*This blog has been updated as of October 2024 to reflect new information.
Renting a house or apartment is convenient for many reasons. The landlord will take care of any necessary repairs. There is less money upfront. Overhead month-to-month cost is lower. If the renter doesn’t enjoy the building as much as they thought they would, they can move. Flexibility is a huge bonus for renters. But what if something happens to your personal items? Renters insurance is often mentioned but frequently ignored.
Why is that?
The fact is, most people don’t think they need it. Any damage to the rental property is the landlord’s responsibility, right? But what happens in the case of a fire or flood? What happens in the case of a break-in?
Here’s what you need to know about renters insurance so you can make an informed decision.
What Is Renters Insurance?
Renters insurance is a set of coverages for a person living in a property owned by someone else. It protects both you and your belongings. Renters insurance is similar to homeowners insurance except it doesn’t include coverages for the structure of the building itself.
Mistakes, accidents, and unfortunate circumstances are going to happen. This could come in the form of a burglary, a fire, or maybe even a guest’s injury.
Renters insurance usually includes liability coverage. This is a set limit of payments the insurance company will cover if you are found responsible for the incident or item in question. For instance, if a visitor is injured in your apartment and you are found liable, the insurance policy will cover an amount of the medical bills up to your coverage limit.
Every situation is going to be different. The specifics will change but the benefit of an insurance policy is constant. An insurance policy is there to minimize the impact one of these unfortunate circumstances will have on your finances.
But what kind of circumstances will it cover?
What Does Renters Insurance Cover?
In short, renters insurance covers your belongings. The amount covered depends on the policy you choose. Usually, you can choose to either receive the cash value of your stolen or damaged belongings, or cash to replace the item. The deductible will depend on your policy.
More expensive items like jewelry or collectibles might have a cap on how much the policy will cover. The policyholder can purchase additional coverage to cover these items in full in the case of theft or damage.
As stated above, injured guests can also make claims for their injuries.
Renters insurance policies vary depending on the coverages you deem important to your personal situation. These coverages and the associated premiums depend on your particular needs.
So how do you know which policy is right for you?
Call A Tennessee Renter’s Insurance Agent
Owen O’Malley of Eagle Insurance & Financial has been serving Nashville’s renters insurance needs for years. More than that, by partnering with Allstate, he can offer the expertise of a company that’s been in the insurance business for over 80 years. Owen O’Malley’s experience plus that fact that he’s lives in Nashville equips him to help you make the best choices for your renters insurance policy.
The fact is, renters insurance isn’t expensive. Covering your belongings against tragedies like fires and floods can be a great weight off your mind. It only takes about 50 cents a day to cover your electronics, furniture, guests, and anything else valuable in your condo or apartment. Should a disaster force you from your home, renters insurance covers additional living expenses.
Renters insurance is a great idea no matter where you live. And if you’re in the Nashville area, Eagle Insurance & Financial will help set you up with all the information you need. Imagine standing outside of your rental property moments after a fire. You watch the smoke still rising. The flames have taken everything inside your apartment. Panic starts to set in until you realize you made a call to Owen O’Malley a few months before. Your television, your bed, and your computer will all be replaced in due time.
Take a moment to protect yourself against catastrophic loss. We can’t control everything that happens around us. But, we can control how we prepare for the unexpected.
