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Renters Insurance Information
Whether you rent or own your dwelling, your personal property needs protection. If you rent, renters insurance can protect your belongings in a covered event such as fire, smoke, vandalism or theft. The team at Wilber-Price Insurance Group is here to help you learn more about renters insurance and find a policy that’s right for you. Give us a call today to get started.
What Is a Renters Insurance Policy?
Renters insurance is a coverage tenants commonly acquire to financially protect their personal belongings kept inside the place they rent. You’ll pay an insurance premium to the insurance provider in exchange for financial assistance following an accident covered in their policy.
What Does Renters Insurance Cover?
Renters insurance typically provides liability and property damage coverage. The liability portion may help protect against claims of third-party bodily injury or property damage that you or another listed insured on your policy may cause. It may also help pay for medical bills if a guest is injured within your property.
The property damage protection portion of renters insurance helps protects your personal belongings within a rental unit. Your landlord’s insurance policy typically protects the structure of your rental unit. Renters insurance offers two personal property coverage options: replacement cost value or actual cash value. If you insure your personal property at its replacement cost value, you can replace items purchased formerly at today’s prices. If you opt for the actual cash value, you get the replacement cash value minus depreciation at the time of your loss.
Renters insurance typically also pays the reasonable additional costs of living away from your home temporarily if you can’t occupy it due to a fire, severe storm or another insured disaster. Your policy may cover your hotel bills, temporary rentals, restaurant meals and other living expenses up to your policy’s limit.
How Much Renters Insurance Is Required?
The amount of renters insurance you need depends on the value of your belongings and what you want to insure. Generally, there is no required amount since coverage is optional, but you can get a suitable amount of insurance by appropriately valuing your items. Depending on your landlord, however, you may be required to show proof of coverage to sign a rental or lease agreement.
You should inventory your belongings, adding up the cost of everything you would want to replace if it were damaged or stolen. Cataloging your items makes filing a claim easier. If possible, record model numbers, dates and places of purchase. Take photographs or videos of your items and place a copy in a safe place away from your home.
How Can I Figure Out How Much Renters Insurance I Need?
To figure out how much renters insurance to get, tenants should complete an inventory check to determine the value of their possessions. An adequate policy will often cover the cost of replacing the possessions if they are damaged or stolen. Wilber-Price Insurance Group is here to help you determine how much renters insurance you need.
Supplemental Coverage Is Beneficial
Renters insurance doesn’t cover floods, earthquakes or routine wear and tear. You can purchase separate insurance policies for flood and earthquake damage and various other policies, depending on your needs.
Call the Wilber-Price Insurance Group at 800-797-2016 for a renters insurance policy to give you the protection you need.