Common Questions about Renter’s Insurance
Many people who rent their homes often wonder whether they should purchase a renter’s insurance policy. If you count yourself among those people, here are some frequently asked questions about renter’s insurance that you may find useful.
Q: How much does renter’s insurance cost?
There are a variety of factors that go into the price you pay for renter’s insurance, but for most people it is very cheap: generally between $10 and $20 per month.
Q: What does renter’s insurance cover?
If you are robbed or if your apartment burns down, you will have coverage for damages. Renter’s insurance policies also include liability protection, which covers any medical expenses that may arise as a result of someone being injured in your apartment, and helps you replace any items that were either stolen or damaged in your apartment.
Q: What does renter’s insurance not cover?
Unfortunately there are some natural disasters that are not covered in renter’s insurance policies, such as floods. There are other insurance policies available that protect from flood damage, and people who purchase those policies typically live in flood plain areas. A good landlord will let you know if you are renting a property that is located on a flood plain, but it’s worth doing some investigation into this yourself as well.
Q: How much renter’s insurance coverage do I need?
Consider the costs of everything that you own, and what you would need replaced if you were o be robbed. Most people factor jewelry and electronics when considering possible theft, and furniture, clothing and other personal effects for fire damage. You should always have enough money stashed away somewhere to be able to cover the deductible for your policy if a disaster were to occur.
Q: What else do I need to know about a renter’s insurance policy?
You should always talk to your insurance provider if you have any questions about your policy, but just make sure that you read through the policy carefully before you purchase it. You should note if there are any limits for claims, or other types of stipulations that may be present in a policy.
We are happy to answer any additional questions that you have about renter’s insurance. Contact us today for more information.