The Facts About Renter’s Insurance
Question: If I Rent Do I Still Need Insurance Coverage?
Answer: If you own personal belongs such as a television, computer, furnishings and clothing that may need to be replaced if something happens such as a break-in or fire, the answer is YES! Even if you don't own a home, unexpected things do happen. Whether you're renting a studio apartment or single-family home, renters insurance may help protect you and your "stuff." We have come across situations where properties have experienced tremendous water or fire damage whether it is from a pipe break or electrical malfunction to learn that the persons renting the apartment or house do not have renter's insurance. Usually, we have to give them the "bad news" that the property owner's insurance covered does not include their personal belongs.
Question: What does Renters Insurance Cover?
Answer: Landlord insurance is designed to help protect the owner's dwelling, while you, the renter, are usually responsible for protecting the belongings you keep inside. Think about all the stuff you own. The value of your belongings can quickly add up. Personal property coverage, a typical component of renter’s insurance, may help cover the cost of replacing your stuff if it's unexpectedly damaged or ruined.
Question: Does Renter's Insurance Have a Deductible?
Answer: Before renter’s insurance pays out to help pay for a covered loss, you will need to pay a deductible. The amount of your deductible is often decided by the cost of your premium, which is the amount you pay your insurance company to keep your policy in- force. Just like home owner's insurance coverage, you will find that the lower your premium, the more your deductible may be for each covered loss. Your deductible and premium are listed in your policy and can be changed if you need them to.