Renters Insurance

Who needs it?

• If you rent a home, apartment, townhome, or any other structure as your primary residence, then you need to consider investing in a renters policy. The correct renters insurance policy is designed to protect the things that you own in your rental unit, like your furniture, computers, TVs, or appliances and offer you some liability coverage as well.

Why do I need it?

• Having the right renters policy means that if some or all your belongings are stolen or destroyed in a covered loss, you don’t have to pay out of your own pocket the full replacement cost of everything.
• Having renters insurance will likely be one of the most affordable insurance coverages you can purchase.
• Many landlords require their tenets to carry a renters policy, so you will want to check with your landlord to see what their minimum requirements are.

What does it cover?

Here are some of the most common coverages:

• Personal Property Coverage – Similar to a homeowners policy, a renters policy will include a certain amount of personal property coverage. This will help pay for the owner’s belongings in the event of a covered loss, which could include furniture, electronics, or appliances. There is typically a deductible of $500 or $1,000 for any claims files.
• Personal Liability Protection – Helps to pay for possible medical expenses of guests or visitors on your property, if they are injured and you or a household member are deemed to be at fault.
• Additional Living Expenses – Helps to pay for living expenses if your home becomes unlivable due to a covered loss.