance?
If you’re a renter, renter’s insurance will protect your valuables in the case that they are damaged or taken.
After catastrophic events such as a fire, renter’s insurance can ensure you won’t have to pay out of pocket for everything you’ve lost. Even if your damages or losses run into the tens of thousands, your insurance will have your back.
Your landlord should have insurance on the building you live in, but it only covers the building and area itself. Unless otherwise specified, that insurance won’t take care of any of the belongings of inhabitants who reside in the rental property. Even if the catastrophe is the fault of the landlord, their insurance isn’t guaranteed to protect your things in any way.
Many landlords have started to require tenants to purchase renter’s insurance before finalizing the lease. You may find yourself in a situation where you can’t get approved for an apartment without it.
Luckily, renter’s insurance is surprisingly affordable. If you have a policy for your car, for example, you can often add to it for a very little cost. Single renter’s insurance plans are also available, which can cover all of your belongings for as little as ten dollars a month.
What Does Renter’s Insurance Cover?
If you’re wondering what kind of protection renter’s insurance can offer you, you might be surprised. Renter’s policies can cover a lot more than you think. Purchasing renter’s insurance not only covers your belongings but keeps you safe against loss of residence and covers medical expenses in case of injury.
Do you want to cover your electronics, sporting equipment, or your record collection? Do you own musical instruments, designer handbags, or a valuable coin collection? If you own it, it’s covered. In most cases, your insurance will cover up to a certain amount of loss, minus your deductible (the portion you owe.)
Most insurance policies have a cap of coverage, which you buy into ahead of time. Your insurance agent can help you select a plan that best fits your coverage needs and income capability. Your coverage needs will depend largely on the value of your belongings, which you will determine ahead of time.
If an accident happens in your apartment, renter’s insurance will help pay the medical bills. Liability insurance can help with everything from dog bites to falls and more.
Even with mishaps such an overflowing bathtub, liability insurance can cover you for the damages. If the people in the unit under you suffer some damage as well, the insurance will help with the costs. Most rental policies cover at least $100,000 worth of liability costs.
Protection From Theft
Many renter’s policies will include protection for your belongings, even when they aren’t in your home! If someone steals from your car, your luggage, or even on vacation- renter’s insurance can help keep you covered against these losses.
In the case of a catastrophe such as a fire that leaves your apartment uninhabitable, renter’s insurance will provide you with coverage for a place to stay in the meantime. Your policy can even pay for new clothes, necessities, and food until you have a new place to live.
If you keep any of your belongings in an off-site storage unit, renter’s insurance can cover some of them. Should these possessions get damaged or stolen, you may be able to recoup a portion of your loss.
Most basic renter’s policies don’t pay for flooding unless you purchase specific flood coverage. They also don’t typically cover structural damage from pipes breaking or a toilet leaking, which your landlord’s policy should cover instead.
However, if your belongings are damaged due to a situation such as busted pipes, your renter’s insurance can help you replace these items. Should you be at fault for a flood, your own policy can also help cover the damages.
Should a lightning storm kill your electricity, you don’t have to worry about the price of replacing all of that spoiled food. Yes, a rental insurance policy can even cover your lost groceries.
Need Help Finding a Policy?
You’ve worked hard for the things that you own. Don’t leave yourself vulnerable to losing it overnight due to circumstances outside of your control. Even if your landlord doesn’t require insurance, carrying it can save you from the costs of loss and injury at a very little monthly cost to you.
Stop asking yourself, “Do I need renter’s insurance?” and ask an insurance agent like what kind of policy you can get to protect you and your belongings today. An agent can provide you with options and help you understand exactly what coverage is best for your specific circumstances.
Renter’s insurance is a safety net to protect you in case the worst happens. If you’re in Raleigh or the surrounding areas, contact the trusted agents at Amistad Insurance Services and get a quote today.