If you are like most people who rent, you probably have not given much thought to renter’s insurance. However, if you’ve found your way to this post, perhaps it is in on your mind. No matter if you own a home or rent it, you should still have an insurance policy to cover the items inside of your home. Here are some ways to better understand what renter’s insurance is all about.
It’s important that you know that a standard renters insurance policy is not at all expensive, and is usually less than 45 cents a day. You can have your premium reduced if you have certain safety features in your home, such as fire alarms and security systems.
Yes, it’s true your landlord has insurance but it does not cover your personal items, only the structure. If there were a fire, the actual structure would be replaced with the landlord’s policy, but your clothing and personal possessions are only covered by your own insurance policy.
When you shop for your policy, you can choose one that as the actual cash value of each item lost, or the replacement cost value. The replacement cost option will be more in premiums, but you’ll receive a $1,000 camera for the $1,000 camera lost as opposed to the actual cash value of your camera at the time of the loss.
Renters insurance coverage also covers liability if someone is injured on your property. So, even though it is a rental unit if your lease agreement says you’re responsible for clearing icy sidewalks, and you renege on that responsibility and your mom falls and hurts her hip, you’re liable, not your landlord.
Get a free estimate on this policy