Common Renters Insurance Questions – Answered
More and more people are staying in rented accommodation thanks to high mortgage interest rates, rising house prices, and the freedom that renting provides. If you rent, you may assume that you have no responsibility when it comes to your belongings and property. In fact, you may have no renters insurance at all. The landlord covers it all, right? That’s where many renters make their first mistake. To help you separate fact from fiction and understand the truth behind common renters insurance questions, here is what you need to know.
FAQ for Renters Insurance
Doesn’t my landlord’s insurance policy cover my things?
It’s a common mistake to make, but no, your landlord’s insurance does not cover your own personal belongings. His or her insurance will cover the building structure, so if a fire damages walls and more, their insurance will step in to cover the cost of repairs. It is your responsibility to purchase a renters insurance policy to repair or replace your possessions if they are damaged by a covered peril, such as a fire, natural disaster, or theft.
My belongings are not worth very much. Why do I need renters insurance?
Believe it or not, but your possessions are worth more than you think. Think about all the money you paid for your clothes, electronics, and furniture. Imagine if you had to replace all those items at once. Such a disaster could put you out of pocket severely, which means you would not be able to get back on your feet quickly. Be sure to take a home inventory that logs all of your belongings and their value. This will help you decide how much personal property insurance to secure to safeguard all your items.
Plus, renters insurance can help protect you in the case of a theft that occurs away from home, stolen or forged checks, and stolen credit cards. Renters insurance can also help protect you if someone gets hurt on your property and decides to sue you.
Does my roommate need a policy?
While some insurers will let you add a person to your policy who is not related to you, many insurers will not. It is highly advisable for each roommate to secure their own renters insurance policy. This can help you save money in the long run if your roommate needs to file a claim for a stolen laptop while nothing of yours was stolen. Consider purchasing separate coverage to protect your own finances and items.
How much is renters insurance?
Renters insurance can be as affordable as you’d like it to be. To understand how much coverage you need, you first should perform a home inventory. Log all of your items and their value so that the insurer will know how much coverage you need. Working with a reliable renters insurance agent will help you secure an affordable policy that is tailored to your needs and budget.
We hope that answering some of these common renters insurance questions help you to understand coverage and consider purchasing a policy of your own. Don’t leave your items or finances vulnerable – secure a reliable policy that protects you when you are renting an apartment, house, or condo.
Talk to your home insurance agent today to learn more about how to protect your rented space with coverage. For all of your renters insurance needs, talk to the professionals at Little & Sons Insurance Services, serving Banning and neighboring cities in California.