Why do I need renter's insurance?
Just because your landlord has coverage doesn’t mean that you do, too. In most cases, your landlord's insurance policy covers only structural damage to the building itself. Renter's insurance protects your possessions in case of a covered loss from fire, smoke, lightning, vandalism and theft. It also extends beyond on-premise theft and hazards, covering property that is stolen from your car, or property that's lost or damaged anywhere you happen to be.
Renter’s insurance considerations
What do you think your belongings are worth? Without coverage, replacing these items could be a real financial hardship. With renter’s insurance, you are covered.
Renter’s insurance provides protection against both property loss and liability in the event that you cause injury or property damage. To learn more about what that means, reach out to one of our experienced agents. We’re happy to explain your options.
- Property coverage: Renter’s insurance covers your possessions against damage for things such as fire, smoke, lightning, vandalism, theft and water damage—but not flooding—to name a few.
- Liability coverage: In addition to protecting your personal property, renter’s insurance also protects you in the event that you are responsible for injury or property damage to others. That means you’ll likely be protected if someone slips and sprains their ankle at your annual birthday bash. Liability also provides coverage for legal defense costs and judgments in a lawsuit, whether the incident occurred within your rented residence, or elsewhere.
Any individual or family that pays rent
There are two personal property coverage options to choose from: replacement cost value or actual cash value. We recommend insuring your personal property for its replacement cost value. Here’s an example to illustrate the difference:
The furniture you bought a few years ago for $650 is now worth only $100, but today costs $900 to replace. With an actual cash value policy, you would get reimbursed the current depreciated cost minus your deductible. However, if you have replacement cost for your personal property, you would collect the full cost to replace the furniture, less your deductible.
The longer you own your belongings, the less value they hold. Replacement cost value ensures that you can replace yesterday’s purchases at today’s prices.
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