When you signed your renter’s contract, was it with a landlord or a fairy godparent? Probably a landlord, but if not, please let us know- we have questions. The truth of the matter is that we are all human with our own things to look after – your things are not your landlord’s, and their policies likely does not extend to cover all of your stuff (or any of it), even if it’s in the home you rent from them. Here are some tips to make sure you’re protected while renting.
Is It Worth It?
Simple answer- yep. Imagine that you’re in an apartment complex and leave for the weekend. When you return you find that there was a fire in a neighboring apartment and your property was damaged. Will you have to pay for the repairs to the unit? No, your landlord will. Will they pay to replace your personal property? No, that responsibility rests with you as the landlord does not own your personal property. You do. Your property and belongings are covered by your renter’s insurance, whether it is in an apartment, house, or almost anywhere you are renting. If you cannot replace it all out of pocket, then the insurance is definitely worth it.
But Insurance is Expensive!
Renters insurance is famously some of the cheapest insurance available, starting at a massive
$15-per-month. Rates vary based on state and region, as well as security measures at the location like security systems and fire alarms, but it usually doesn’t get very expensive. And if you would still like to save even more money, you can bundle it with your car insurance for an even stronger discount.
What is Covered by Renter’s Insurance?
Renter’s insurance pays for the repair or replacement of lost or damaged property, as well as the living expenses that you may incur if the property itself is damaged and unlivable for a certain time. It protects you from liability and negligence by paying for repairs, legal fees, medical expenses, and other damages. For instance, if someone is hurt at your home or an incident starting at your home affects a neighbor (like a fire at your residence catching theirs on fire), you’re covered.
What Kind of Policy Should I Get?
That depends on what you’ll be needing. Variations include “actual cash value” or “replacement cost”, meaning do you want to insure your property for what it is worth at this time or what it costs now (think 5-year old TV vs new version of this TV)? You will also have to consider how much you’re willing to pay out of pocket during a claim (also known as your deductible), your payment method, how much it might take you to replace all of your personal items (furniture, clothing, electronics, etc.), among other things. Working with an agent who you trust and is knowledgeable and available is always an asset if you need help figuring these out.