Renters Insurance is identical to Homeowners Insurance except no coverage is needed for a dwelling.  Let’s face it, in most cases, your Landlord requires you to obtain the coverage. This is required because in the event of any type of loss the Landlord will not be responsible for damages to your personal items. However, even if you are not required to have Renters Insurance, it really makes sense to have this coverage as it is very affordable. You should be able to purchase a policy for about $15-$20 a month.

Some items to consider when purchasing Renters Insurance

Contents Coverage

Sometimes referred to as “Personal Property” are quite simply your personal items that you own. Your policy should consist of replacement coverage for your contents. This will make sure if you have a loss, the Insurance Company will not depreciate the value of your belongings based on their age. Covered losses usually consist of: Fire, Theft, Vandalism, Weather related damage (excluding Flood), and Smoke Damage. You also will have special limitations for certain items such as Jewelry, and Guns. These items should be insured separately under an Inland Marine/Personal items Policy.

Personal Liability

This is similar to Auto Liability Coverage. Any property damage, or injury that occurs on/off your property will be covered under your Personal Liability Coverage. Some examples of covered incidents would be: A. Starting a fire in your apartment, and it damages your neighbor’s personal belongings. B. You were in a golf tournament, and injured someone with a golf ball you hit. The main thing here is to make sure you have adequate Liability Coverage. We recommend a minimum of $300,000, but like to see our clients carry $500,000. You may even want to go higher, but that would be covered under a Personal Umbrella Policy.

Water Backup Coverage

This coverage will provide payment to you in the event of a claim resulting a water backup from a Sink, Toilet, Bathtub, or any pump inside the home. Even though this does not provide Flood coverage, this usually fills in the gaps for all other losses resulting from water. If you have a basement, this is a necessity, and it has a minimal cost as well.

Combine Policies and Save

Save money, combine all your policies with one company. Having all your insurance with one agency can save you 20-40% a year.