Introduction
Protect your home and your
belongings with renters insurance. Renters insurance can provide you with
valuable coverage when you rent out your home or are in between places to live.
It may also provide legal protection should something occur while you're away
from your home.
Protect your home and your
belongings with renters insurance. Protect yourself from major disasters, like
if a lightning strike destroys your house. Or even destroy your belongings and
appliances, if you live in a high-risk area. Renters insurance can cover that
too!
What
is renters insurance?
Renters insurance is a type of
coverage that protects your personal belongings in the event of an unexpected
loss. If you rent a home and want to protect your valuables, renters insurance
can make sure they're covered in case of theft, fire or other loss.
A homeowners policy covers damage to
the house itself and its contents. A renters policy covers damage to your
personal belongings in your home.
Renters insurance is a form of
property insurance that guarantees payment for loss or damage caused by any
covered peril. It's typically required when renting an apartment or
condominium. If you own your home, however, there's no need for renters
insurance: Your homeowner's policy does that job already!
Why
should I get renters insurance?
Renters insurance is an essential
part of any renter's protection strategy. When you rent a home or apartment,
it's important to protect yourself and your belongings from the risk of
burglary, fire, theft and other loss.
While most homeowners' policies
cover damage caused by fire or other types of accidental causes, renters
insurance only covers your possessions if they are stolen or damaged due to a
covered cause. Renters insurance can also help protect against unexpected
emergencies like earthquakes and floods that could damage your home.
Depending on your personal
circumstances, you may want more coverage than what's required by most
homeowner's policies. For example, if you have a lot of valuables at home or a
large family that needs to be protected in an emergency situation, you may want
to get renters insurance with additional coverage options such as medical
payments and additional living expenses (ALES).
How
much does renters insurance cost?
Renters insurance premiums vary by
state, so it’s important to shop around before purchasing any policy. Some
companies offer discounts based on factors like where you live or the type of
coverage you want. Some insurers even offer free quotes online or through their
mobile app, which can save you time and money when shopping for coverage.
Renters insurance is often priced as
a monthly premium and can vary depending on your specific needs. Some companies
offer optional “coverage add-ons” that may cost extra, such as liability
protection or coverage for additional belongings.
The cost of renters insurance will
depend on your home, the type of policy you choose, and any additional coverage
you want to purchase. The average annual cost of renters insurance is $1,300 to
$1,800 per year.
What
does renters insurance cover?
Renters insurance is a type of
insurance that covers you for your personal property when you rent a home or
apartment. It's often included in the lease or rental contract, but it can also
be purchased as an add-on to your policy. Renters insurance protects your
belongings from damage, theft and loss. If a covered event happens, renters
insurance will help replace or repair the damaged property.
What
does renters insurance cover?
Renters insurance covers your
personal belongings when they're inside your
rented home or apartment building. This includes:
Coverage for personal property
that's inside the rented unit —
such as furniture, electronics and clothing
Covered items outside the rented
unit — such as bikes, motorized
vehicles and tools
Personal
liability coverage (if you're renting)
Renters insurance coverage is like
car insurance, but for less obvious items. It protects you if your home and
belongings are damaged or destroyed due to fire, theft and other perils.
When
do I need renters insurance?
If you're not sure whether your
rental qualifies for coverage, check with your landlord or property manager
first. If they say yes, then ask yourself these questions:
Do I own the house I'm renting? Do I have a mortgage on the property? If so, your
landlord's insurer will most likely offer coverage for tenant's (your) claims.
Do I live in the unit with my
family? Your landlord's insurer
probably won't cover tenant's claims if their tenants aren't related to them.
Do we both live in one unit? If so, you'll need to get renters insurance from both
parties' insurers to make sure you're covered for all claims related to that
one rental unit.
Do we split our time between
multiple rentals/homes? If
so, each of your riders will also need to provide coverage for any claims
related to that one rental unit. You can choose which company provides coverage
when setting up your policy
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