When you look around your apartment, you may see a lot of items that are meaningful to you: photos of family and friends, the vintage lamp passed down from your grandmother, your collection of vacation mugs, etc. You will also see other things like your furniture, laptop and phone and a closet full of your favorite clothes. If you are renting, would you be able to cover the loss of these items? HomeFirst® Agency understands that some of the pieces of your life are irreplaceable, but a lot of items can be replaced in the case of fire or theft with renter’s insurance. Here is a breakdown of what renter’s insurance typically covers.
Personal Property
As a tenant, only your apartment or rental home’s structure is covered by your landlord’s insurance. This does not cover your personal items. If a pipe leaks or there is smoke damage from a fire, the cost of replacing your furniture can be hefty, especially while you’re trying to figure out alternative living arrangements. Protecting your property with renter’s insurance can help save you a whole lot of headache and a hit to your wallet. What about when your belongings aren’t in the apartment? What if someone steals the new gaming system you brought while you are on a family vacation? Renter’s insurance may protect your personal items even when they are stolen or damaged away from home.
Liability
Renter’s insurance also includes liability coverage for accidental injury that happens at your rental home or apartment. So if your guests’ toddler takes a tumble in your apartment and needs stitches, your renter’s insurance could foot part of the medical bill.
Additional Living Expenses
There are events or perils that could damage your apartment or rental home to the point that it becomes uninhabitable. A kitchen fire can start at the apartment next door. You safely get out with your family, but once the fire is put out, you can’t return to your apartment immediately. Or a tornado whirls in unexpectedly and wrecks the home you rent. Where will your family go? Additional living expenses coverage comes in handy in these situations by reimbursing you for increased living expenses incurred for temporary housing like a hotel or another apartment while your place is undergoing repairs. Be aware that flood and earthquakes are not usually a peril covered by renter’s insurance and you may need separate policies to cover those perils. Speak with your agent about what perils are covered and what other living expenses may be covered such as food, clothing and other necessities.
Additional Questions to Ask…
Your Agent: For expensive and valuable items like musical instruments, jewelry and sports equipment, you may need to add a rider (additional coverage) to insure these individual items beyond the policy’s ordinary coverage limits. Also, if you are dog owner, you should check to see if you’re insured if your dog injures someone. Coverage can depend on the dog’s breed and behavioral history. There could also be other options you want to consider like identity theft and personal injury protection. Lastly, renter’s insurance policies vary from insurer to insurer. Ask your insurance agent to explain the details of each policy you are considering so you understand what coverages are included, how much will be paid in the event of a claim and any deductibles that may apply.
Your Landlord: Some landlords require renter’s insurance, so ask if there is a mandatory minimum amount of coverage required. You’ll want to make sure you have at least that amount of coverage to comply with the rental agreement.