What You Need to Know About Renter’s Insurance

Many people choose to move during the springtime and early summer when more flexible schedules allow the time, and the kids are out of school. Springtime means changes of all kinds for many families… you may even have a teen you’re going to be moving out on their own soon! If you’re planning an upcoming move (especially with kiddos!), now is the time to get started. I wanted to talk to you about something that you may forget to pack… renter’s insurance!

Many times, when moving, families have to stay in an apartment or rental property for a short time while relocating, finishing building, or finalizing the purchase of a new home. While you’re there, if your apartment is robbed or the apartment above you has a fire and the water used to extinguish it floods your apartment, your landlord’s policy likely won’t pay to replace any of your stuff. That’s up to you. You may need Renter’s Insurance.

Many renters pass on Renter’s Insurance because they think that they don’t have anything worth protecting. However, for many renters, the things in their rental property are the majority (sometimes all) of their possessions. You do have a lot of money invested in your personal property, and it’s worth protecting. Remember, as a renter, you could experience a loss due to something you have no control over.

A Renters Policy will protect your personal property the same way it would if you owned a home. Ask us what level of coverage is right for you.

Your Renter’s Insurance Policy includes:

  • Personal Property Protection – Covers the loss of damage to your “stuff” (furniture, clothing, and other personal property).
  • Family Liability Protection – Covers you in case someone gets hurt and claims you are responsible. This also covers attorney’s fees.
  • Guest Medical Protection – Covers medical costs for visitors who are accidentally injured at your home or apartment.
  • Additional Living Expenses – Reimbursements for costs of temporary housing during reconstruction. For example, if you were forced to find other temporary housing because of a fire or storm, your renter’s insurance would reimburse you for temporary housing costs.

Coverage Choices:

  • Replacement Coverage – Allows you to receive the full purchase price of lost items. (You will receive the amount of brand new “stuff” at today’s cost with no depreciation.)
  • Scheduled Personal Property – Extends protection beyond your basic policy limits for certain high-value items

Do you have any questions about your renter’s or other insurance policies? Don’t hesitate to reach out to us at the agency. We are happy to discuss your coverages and answer any questions you may have.

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