Just like home buyers if you rent your home you need protection. Your personal property is NOT covered by your landlord. You need your own coverage to help you recover when the unthinkable happens.
How much coverage do I need?
Potentially you could need enough insurance to replace everything you own in your home or apartment.
Some keys to buying your coverage
- Don’t underestimate the cost to replace your clothing or everything in your kitchen
- Include adequate liability protection in case you are sued
- Ask about Additional Living Expense coverage in case your home or apartment is damaged and you need rent alternative housing
What does renter’s insurance cover?
For the broadest protect ask for “Special Personal Property” coverage. With this extra protection, unless something is specifically excluded, it’s covered. The basic policy includes just a short list of risks that are covered, meaning it’s much more limited.
How will my claim be settled?
We also suggest including Replacement Cost coverage so you aren’t charged depreciation when a claim is settled. For example, you’re paid $1,000 for a new couch 4 years ago. After it is damaged by a fire you need to replace the couch. Without replacement cost coverage, you’d receive only the depreciated value of your couch, probably less than $500. On the other hand, with replacement cost coverage you will receive the full cost of replacing your couch.
How Much Does Renter’s Insurance Cost?
Renter’s insurance is very affordable, especially when you bundle it with your auto insurance. Rates start at $10 per month*.
*Your rates and coverage may vary. Please contact our office for specific information.