If you rent your home, your property is not protected by the landlord’s insurance.
If you rent your home or apartment, you may think the landlord is responsible for the property’s insurance. Guess what? Your belongings are not covered on his policy. If there’s a fire or water damage or theft, you would likely be forced to leave your home for a length of time. And you may have to start over in terms of acquiring possessions. At least if you have renters insurance, you wouldn’t have to pay for those inconveniences.
We offer affordable renters insurance protection that every renter should seriously consider having. It covers your rental property, no matter if it’s a house, apartment, multi-family residence, duplex, loft, townhome or condo. It covers renters in much the same way homeowners insurance works, but since it’s not always required, some renters neglect to protect themselves.
What Renters Insurance Covers
Renters insurance protects you against a wide range of disasters and damage caused by fire or smoke, lightning, windstorm or hail, volcanic eruption, ice, vandalism, theft, explosion, plumbing leaks and falling objects. Floods and earthquakes are typically excluded from standard renters insurance. Most policies cover sports and recreational equipment but not your vehicles, which would be covered by your car insurance.
You may add extra coverage for valuable jewelry, collectibles, cameras, musical instruments and more, as an endorsement to your policy. If you operate a business out of your home, you can add increased business coverage to protect those assets. Renters insurance also offers both personal liability coverage to protect you against lawsuits and additional living protection should you need to relocate while the rental property is repaired or rebuilt.
You can usually choose between actual cash value renters insurance, which will replace your belongings after factoring depreciation, or full replacement cost protection, which may cost more upfront, but covers the full replacement cost of your possessions.
Whose Possessions Are Covered
Any member of your family is covered under your renters insurance policy. If your kids are in college, their possessions are covered at school, provided they live on campus and don’t rent an apartment. You can obtain joint renters insurance with your roommate or unmarried partner in some states.
Common Myths about Renters Insurance
Let’s address these myths one at a time, and you can decide whether renters insurance is something you need.
• My landlord is responsible if anything happens to my apartment.
• I don’t need insurance; my stuff fits in the back of my truck.
• I can’t afford to buy renters insurance.
• If my friends get hurt at my house, their insurance will cover them.
My Landlord Is Responsible
There are many advantages to renting rather than owning your home. Your landlord probably handles general care of the premises and may even cover your utilities. You may have cable TV as part of your rental agreement. You never need to worry about lawn care, snow removal or trash collection. You are free to relocate simply by giving notice under the terms of your lease. Your landlord insures the property and has liability protection enough to cover appropriate claims. But that protection will not cover you, your belongings or anything occurring inside your home.
I Don’t Need Renters Insurance
Many renters believe their belongings could easily be replaced since they don’t have many possessions. Since most people acquire their things over time, it’s easy to lose track of cumulative value. But take one look in your kitchen or clothes closet and you’ll likely realize you wouldn’t readily have the financial resources to replace everything you currently own. Even renters whose earthly belongings fit in the back of a pick-up truck would be hard-pressed to replace furniture, appliances, electronics, food, clothes and more all at once if the duplex burned down.
I Can’t Afford Renters Insurance
Do yourself a favor and contact our office for a no-obligation quote for renters insurance. It’s affordable, and it’s money well spent for protection that provides peace of mind.
If My Friend Is Hurt, Their Insurance Kicks In
In addition to insuring your personal property, renters insurance can protect you against lawsuits with liability protection. If a houseguest is injured at your house and sues for lost wages or pain and suffering, your renters policy can cover the damages.
What to Expect from Joseph W. McCartin Insurance, Inc.
• One-stop shop for all your insurance needs
• Multiple policy discounts
• Free, no-obligation quotes
• Choice of insurance companies you can trust
• Efficient claims process
• Testimonials from satisfied customers