Renters insurance protects your personal property, and it gives you peace of mind you’ll be covered should disaster strike at the place you rent. We’ve evaluated insurance companies based on price, customers satisfaction, financial strength, and overall quality.
It’s common for renters to disregard renters insurance altogether. Many renters may not feel the need to purchase renters insurance as they don’t own the property itself and see rentals as temporary residency.
However, renters insurance is a great investment regardless of how long you plan to stay in your rental property. Renters insurance protects your personal property in the event of situations you cannot prepare for: including break-ins, fires, unexpected injuries on your rental property, and more.
For a monthly premium fee, you can be covered for these unplanned events to prevent you from paying a ton of money in reparations later on. It’s an extra layer of protection to help you prepare for yourself for the worst-case scenario.
Renters insurance covers your personal belongings within the rental property and other extraneous living expenses in the event of an emergency. As a tenant, you are responsible for the costs associated with insuring and protecting your personal property. Your landlord or property owner is responsible for insuring the property itself by getting landlord insurance for a rental unit and taking care of costs associated with that coverage,
Renters insurance often includes three types of coverage:
Depending on your unique renter’s insurance plan, you may be covered for a range of events. However, in general, you can be expected to have coverage for:
Separate from your landlord’s insurance, renters insurance covers your own personal property, but not the rental itself. It is up to your landlord to insure the property and take care of the costs associated with that form of insurance.
Most renters insurance plans do not cover weather-related damages, including damage to your items from flooding. Each renters insurance provider varies in what exactly is covered under their policy. It’s important to review your coverage policy thoroughly to understand what events are covered.
Before you can be eligible for coverage, you need to meet your yearly deductible amount. Additionally, most insurance policies have maximum coverage, which indicates the amount of money they will payout for a claim.
Renters insurance costs vary depending on the details of your specific policy plan, as well as your provider. Some things that factor into your overall coverage amount include:
Additionally, your deductible and overall coverage cap will affect your monthly premium amount. Should you opt for a lower deductible amount, you can expect to pay more monthly as part of your premium. For a higher coverage amount, you will also be expected to pay more per month.
There are many great renters insurance policies available to help you cover expenses in the case of an emergency. Here are some things to keep in mind as you are choosing the best plan for you: