Every homeowner in the United States is familiar with home insurance. If you own a house, having a comprehensive insurance policy is so important. But what if you rent your living space? You aren’t alone! In 2022, nearly 35% of Americans are renting their homes (iProperty Management, 2022). So, how does that work with insurance? Bad luck happens, whether you rent or own, and it’s just as important to have a good renters policy in place! So, what is renters insurance exactly?
Renters insurance is often overlooked but can save you big time! It protects your possessions while living in a rented house or apartment. The average cost of renters insurance is only $15 a month (Business Insider, 2022), making it affordable for most people. For only a small monthly payment you can save yourself lots of headaches down the line.
Landlords have insurance policies in place to cover damages to their physical property, but that doesn’t include coverage for damages to the personal property of tenants. When you take out a renters policy, you get protection for things like furniture, electronics, clothing and other personal items of value.
Renters insurance doesn’t just provide coverage for damaged or stolen possessions, it can be applied in a couple of other ways as well! In the event that your home or apartment is damaged and temporarily unlivable, renters insurance can help with covering costs for temporary alternative housing.
It also provides personal liability coverage just in case someone is injured while in your living space. Accidents happen, so make sure you’ve got a good renters policy in place when they do!
When you file a claim, your renters insurance reimbursement is determined in two ways. The first is by actual cash value. This is the determined value of your possessions at the time they were damaged. The second way is by replacement cost, where the insurance policy pays the entire value of replacing your damaged items with new ones.
Although renters insurance covers a lot, there are limitations to it. Standard renters policies will not cover excessively high value items like jewelry, artwork, antiques and musical instruments. For these circumstances, you may need to add coverages to your policy for an additional premium.
Our agents here at TFG Home & Auto are well versed in renters insurance policies and will get you the right coverage for your individual situation. We shop over 25 insurance companies to get you the right coverage at the best rate. Fill out our policy review form, or give us a call at (855) 834-2886.
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Meet Alec Toth, the newest member of our team here at TFG Home & Auto! Alec is a Sales Representative, responsible for reviewing home, auto, umbrella, recreational vehicle and landlord policies.
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Meet Alec Toth, the newest member of our team here at TFG Home & Auto! Alec is a Sales Representative, responsible for reviewing home, auto, umbrella, recreational vehicle and landlord policies.
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