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What Is Renters Insurance?
Renters insurance is a type of policy that can help to protect your personal property and contents in case of theft, fire, or other types of covered damage. It has also been called tenant insurance and apartment renters insurance.
If you currently rent your home, the landlord or property owner will typically carry insurance coverage on the dwelling itself. But this will not provide you with coverage for replacing or repairing your own, personal items that may be become damaged or stolen.
In addition, because damages to property are sometimes caused by negligence or accidental damage – such as leaving the bathtub or shower running and in turn, causing water damage – it is important that you also have liability coverage.
What does renters insurance cover?
Renters insurance helps cover unexpected events, like theft or a break-in. You may not always be able to prevent certain situations – and that’s where renters insurance comes in! It can help you out when something goes wrong with your home from someone breaking into it to the items being stolen.
See below to see what kind of coverage is available on a renters insurance policy:
- Personal Property
- Liability Coverage
- Additional Living Expenses
Why you need it?
Unless you have the funds to cover replacing or repairing all of your personal items in case of damage or theft, you should have a renters policy. These plans will provide you with a certain amount of coverage for additional living expenses and repairs for property damage liability.
Oftentimes, renters insurance will also cover the loss of use. This means that the policy will provide you with coverage to pay your living expenses in case you have to leave your home while it is in the process of being repaired.
Who has the cheapest renters insurance?
Finding the cheapest renters insurance quotes can vary, depending on how much coverage you require, as well as the location of your residence. For example, those who live in urban areas may have to pay more for cheap renters insurance, as the likelihood of theft is typically higher than it is in rural areas.
Likewise, the actual amount of coverage that you carry is a key component of its price. In this case, the more coverage you have, the higher your premium is likely to be. It can be helpful to shop and compare the cost of several different policies before you make a commitment to purchase one.
How much does renters insurance cost?
The cost of renters insurance will depend on many factors such as your zip code, credit score, building type, deductible, claims history, and how much coverage you need. The cost will also vary depending on the insurance company.
Renters insurance helps cover unexpected events, like theft or a break-in. You may not always be able to prevent certain situations – and that’s where renters insurance comes in! It can help you out when something goes wrong with your home from someone breaking into it to the items being stolen.
This little table breaks down what kind of coverage is available on a renter’s policy:
Pros & Cons
There are both pros and cons of owning renters insurance. For instance, this type of coverage can add to your budgetary expenses. So, if you are having to stretch your income to pay for your other living costs, such as rent, gas, and utilities, the insurance premium may be more difficult to factor in.
However, because it can be much more costly to replace all of your personal items – such as furniture, electronics, and clothing – the cost of insurance coverage can be well worth it. This is particularly the case if you are sued for negligence and you need funds for paying various legal expenses.
Replacement Cost vs Actual Cash value
When buying renters insurance make sure you choose replacement cost and determine how much personal property coverage you will need to protect your stuff. Replacement cost will replace your belongings at today’s value and does not take off for depreciation as actual cash value coverage does.
Can I buy renters insurance online?
Yes, you can buy renters insurance online. While there are many different avenues where it is sold, though, it is best to work with an independent insurance agency that has access to more than just one insurance carrier and can comparison shop your coverage.
You can buy direct from many carriers such as State Farm, Farmers, Allstate, Lemonade, AAA, USAA, and more. Progressive and Geico can broker out your renters quotes.
Insurance Geek allows you to quote with Safeco and Nationwide. Travelers will hopefully soon be on our platform as well sometime in 2020.
We will allow you to compare coverage and premium price from several top-rated insurers and from there, purchase the plan that bests fits with your needs and your budget.
Reasons to buy it
There are many reasons that you should consider buying renters insurance – starting with the fact that it can help you to quickly replace important items that you need, such as your computer, phone, clothing, furniture, and appliances.
A renters policy can also provide you with some or all of the funds that you need if you find yourself in a legal situation due to negligence (such as your dog biting a visitor on the property).
What it won’t provide
Although finding the best renters insurance can offer a long list of benefits, there are some items that this type of coverage will not provide.
For instance, just like regular homeowners insurance, a renters policy won’t typically cover damage that is caused by floods. (In this case, a separate flood insurance policy should be purchased). A renters policy will also not usually cover damage for various other natural disasters, such as earthquakes or sinkholes.
It is important to keep in mind that this insurance will not cover items that are not documented. Here, for instance, if you are not able to prove the value of an item – and that you actually own it – then the insurance carrier will not likely cover it in your policy.
If you have a roommate, make sure that you and they each have renters insurance coverage. That is because, unless he or she is related to you, your renter’s insurance coverage will not cover your roommate’s items.
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