The Importance of Renter’s Insurance
I want to discuss the importance of carrying renter’s insurance. If you own a home, your mortgage company typically requires that you carry Homeowner’s Insurance. But when you rent, individuals or companies don’t always require you to carry Renter’s Insurance. The property owner’s insurance policy will not cover any of renters personal belongings when the property is being rented out. If you rent, you should never go without Renter’s Insurance.
Personal Property Coverage
Renter’s Insurance covers your personal property should something happen, such as a fire, tornado, water leaks and more. You can get Renter’s Insurance coverage for as little as $20,000 to replace your personal belongings or as much as $250,000 or more, depending on your individual circumstances. We see most people get between $25,000 and $50,000 for Renter’s Insurance.
In addition to covering your personal belongings, Renter’s Insurance also gives you some liability coverage. If you’ve rented an apartment lately, you might have noticed that they ask you for proof of your Renter’s Insurance. They might even sell it through the leasing office! But be careful. Most of the time, those policies only cover liability, and they’re not covering your personal property. Liability, for example, kicks in if you leave something out on your patio, it blows off and damages someone else’s property. That is why you need liability for your Renter’s Insurance. Most importantly, you need coverage for your personal property and liability, which is why we recommend using an agent to purchase a comprehensive Renter’s Insurance policy.
Bundling for Discounts
If you have your auto policy with the same carrier, you can typically receive a discount. Sometimes when we do that, the Renter’s insurance ends up at a low cost or almost free because the discount is so significant. Having all of your insurance at one location, making it easier to tackle things. Then if you move, we can always change the address on your Renter’s Insurance and transfer over the policy to your new residence. We would love to answer any questions you have on Renter’s Insurance here at Hanby.