With the current inflation on gas, housing, and everyday products, a lot of people are trying to cut costs where they can. However, Renter’s Insurance should not be one of those things.
Renter’s insurance covers your belongings, even if you don’t think they are worth that much. A lot of people underestimate the cost of their belongings until something happens. For example, say your sink overflowed into your neighbor’s apartment, the average claim is in the thousands. You want to make sure you are fully covered, and there are no holes in your coverage. How much it costs is just the tip of the iceberg of what you need to know. We have rounded up 5 questions to ask to find the best renter’s insurance to help you along.
Is ALL of my stuff covered?
Average policies cover the main items such as clothing, furniture, electronics and artwork. However, there are limits on expensive jewelry, fur, and silverware. For these items, you can purchase additional coverage if needed.
Computer equipment is usually covered, however, if you work from home mostly or permanently, it may not be. If you have business equipment at home, additional coverage may be needed to cover it. Yet, if you are working from home temporarily and are using basic equipment such as a computer and printer, you are more than likely covered. If you are using specialized equipment, you may need special coverage.
What ‘risks’ are covered?
Your renter’s insurance will cover against fire, smoke damage, theft, explosions, and water damages from bursting pipes and overflows. Keep in mind that a basic policy will not cover floods or excessive rain if on a first or base floor. Flood insurance will need to be added in addition to the renter’s insurance for this coverage. Also, breakage such as you accidentally knock over your laptop and break it is not covered.
Storm coverage is applied if there is damage from wind, however, if water comes through a wall or your roof it is not covered. Yet, say the roof is damaged by wind that ends up resulting in water damage that is most likely covered.
Also, if you are out of town, you are still covered.
Who is covered under my policy such as roommates?
Renter’s insurance usually covers your spouse and your immediate family members that live with you. However, it gets a little harder to cover when it comes to just roommates. For example, only two unrelated people can be on a policy, so it is wise that you have a good relationship as all payouts from damages are addressed to both people.
Am I covered if a guest in my apartment gets hurt?
Short answer, yes. The liability portion of your policy is meant for this. For example, if someone slips and falls breaking a bone or your dog bites someone. These are covered. Make sure you check your policy for dog breed exclusions though. Some carriers do not cover “aggressive” breeds.
Another thing to keep in mind is if you sublet or Airbnb your apartment, most likely your policy will not cover you. It is a good idea to speak with your agent before doing this to see what steps you need to take to ensure your belongings are covered.
What about outside my apartment? Is my stuff still covered?
Most insurance policies will cover items that are stolen or damaged outside of the apartment. Keep in mind though some policies will not cover theft so it’s best to speak with your agent to see if you need a separate off-premises theft policy. If you travel a lot with expensive items, this addition might be worth it.
If you do have damage to items by vandalism, water damage from a burst pipe or fire, this will more than likely be covered by your original policy. For example, you have a fire at your storage unit and items are destroyed, this should be covered. When in doubt, ask your agent.
Renter’s insurance typically is pretty cheap. Keeping your stuff covered is important and is not something you want to go without. A lot of people do not realize that they are under insured either. If you need to have an idea of how much renter’s insurance you need, take an inventory of your items, such as clothes, electronics, furniture, personal property, etc. This will give you and your agent an idea on how much to insure you for.
If you are wanting to look over your current policy or need a new policy we would be happy to help. We are an independent broker so we will be able to find the best company and policies for your needs. You can start a quote here, email us at email@example.com or call our office directly at 770-720-1314.