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From fire damage to bike theft, renters insurance makes sure your things are protected from unforeseen events.
What Does Renters Insurance Cover?
A standard renters insurance policy provides for the following:
Personal Property
Renters insurance protects electronics, clothing, and furniture in case of theft, fire, and extreme weather.
Scenario: A fire breaks out in a neighbor’s apartment and causes flooding and smoke damage in your unit. Renters personal property can cover the costs to replace your damaged belongings and the damage done to your unit.
Liability
Liability coverage protects renters from being financially responsible if they accidentally cause damage to the property of another. Furthermore, it can provide coverage if someone is injured while on the rental property.
Scenario: You accidentally leave a faucet running, causing water damage to your apartment and the one below it. Your renters liability coverage steps in to cover the costs of repairs and saves you from being responsible for the cost of the damage.
Loss of Use
Also known as Additional Living Expenses (ALE), renters loss of use coverage provides support in cases of tenants becoming displaced from their rental. ALE covers temporary living accommodations if a property becomes uninhabitable due to a covered accident.
Scenario: Your duplex must undergo extensive repairs after a hurricane, temporarily forcing you to move into a hotel. Your renters loss of use coverage can help cover the hotel costs while your rental unit undergoes repairs.
Medical Payments
Medical payments coverage is often referred to as MedPay, and it is a popular addition to renters insurance that covers medical expenses for any injuries that occur in the rental. As this is usually an add-on to renters liability insurance, MedPay provides coverage regardless of who is responsible.
Scenario: A neighbor slips and falls on your wet floor during a visit to your unit. The fall results in the neighbor sustaining a broken tailbone. MedPay coverage helps with covering the ER visit and following medical bills.
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Renters Insurance Frequently Asked Questions
How much does renters insurance cost?
Renters insurance costs will vary depending on how much coverage you opt for, in addition to a few other variables, such as the value of your belongings and your chosen deductible amount.
Do I have to have renters insurance?
Unlike auto insurance, renters insurance is not required by law. However, it’s very common for landlords to require their tenants to have renters insurance. If your landlord requires you to buy renters insurance, this information should be clearly stated in your rental agreement.
How much renters insurance do I need?
If your landlord requires renters insurance, your lease will likely state how much minimum liability insurance you are required to purchase.
When it comes to your belongings, it’s best to assess their total value using an inventory. You can create a written checklist or use a mobile app. Consider the replacement cost for items like furniture, electronics, and clothing.
A home inventory will make sure your plan fully covers the costs needed to replace your belongings. It also ensures you can easily prove your loss if you ever have to make a claim.
How does renters insurance work with roommates?
In most cases, when renting with roommates, each roommate obtains an individual renters insurance plan.
Is renters insurance worth it?
For a relatively low cost, renters insurance provides crucial protection for your belongings and offers liability coverage, ensuring financial security in case of unexpected events in your rented space.
