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.
Renters Insurance
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Renters Insurance
COVERAGE TYPES
- Personal Property Should something happen such as a fire, theft, or a water pipe breaking, this helps cover the costs of repairing or replacing your personal effects.
- Liability In the event that bodily injury or property damage occurs to a visitor or guest at your dwelling, this coverage can help cover the expenses you may incur due to this.
- Medical If someone is injured in your dwelling, regardless of fault, this will cover necessary medical expenses up to the specified limit.
- Loss of Use Should damage occur to the structure of your dwelling making it uninhabitable, this helps cover the costs of living in other accommodations during repairs. Discounts
- Alarm Discount Many insurance providers will reward you with a discount if your apartment or rental home is protected by smoke and intrusion alarms.
- Multi-policy Discount Many insurance providers will discount your policies if they write your auto with your Renter’s Policy. If you’re calling for a Renter’s Insurance quote, let us know what other policies you have to see if we can save you money by bundling them together.
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.
Top Reasons to Get Renter's Insurance
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.
1. It offers comprehensive coverage
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.
2. It can replace damaged or lost items
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.
3. It includes liability coverage
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.
4. It covers negligent damage
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.
5. It pays for additional living expenses
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.
6. It is affordable
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.
7. It may be required by landlords
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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Access First Insurance
849 E State St,
Suite 101 ~ Eagle, ID 83616
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208-854-3621
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