According to the 2013 American Community Survey, over one-third of Americans currently live in households which they rent. This spans entire familys to single individuals, over many different income brackets and walks of life: one thing they have in common? While they rent their property, they all have possessions which they store in their home. So what happens if those possessions are stolen or damaged? Who pays for them? While landlords have their property insured, the contents are the renter’s responsibility. You need renter’s insurance. What is renter’s insurance?
What Does Renter’s Insurance Do?
Renter’s insurance acts for renters the same way homeowner’s insurance acts for homeowners. It generally protects against losses on your personal property within the rented property, which can be included to extend to storage in adjacent structures as well, such as a storage shed or nearby garage. When signing your lease, part of it may require you to buy renter’s insurance, but if your landlord does not require it, beware: this does not mean they are liable for damages to your property. The only one responsible for your personal property in your rented home is you.
What Does Renter’s Insurance Cover?
Generally renter’s insurance covers damages and losses to your personal property due to scenarios outside your control, including criminal, mechanical, and natural disasters. Below is a general list of losses covered under renter’s insurance.
- Theft
- Vandalism
- Smoke, if sudden and accidental
- Sudden and accidental discharge of water or steam from plumbing, heating, or air-conditioning system, or household appliance
- Fire or lightning
- Windstorm or hail
- Loss of use
Should I Get Renter’s Insurance?
The short answer is yes. While there are several factors for the prices of renter’s insurance including location, property, and amount of personal property, renter’s insurance is very cheap (think fractions of your car insurance premiums). If you’re a single in a studio, you still have thousands of dollars of electronics and furniture. If you’re a family, the loss of your personal property can be crippling. This relatively cheap insurance provides peace of mind for all the above coverages.
What if I…
What if I Rent a Mobile Home?
These can be insured the same way as any other property, including insuring adjacent structures such as storage sheds and garages.
What if I Have a Pet?
Beyond your pet deposit, certain counties and cities require further insurance for your property. Depending on circumstances, this could be included in the renter’s policy, or be a stand-alone.
What if I Need to Claim?
Need to claim quickly? Putting together a home inventory (including photos and proof of ownership), makes it easier to file the insurance claims. It also will help you get the right amount of coverage for your insurance.
So, interested in getting Renter’s Insurance? Contact us over at TJ Woods Insurance Agency. If you’d like to learn more, take a look at our Renter’s Insurance section.
