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Let’s explore some of the common questions and concerns renters have regarding renters insurance!

Q: Why should I buy renters insurance?  I don’t own the building why do I need coverage? Doesn’t my landlord’s policy cover me if something happened in my apartment or house?

A: Every tenant needs renters insurance because landlord’s insurance policies do not cover their tenant’s belongings.  Renters insurance covers your possessions against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm, and water damage from plumbing.

      Q: What would happen if I had a fire in my apartment lost a majority of my belongings and I had to move out?

A: Renters insurance provides for “additional living expenses” which would pay for you to stay in a hotel until the apartment was habitable again.  A claims adjuster would contact you to go over what was lost in the fire and would explain how you are paid in order to replace what was lost.  

The landlord’s policy would only pay for the reconstruction of the building and would not pay to replace your lost items.

         Q: Am I covered if a person was hurt while visiting me?  

A: Renters insurance provides liability coverage for 3rd party individuals. The policy can have coverage limits from $100,000 up to $1,000,000. Renters insurance also covers your responsibility to other people injured at your home or elsewhere by you, a family member or your pet and pays legal defense costs if you are taken to court.

         Q: Does renters insurance cover my jewelry I wear every day or the laptop I use for school or work?

A: If jewelry items are worn daily, there is a better chance of them being lost or stolen and we all know what can happen to a laptop.  Somehow they get spilled on, dropped or stolen. It is a good idea to insure jewelry and your laptop separately by adding an endorsement to your policy coverage. This is referred to as a personal article floater and is in addition to the basic renters’ policy and coverers specific items for theft, water damage, breakage and mysterious disappearance (lost).

        Q: How much does a policy cost and how can I pay it?  

A: Most policies cost between $100 and $300 per year and can be paid on various payment plans.  

Don’t wait until a robbery or a fire occurs in your building. There is nothing worse than having one of these occur and not being insured for it. Get a free quote today and see what coverage’s fit your budget and are best for you.

Looking for renters insurance? Click here for more information and a free renters insurance quote from The Insurance Center of Decatur!

Posted 2:48 PM  View Comments

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