Why You Should Consider Renters insurance. What is tenant or renters insurance?

A tenant is anyone who rents a house, apartment or condominium from a landlord. In most cases, the tenant furnishes the space with their own personal belongings to make it their home. What many people may not consider is how those personal items will be replaced in the event of a fire, flood or theft.

Although your landlord is responsible for insuring the building structure, the contents – that is, your belongings – are your own responsibility. This refers to furniture, electronics, clothing, towels, bedding, dishes… anything you bring into your rented home. When we think of home insurance, we often think of coverage for single family homes. But renters need coverage as well. One major insurer estimates that the average person has over $35,000 worth of belongings.

If you are renting, your landlord‘s insurance covers the building but not the tenant‘s belongings. A fire, water damage, or another common risk could result in a loss of everything you have acquired.

Coverage for your belongings:

Fortunately, a renters insurance policy can protect your personal property. You can even cover your valuables. Many policies let you customize your coverage so you can choose the right coverage amount for everyday items and choose special coverage for jewelry and other valuables.

You can also choose a deductible to fit your budget. The deductible is the part of the claim you pay if you have a covered loss. A higher deductible often leads to lower premiums, whereas a lower deductible offers more protection against out-of-pocket expenses if you have a claim.

Coverage for personal liability:

Perhaps one of the most important features of a renters insurance policy is the personal liability insurance that comes with your policy. Accidents happen, sometimes resulting in bodily injury to others or damage to the property of others.

Your renters insurance policy can provide protection for many types of personal liability claims, with dog bites being among the most common type of claims.

Your coverage even travels with you, so if you injure someone or damage someone else’s property away from home, your policy can still provide protection.

Auto and business liability are excluded, however, so be sure to discuss your coverage needs with your insurance broker.

Loss of use:

If a covered claim forces you to leave your rented home temporarily, your renters insurance policy can help pay for the additional expenses you may encounter, such as hotel costs or the digital cost of eating out.

Like coverage for your personal property or liability coverage, you can also choose a customized coverage amount for additional living expenses. Renters who have family or friends nearby may not need as much coverage, while others may want more protection.

Customize a renters insurance policy to fit your needs:

If you need a renters insurance policy or have not reviewed your renters coverage lately, reach out to your broker to discuss your coverage needs. Today‘s renters insurance policies let you build custom protection that safeguards your finances and fits your budget.
One way to save on your renters insurance policy is with multi-policy discount. Many insurers offer a discount if you buy more than one type of policy. Ask your broker if you qualify for a discount for buying renters insurance along with auto or life insurance. With some insurers, the savings from a multi-policy discount can be enough to pay for all or part of your renters insurance policy.