Whether you rent an apartment or house, your landlord’s insurance policy does not cover your belongings or incidents you may be liable for. If you want to protect you and your possessions, you need a Renter’s Insurance Policy.
Whether you rent an apartment or house, your landlord’s insurance policy does not cover your belongings or incidents you may be liable for. If you want to protect you and your possessions, you need a Renter’s Insurance Policy.
At Access First Insurance, we know the importance of protecting your most valuable assets. We will make sure you have the right coverage for your needs. Call us today for your free, no obligation quote and see how much money we can save you. Please contact us right away.
When most tenants think of insurance in connection with the home they are renting, they think of it as the landlord’s responsibility. Tenants reason that since the landlord’s insurance covers the building, as well as, the owner’s belongings, they should also be protected.
They assume that if any adverse event occurs in the home, the insurance company will also pay for the loss of their belongings. Nothing could be farther from the truth.
Landlord’s insurance protects the building and the owner’s belongings. It also includes protection against personal liability. But it only does this for the property owner alone and not the tenants in living in the property. If a tenant wants to protect their belongings while living in the rental, they must get renter’s insurance.
Renter’s insurance is a policy that is designed for the peculiar needs of people living in a rented property. There are many reasons why tenants should get renter’s insurance, and some of them Realty Management Associates Inc. explains below.
The main reason to get renter’s insurance is not just because it offers protection for a tenant’s belongings, but it is also because of the number of situations where those belongings are protected. Renter’s insurance offers protection from damage and loss resulting from a large number of perils.
With the exception of floods and earthquakes, renter’s insurance protects the policyholder from almost all other dangers. A few of the perils covered by the policy include damage by aircraft, vehicles, smoke, explosions, falling objects, mischief, malicious intent, windstorm, hail, water, home appliances, fire, electrical surges, and many more.
Renter’s insurance includes protection for jewelry, clothes, electronics, furniture, and other personal items. And depending on the type of policy, it can pay the replacement cost or actual cash value if any of these items are lost or damaged.
If the plan offers replacement cost coverage, it will pay the policy-holder enough money to buy a new item. If it offers actual cash value, the value of the item is depreciated according to its age and the depreciated value is paid to the policy-holder. In that case, the policy will pay enough money to buy a used item.
If anyone is injured in a tenant’s apartment, the tenant could become liable and may be forced to pay the injured person’s medical bills, at the minimum. The injured person might be a friend, neighbor, or even a pizza guy making a drop-off at the apartment. And the injury may be the result of a slip-and-fall or due to being bitten by the tenant’s pet.
Regardless of the cause of the injury, renter’s insurance can protect the tenant from personal liability in the event of a lawsuit. It will pay the injured person’s medical and legal fees, up to a certain limit.
If the landlord’s or other tenant’s belongings are damaged due to the renter’s negligence, renter’s insurance can still protect them. This can be in cases where the tenant fails to use reasonable care and consideration, and something belonging to the landlord or neighbor is lost or damaged.
This includes incidents where a tenant carelessly starts a fire in their apartment. The policy will cover for losses due to the fire, both in the tenant’s apartment and in other parts of the building. It also covers damage caused by the policyholder inside a neighbor’s apartment.
If for any reason, the home where a tenant is renting becomes uninhabitable and they have to temporarily live in a hotel or motel, the insurance will cover the costs. This applies to situations where the home suffers storm damage, for instance, and the tenant has to make alternative living arrangements, while repairs are carried out. Many tenants assume that if something like this happens, the landlord will provide alternative accommodations. That assumption is incorrect.
Compared to the cost of paying out-of-pocket for lost or damaged items, renter’s insurance is surprisingly affordable. The average tenant has around $20,000 worth of property in their apartment. This is a lot of money to pay to replace items lost to theft or fire. But compared to this amount, the average renter’s insurance costs around $250 per year, less than one dollar a day.
This is far less than what people spend on coffee every day. And depending on the type of policy, renters can get coverage for their personal belongings, plus protection against personal liability.
As a way of reducing the insurance burden on property owners, some insurance companies make renter’s insurance one of the conditions for the landlord’s insurance. This means that for their insurance to be valid, landlords must require tenants to have renter’s insurance.
Without renter’s insurance, a tenant might be unable to rent an apartment they like. Moreover, even when landlords do not require it, tenants who have renter’s insurance are viewed as more responsible.
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Liliya Martsinyuk is a Commercial Insurance Specialist at Access First Insurance. Are you wondering where the unusual name is from? It’s from the Ukraine. To make it simple you can just call her Lily. She is passionate, driven, honest and hard working. Lily grew up with eight siblings and started work at a very young age. She paid off a 2013 Mini Cooper S by age 18 and became a licensed producer at age 19.She must be doing something right! Away from her desk she loves to spend time with her family, loves the outdoors, and loves to spread God’s love. Lily especially loves to make you SMILE and help you with your insurance needs. Contact Lily at 208-854-3621. Do you prefer email? You’re in luck, Lily loves emails! [email protected]
Cameo Pulver epitomizes integrity, energy, hard work, and creative service in every detail of her insurance transactions. Cameo grew up in the Joshua Tree California area and started her sales habit at the age of ten, selling candy to her grade school class mates. She has continued rising early and has since built a successful career in Insurance for over 15 years in the Treasure Valley area. She has worked every aspect of the industry representing commercial, property and casualty lines to include health and life insurance.
Cameo is a family woman with a devotion to God, her wonderful husband, and her daughter. An athlete by nature, in the winter she is a lover of cross country skiing, taking her challenges from skiing Brundage Mountain to the back country of McCall’s great outdoors. In the winter after a fresh rain you will probably find her on the green belt trying to pack the snow with that nice mountain bike of hers.
Cameo has been trained and inspired in sales by some of the best in the industry. She travels the Treasure Valley to build strong relationships with bankers, lenders, property managers so she can offer the greater Treasure Valley the best Insurance. Cameo uses her experience and foresight to proactively address details before they become a problem. She leads, trains and motivates her team to communicate with you better than none. Five words you can count on from Cameo Pulver love, integrity, commitment, passion and fun!
Jordan embodies honesty, energy, hard work and compassion. She moved to Idaho 13 years ago from Southern California and grew up in Idaho Falls. This is where she built her career based on customer service and sales. She moved to Boise in 2017 and became a part of Access First Insurance.
Jordan is devoted to her Christian Faith and her family. She has been fortunate enough to be blessed with an incredibly loving husband and 2 beautiful children. Jordan loves to surround herself with family and friends, trying new things, continually challenging herself and helping others.
At Access First Insurance, Jordan is committed to putting her client’s needs first and making sure their experience is positive and professional from start to finish. Her goal is to build strong relationships, ensuring efficient and complete services and ensuring our clients receive the utmost care and accurate knowledge regarding insurance.