Renters Insurance

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While most people know how important it is to have homeowners insurance, many never stop to consider whether renters also need to protect themselves. Renters insurance is a type of insurance that protects the renter, as well as their property.

The amount of coverage that a renter chooses should account for the value of their belongings and offer enough coverage that they are adequately protected in case of an emergency.

What is Renters Insurance?

Renters can choose from policies that will pay the replacement cost or Actual Cash Value (ACV) of their belongings.

Policies that cover the actual cost of replacing items, rather than their depreciated worth, or ACV, are more expensive. However, these policies will be worth the additional cost if a renter should find him or herself in a situation where their belongings need to be replaced.

For example — If you paid $500 for a computer you would think that’s what you would get if something should happen to it, right? Not necessarily. With Actual Cash Value (ACV) the insurance company takes into account how long you have owned the computer to figure out its value. It’s like if you were selling it on Craigslist. You wouldn’t get the new value of the computer. You might only get $100 of that $500 you paid. And if you need a computer you would have to shell out the difference to buy a new one. This is a bit of information many people don’t know about or understand until they need to make a claim.

Our renters insurance policies will also offer liability coverage.

Customers may also choose how much liability coverage they need, depending on their budget and the amount of protection they feel most comfortable with. Liability coverage will help protect a renter if they are sued due to an accident that happened in or on the property they rent. Imagine you host a party and a friend’s friend comes and trips on your carpet and breaks their wrist — You are at risk of being sued for liability. What if you accidently burn down your home or apartment and also your neighbors home? You are at risk of being sued for liability. A renters policy covers these types of exposures.

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Five Reasons Why You Need to Protect Yourself with Renters Insurance:

1. Renters insurance will cover the cost of belongings lost in a fire, due to lightening, a windstorm, or hailstorm.

Losing your belongings in a fire or storm can be devastating. Luckily, those with a renters policy are covered in these situations and can be compensated for their loss.

2. Renters insurance can protect you from theft.

While these policies cannot actually stop a theft from happening, they will cover the cost of lost items. Depending on whether a person chose ACV or replacement cost personal property coverage, the insurance company will cover the depreciated value of the stolen items or the cost to replace them.

3. If your home is damaged and uninhabitable, renters insurance can cover the cost of other living arrangements.

Most people don’t have the money to pay for a hotel while their home is being repaired. Luckily, renters insurance will cover the cost of a customer’s living arrangements until their home is again inhabitable.

4. Renters insurance covers the costs of accidents that occur on a renters property.

If a person is hurt while on your property, you may be held liable, even if you aren’t necessarily to blame. The liability coverage in a customer’s policy will protect them from being sued for medical bills or other costs.

5. If a person loses important items while traveling, renters insurance can cover that too.

Losing a suitcase while traveling is extremely frustrating. Most airlines will only reimburse customers up to a certain amount, which may be less than the lost items were worth. Fortunately, renters insurance may cover the remaining cost of the lost items, which makes these policies all the more valuable to renters who frequently travel.

  • Don’t make the mistake that many people do and think the one that owns your apartment will have insurance and you are taken care of. The fact is, their insurance will cover the physical home but not your belongings or liability.
  • Also don’t make the mistake of thinking you don’t need renters insurance because your stuff isn’t that valuable. Unless you have enough put away to cover theft costs or liability costs, you need to make sure you are covered.
  • Truth is, renters insurance is a fraction of the cost of homeowners insurance and depending on the coverage you need, you may find the cost is pretty low. A renters insurance policy starts at about a $80 per year ($6/month, pennies a day).

With Northwest Community Insurance, if you bundle your renters insurance with something like automobile insurance you will get a discount. The inexpensive cost of renters insurance will be well worth it should something happen to your place and belongings!

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