Do I need Renters Insurance?
You are getting ready to move into your new apartment complex with all the wonderful amenities, but the lease agreement requires you to have Renters Insurance. What is Renters Insurance? What does it cover? How much do I need? How much does it cost? These are all questions you should ask your agent when purchasing your policy. Most people think the apartment complex will pay for any damage to their personal belongings, but that is not true. You are responsible for insuring your personal property.
What does Renters Insurance Cost?
It might be cheaper than you think. Most renter’s insurance policies average around $15 a month depending on the amount of coverage you choose. (At the time of this writing.) You might spend that much on your weekly coffee consumption. Just thinking of sipping that cinnamon latte at this very moment.
How much Renters Insurance should I purchase?
Great question, and one we hear often. You should purchase enough insurance to cover your personal belongings. Furniture, clothing, computers, and other items you own should be calculated in the amount you need to purchase. It is always a good idea to inform the agent of the type of electronics you need to insure. Some items like computers and cameras might need to be listed on the policy application. Other special items such as jewelry, antiques, musical equipment, collectibles, furs, and firearms should also be disclosed and listed on the policy along with their value. Most renter’s policies will have a specific limit on the amount they will pay for these particular items.
What are some of the perils renters insurance may cover?
· Theft
· Smoke
· Accidental discharge of water
· Fire
· Lightning
Make sure you read your policy coverages to verify what is actually covered and make sure to pay special attention to the exclusions. Coverage for flood and earthquake is usually excluded. You can purchase additional policies to cover these perils, in most cases.
Renters Insurance is about more than what you own. Liability Coverage.
If someone gets injured in your apartment, your renter’s insurance can help cover certain medical expenses for your injured guest. This coverage is found under the medical payments section on your policy. Also, you will see coverage for personal liability. This coverage is used in case your guest sues you for their injuries. When talking with your agent, be sure you ask them about both medical and liability coverage. Also, check your lease agreement to see what limits your landlord will require on these coverages.