Picking the Right Renters’ Home Insurance
If you are renting an apartment or a house, you may think you don't need insurance because you don't own the building. In your mind, you may think the landlord has you covered. If that’s the case, think again.
When searching for renters’ home insurance, remember that you don’t want to skimp on coverage just to save a few dollars.
As you begin your search for renters’ home insurance, go in search of multiple quotes in order to give you the best opportunity to receive an affordable and solid renters’ insurance policy.
If the prices seem too much for you, just keep in mind that without insurance of your own, you could be put in a position where you have nothing left should you be the victim of a fire, flood or break in.
The above-mentioned problems are the reason it is important to get coverage that will protect your personal possessions, along with protecting you against liability claims should a person be injured on the property you are renting.
Renters’ home insurance will give you peace of mind against a number of perils that could befall you.
They include:
- Fire or lightning
- Windstorm or hail
- Explosion
- Riot or civil disturbance
- Aircraft
- Vehicles
- Smoke
- Vandalism or malicious mischief
- Theft
- Broken glass
- Volcanic eruption
- Falling objects
- Weight of ice, snow, or sleet
- Accidental discharge or overflow of water
- Sudden and accidental tearing apart
- Freezing
- Artificially generated electrical charge
Note that many renters’ insurance policies specifically exclude certain perils (e.g., earthquakes, flooding). Due to this fact, you may need to buy a separate policy to insure your possessions against damage caused by these hazards.
Property coverage levels in most cases begin somewhere around $15,000 and go up from there.
As you increase your coverage level, your premiums go up as well. Your insurance agent can help you decide the amount of coverage that is best for your situation.
Among the items you will want to protect will be:
- Money, bank notes, coins
- Business property (on and off premises)
- Securities, negotiable instruments
- Watercraft, including trailers, furnishings and equipment
- Trailers (other than boat trailers)
- Jewelry and furs
- Firearms (limitation applies to theft only)
- Silverware and gold ware (limitation applies to theft only)
Renters’ home insurance also provides liability coverage should an accident occur at your rental residence involving another person.
A typical renters’ insurance policy covers you for accidents and injuries that occur in your home, as well as accidents outside of your home that are caused by you or your property. (Not including automobile accidents.)
The liability coverage includes legal defense costs, if you have to go to court over such an accident. Standard levels of liability coverage will be $100,000, $300,000, and $500,000.
The amount of liability coverage that you will require depends on your individual circumstances.