Just because you don’t own your home doesn’t make appropriate insurance unimportant. Your landlord’s insurance policy doesn’t cover your personal belongings. If there was a fire, how would you replace your bed, couch, clothing, dishes, and all the other items within your household? Even in the event of a disaster or burglary, you could have to pay out of pocket to replace everything. A renter’s policy is relatively easy to get, it’s relatively inexpensive, and could come in handy should the worst happen.
Insure Your Property with Renters’ Insurance
Renters’ insurance could help you pay for the damages and loss in a covered incident. Though renters’ insurance is sometimes called apartment insurance, it can apply to any type of dwelling that you can rent for habitation purposes, including town houses, condos, and more. The type of dwelling you occupy could have an impact on your insurance rates, as well as whether you have a garage or a storage locker.
Additionally, how much you pay for renters’ insurance will depend on how much your belongings are worth. When you talk with your insurance agent, he or she can help you to estimate the value of your property. This way, should a covered loss occur, you will reimbursed for the appropriate amount as compensation.
Be aware, there are some limitations on renter’s policies, things like jewelry coverage, collectibles, guns. If you have a lot of these items, you want to talk to your independent agent and look at scheduling these items separately, because you may need additional coverage for which the primary policy may not be adequate.
Protect Yourself with Renters’ Insurance
Many renters insurance policies also provide liability coverage. This offers financial protection should someone become injured accidentally inside your rental unit. Though it is true that your landlord may be responsible for paying compensation, depending on the incident, you could also be held accountable. We typically recommend carrying $300,000 or $500,000 of coverage.
Many renter’s policies also include loss-of-use coverage. This pays for expenses associated with losing the loss of your rented home in the event of a covered loss. For example, if there is a fire and you must live somewhere else temporarily, loss-of-use coverage on your renter’s policy will typically pick up those additional costs.
Looking for something a little different or more specific? Philleo also offers condominium insurance and homeowners’ insurance.
Bundle for Renters’ Insurance Savings
Philleo Agency Insurance offers a range of policies from which to choose and some discounts are available when you bundle your renters’ insurance with other policies, such as your auto insurance and other insurance policies. Ask your Philleo insurance agent about how much you can save by bundling multiple policies together.
Contact Us Today for a Renters’ Insurance Proposal
Contact Philleo for your free homeowners insurance proposal and advice on your coverage options. Our experienced team can help you find the right coverage to protect your family’s home. Call us today to get started.