If you’re like 2 out of every 3 renters who rent a home, apartment or other dwelling, you don’t carry a renters insurance policy. The reason for not carrying renters insurance varies, but it is important to understand that your landlord is not responsible for your personal belongings if they are damaged, stolen or otherwise. You alone are responsible for your things, so protecting them with a renters insurance policy is important.
When you’re ready to speak to an agent, consider the following:
- Cost: Renter’s insurance is typically very inexpensive, usually not costing more than just $1 per day! Think about it, if you buy a coffee in the morning, that is about 2-3 times as much as getting a renters insurance policy.
- What’s covered: Renters insurance will typically cover your clothes, furniture, electronics, bicycles and jewelry, but only up to what your policy limits say. You have a choice to add additional coverage to cover certain items that may exceed your policy limits such as furs, art and jewelry.
- What loss types are covered? Typically, your renters insurance will cover your items due to fire, theft, smoke and water damage if your home has a water leak (talk to an agent about flood specifically as this coverage varies). A renters policy can also cover your items while your away. Say you ride your bike to a park and it gets stolen there. Renters insurance will typically cover that loss.
- Injuries: Another reason renters insurance is great is that it provides you with liability protection if you’re found to be liable for injuries to someone who is at your home.
- Roommates: Many people have roommates who live with them. If you want an insurance policy to cover your roommate you must get your insurance company to list them on the insurance policy. It is always a good idea to have your roommates listed on the policy. It helps protect your household – not just either party.
- Dogs: If you have a dog in the house, be sure to tell your agent.
Understanding insurance can be difficult, but simply going without it shouldn’t be an option. If you have additional questions about renters insurance, contact your insurance agent to discuss your options. It is even possible that you’d get a discount for bundling your policies.
For answers to everything insurance, trust the insurance agents at Hayden & Hayden Agency, Inc. in Tempe, AZ. Our local insurance agency can help you insure everything from your auto and home to your boat and motorcycle.