Renters insurance is one of those things most people don’t want to think about. Other policy types deal with recognizable disasters, such as loss of life, prolonged illness or car accidents. But for anyone renting a house or apartment, buying a renters insurance policy or skipping it can have long-term effects – with potential impact that’s as big as those terrifying situations. If you’re struggling with whether a renters insurance policy is the right choice for you, Williams & Case Insurance Agency is here to help.
We gathered answers to six of the most common questions about renters insurance. Read on for insight into renters insurance, what most policies cover, the limits of most renters insurance policies, and more.
1. What is Renters Insurance?
Renters insurance is a type of policy designed to protect the physical belongings of people who rent their living space in the event of a covered loss. Incidents that may be covered typically include theft, break-ins, fires, and visitors’ injuries.
Each policy is different, but most cover the cost of replacing your belongings after a covered loss up to the limits included in the policy. For example, if there’s a fire in your apartment that destroys some of your furniture and clothes, your renters insurance policy will likely help you pay for replacing them.
Personal property coverage in a renters insurance policy can help you replace items after a theft – whether it occurs in your rented home or out in the world. If your laptop gets stolen at a coffee shop or your Smartwatch goes missing at the gym, your renters insurance can likely help get them replaced. The liability component of renters insurance covers guest accidents, such as a friend slipping on your interior stairs or your dog biting a neighbor.
2. How Much is Renters Insurance?
The cost of a renters insurance policy depends on various factors, the biggest being the value of the items you want to insure. For instance, if you’re looking to cover just your electronics and digital devices, it will likely be cheaper than attempting to cover all your possessions.
The good news is that renters insurance tends to have one of the most reasonable price points of all available policies. At Williams & Case Insurance Agency, there is even the potential for a discount on your renter’s insurance best policy when you bundle it with our auto insurance coverage.
3. What Types of Property Does Renters Insurance Cover?
There are two basic types of renters insurance relevant to living in someone else’s building: personal property and liability. Most renters insurance policies include both.
Personal property coverage in a renters insurance policy covers your personal belongings, including everyday objects like:
- Clothing and shoes
- Furniture
- Towels and bedding
- Kids’ toys
- Kitchen utensils
- Household appliances
- Smartphones, laptops and other digital devices
- Family photos and memorabilia
Liability coverage in a renters policy offers financial protection in the case of a lawsuit brought against you by a guest injured in your rental home – or for damages you cause to someone else’s property. Examples could include:
- A friend slipping and falling in your living room
- Your child throwing a ball through a neighbor’s window
- Your dog biting or scratching a visitor
Most renters policies also provide some level of coverage for finding another place to stay when your rental unit has become unlivable due to a covered loss or damage. An example is an apartment fire or a burst water pipe. In either case, it could be unsafe for you to stay in your home until repairs are completed. Check your renters insurance policy to see if it will help with additional living expenses, like hotel bills or extra food outlays, in this type of event.
Be careful not to confuse renters insurance with property insurance – which your landlord needs to cover the actual physical structure and related property of the rental unit in the event of damage.
4. When Would I Use Renters Insurance?
When a covered loss or damage occurs to your personal property, you can take advantage of your renters insurance. Your policy contains details about the types of events it covers – often called “perils” – so be sure to read it carefully.
In general, though, your renters insurance is your go-to safety net for a variety of situations, such as:
- Flooding from a burst water pipe
- Damage and theft from break-ins
- Damage from a fire
- Theft of covered personal property outside the rental home
- An accident or injury to someone else inside your rented space
5. What are the Limits of Renters Insurance?
Renters insurance policies do not typically cover certain types of valuables. Very high-end items may require an additional policy called scheduled personal property insurance. This type of insurance can help cover pricey belongings, like:
- Expensive jewelry
- Artwork
- Musical instruments
- Coin and stamp collections
- Antiques
- Firearms
- Expensive cameras
Some types of events may also be excluded from a renters insurance policy. Weather-related damage is a great example. While flooding from an internal burst type is typically covered, flooding caused by rain is not likely to be covered. That type of damage may fall under the landlord’s property insurance if it results from structural issues, or a supplemental flood insurance policy may be necessary in some areas.
Apart from those preclusions, your renters insurance is limited to the coverage limits you set when you buy the policy. Your Williams & Case agent can help you determine appropriate limits for your budget and property levels. To prepare ahead of time, it’s a great idea to:
- Create an inventory of all your belongings
- Take photos of any unique or high-end items you own
- Document prices, dates of purchase and serial numbers where possible
- Compile any receipts you have of higher-priced items
6. What is the Process for Getting Insured?
Once you’ve inventoried your belongings, getting coverage from a renters insurance policy is as simple as getting in touch with Williams & Clark Insurance Agency. One of our licensed agents will happily answer all your questions and walk you through the process. You’ll have an opportunity to review all the coverage in your policy, ask more questions and make adjustments as you see fit.
Then, you’ll just need to pay your monthly premium to keep your renters insurance policy in force.
Get Your Renters Insurance Quote From Williams and Case Today!
Discover the peace of mind that settles on your rented home, apartment or condo with a renters insurance policy. Contact Williams & Case Insurance Agency today to speak to a qualified representative about your options and get a renters insurance quote.