Renting a home or apartment comes with several responsibilities. One of the most important things to understand is property insurance. Knowing who is responsible for any issues is key to saving you time, money, and a lot of headaches. At Wellcovered Insurance, we can help you know all of the ins and outs of property insurance to make sure your belongings are protected.
Why Property Insurance for Renters is Important
Property insurance for renters is often called renters insurance. While your landlord likely has insurance on the property itself, that coverage does not extend to your personal belongings. If there were a fire or theft, your landlord’s insurance would cover the building, but you’d be responsible for your own stuff.
Renters insurance typically includes three key areas of coverage.
Personal Property
This part of your policy covers the cost of replacing your belongings if they are either damaged or stolen.
Liability
If someone ever gets hurt in your rented space, this coverage can help pay for any legal or medical bills.
Additional Living Expenses
Your rental may become unlivable due to a covered peril, and this coverage can help pay for temporary housing and living costs.
Here are a few common scenarios involving renter’s insurance.
1) Water Damage
A burst pipe can happen at your apartment and cause plenty of damage. The landlord’s insurance should cover the repairs to the walls and floors, but what about your soaked couch and short-circuited TV? Buying renter’s insurance coverage is key to replacing all of your damaged personal items.
2) Break-ins and Theft
If someone decides to break into your rental and steal your laptop and jewelry, it’s not the landlord’s responsibility to replace them. Fortunately, your renter’s insurance can cover the cost of replacing these stolen items, usually after a deductible is met.
3) Visitor Injuries
Suppose a visitor trips over a rug in your apartment and breaks their wrist. Your visitor might need medical treatment and could even sue for damages. Your liability coverage in your renter’s insurance policy can help cover these costs, so you don’t have to pay out of pocket.
4) Fire Damage
If a fire occurs, not only could your belongings be destroyed, but you might also need to find another place to stay temporarily. Renters insurance can help replace your belongings and cover your stay at a hotel during repairs.
Do You Really Need Renters Insurance?
Some renters might think they don’t own enough valuable things to warrant insurance. However, replacing even a small apartment’s worth of stuff can add up quickly. Others might assume they’re covered by their landlord’s insurance, but that’s not the case for personal belongings or liability. Renters insurance is usually very affordable. The average cost is often less than a dinner out each month, and it brings peace of mind knowing you’re covered for any of these situations.
Working with Your Landlord
It’s always important to communicate with your landlord about what their insurance covers and what it does not. Your lease may also require that you have renters insurance, so it’s worth checking. Taking the time to have a clear understanding of your policy can prevent any surprises if something goes wrong.
Choosing the Right Policy
It’s crucial to pick the right policy for your needs while shopping for rental property insurance. Consider the value of your belongings and how much coverage you need. A good rule of thumb is to create a home inventory list to make sure you’re adequately covered.
You should also look at the deductible, which is simply the amount you will pay out of pocket before the insurance covers the rest. A higher deductible can usually result in a lower monthly premium, but make sure it’s an amount you can afford if you ever have to file a claim. Reaching out to an insurance agency is also helpful if you have any questions.
Need Rental Property Insurance? Give Wellcovered Insurance a Call
Renters insurance offers a safety net that can help protect your belongings and cover you against liability claims. While we hope you never have to use it, having a renters insurance policy is a smart part of any rental arrangement.
At Wellcovered Insurance, we can help you find the policy that fits your lifestyle and budget. Our main values include being helpful, easy to communicate with, taking necessary action, defining problems, and seeking the very best solutions.
We also provide other insurance options, whether you are looking for home, car, RV, commercial property insurance, and much more. We are proud to be one of the top-rated agencies in Seminole and Volusia counties.
Give Wellcovered Insurance a call today to learn more!
