Do you know what renters insurance is? You would be surprised to know that many people don’t know about it and its benefits. Most property management companies these days are starting to require that renters have renters insurance, and most people that have never had it, don’t know much about it, or might have reservations about spending the extra money. Below, I’ll give you the little skinny on it in hopes that everyone starts to realize much renters insurance rocks and is a great thing to have for your own benefit!
Renter’s insurance is incredibly affordable; and more so that most people even realize. The usual price for renters insurance is between $10-$30 dollars depending on how many items you own and their replacement value. An insurance agent can help you determine the value of your items and you can usually get your insurance set up on the phone in 10-15 mins.
Did you know that renter’s insurance can provide coverage for items and incidents inside and outside of an apartment or rental house? Crazy right? It’s not just to cover damages within your rental. Most renters are usually aware that belongings stolen or damaged within their homes could be covered by renters insurance, but fewer may be aware that items stolen from their cars could be covered too.
(Example: if you leave your laptop in the car and its stolen your renters insurance will cover it)
(Example: if a renter whose child floods an apartment bathroom by leaving water running in a bathtub would likely end up paying out of pocket for the damage if they don’t have that valuable renter’s insurance.)
A landlord’s insurance only covers the structure and does not cover contents, and having that added policy can also cover damages caused by that pesky maintenance issue that arise and may damage your belongings.
Another benefit could be coverage for accidents inside a renter’s homes in which visitors are injured and responsible for the damages. This can be especially important if you throw parties or frequently have guests in your home. And, these policies usually include some no-fault medical coverage for guests. (No-fault coverage means policyholders don’t have to wait for a court decision to determine who’s liable for an in-home accident before claiming the coverage provided by their renters insurance.)
AND… But wait, there’s more!
“(Renters insurance) covers something referred to as ALE, or Additional Living Expenses, should a fire or other calamity require you to live elsewhere,” Lehman says. “If, for example, an apartment is damaged in a fire and your rent was $1,000 a month but you had to live elsewhere that costs $1,100 a month, it would cover the extra $100 for rent up to the policy limits.”
ALE would also cover food, living and clothing costs if you have to leave your home for more than 72 hours during one of these calamities!
Just think of all the possibilities and positives that renters insurance can help you! If you have any questions or are interested in renter’s insurance there are plenty of agencies. Our first suggestion is check with your automobile insurance company. Having both under one policy generally gets added discounts for having those multiple lines of coverage, making it even cheaper!
The moral here? Go get it! The small cost that you pay each year gets you a TON of coverage and a TON of piece of mind.