When you are renting a home or apartment, the majority of the responsibility, including insurance, will fall to the landlord. But when it comes to your personal belongings, renters insurance can prove to be very useful.
Landlords do not typically cover your personal items in the event of a fire or a storm. Not only do they not cover your belongings during the event of a natural disaster but, if your home gets burglarized, they will also not cover the bill on the stolen items.
Finding insurance for your home, especially cheap renters insurance, is crucial if you are living in a rental unit. Insurance is a wise investment, but there are some important details to know before searching for a property protection policy. Some examples are cost and what renters insurance covers.
If you are interested in learning more about renters insurance and how to find it, continue reading the sections below.
Why do you need renters insurance?Most apartment complexes and landlords will have insurance that covers only the physical building. Cheap renters insurance can cover items such as your furniture, clothes, electronics, and so forth. You will be covered with this protection if your items are damaged or stolen. The coverage is referred to as an HO4 policy.
When searching for the best renters insurance, you should consider personal liability coverage for damages that have been caused by negligence too. For example, if your sink overflows into your neighbor’s apartment, you can be found liable for damages. Weighing the renters insurance cost against what you could be responsible for in terms of any required repairs, and/or defense costs if your neighbor decides to bring a lawsuit to you, can help you determine the right policy for you.
Finding Cheap Renters InsuranceBefore looking for coverage, you need to figure out what is covered by the landlord’s insurance policy. The landlord will likely have some coverage on the building already. So you want to find out what is and is not covered before you proceed.
After you find out, it may be helpful to find out the average cost of renters insurance in the area. You may also want to create an estimate of what your personal belongings are worth. Taking inventory of your items will help you determine how much renters insurance coverage you need.
While searching for insurance policies, make a note of companies that interest you to compare them later. Afterward, try to get quotes from renters insurance companies. More often than not, you can get a free quote online when you apply. You can also get a quote over the phone or in person. This will give you an idea of cost and coverage from various providers.
How much will renters insurance cost?The ability to get an affordable renters insurance policy will depend on the number of belongings you wish to cover and their value. You may be able to go to the insurance company that covers your car and ask for coverage from them. The company may be able to bundle your insurance coverage and help you save with a discount.
When you are looking for a quote from companies you haven't worked with yet, the prices can vary by state, liability limits and the personal property value that you want covered. This is important to keep in mind when searching online. Whether it is home renters insurance or any other type of renters coverage, the basic policy would be as follows:
- $30,000 of personal property values
- $100,000 of liability insurance
- $1,000 deductible
What does renters insurance cover?This kind of property insurance provides a financial reimbursement when a tenant loses their possessions or has them damaged as a result of a fire, theft, or vandalism. Average renters insurance can also help pay for alternative living arrangements in case the rental unit becomes uninhabitable. From Jetty renters insurance to Allstate, there are many companies that provide basic coverage like this.
Renters insurance companies may also offer additional types of coverage if necessary. For instance, you can gain coverage for credit card and bank forgery if someone burglarized your home, taking your credit card or checkbook.
Coverage can also cover liability if a visitor is injured in the building. When you are paying for liabilities, the insurance will cover the negligence of unintended bodily injury. If the bodily injury was intended, the insurance will not cover that nor will it cover business pursuits or vehicle-related damage. You can learn even more about renters insurance in this guide.