This is essential coverage to have if you are a renter because it may help replace or repair your personal belongings if they are damaged or destroyed by an unexpected event as well as cover the costs related to a legal claim against you.
While searching for a place to rent, you may have come across two different kinds of property managers—one that requires you to have renters insurance and one that does not. It probably won’t surprise you to learn that your local insurance team at Austin Insurance recommends you get a renters insurance policy regardless of whether your landlord requires it. This coverage can provide you with valuable personal property and liability protection at an extremely affordable rate.
Why do you need renters insurance?
The great thing about having a landlord is that you can typically rely on them to take care of the things you’d rather not deal with, like fixing a plumbing or heating issue, handling an infestation of ants or other pests, or dealing with another renter who is being disruptive.
However, one thing you cannot rely on your landlord for is to protect your stuff. While rental property owners will typically have a landlord insurance policy, it generally only covers losses to the building itself. So, if there is a fire at the rental property where you live and the flames, smoke, or water used to put out the fire damages or destroys the things in your apartment, such as furniture, clothes, and electronics, it will fall on you to pay for replacing or refurbishing these items.
Likewise, you cannot expect your landlord to help cover the potential financial repercussions of someone injuring themselves in your unit. Instead, you will likely end up accountable for paying for the injured person’s medical bills and other injury-related expenses, as well as any legal expenses you incur if you end up getting sued as a result of this accident.
If you’d rather not have to spend a substantial amount of your own cash when a disastrous event occurs, then get a renters insurance policy as soon as possible. This coverage typically provides the following protections:
Personal Property
Covers the cost of replacing or repairing your personal items if they are destroyed or damaged by a fire, vandalism, a water leak, or another similar incident, as long as those events are named in your insurance policy. In addition, if your things are ruined or stolen while you’re traveling or if they are damaged in a storage unit, your renters insurance may cover many of the related replacement or repair costs.
Personal Liability
Aids you in paying the medical bills of someone who is injured in your home. If the person decides to sue you for their injuries, personal liability coverage also may help you pay for a lawyer to represent you and other related legal expenses, including any settlements against you. This coverage may also extend to costs related to repairing another’s property, including your landlord’s, that you, a family member, or a pet accidentally damages.
Loss of Use
Assists you in paying for expenses you might incur beyond your normal living costs if you need to vacate your apartment after a disaster. For example, if your place is deemed unlivable after a fire, you might end up staying at a hotel, eating out frequently, or boarding your dog while your apartment is being restored. When these types of expenses lead to you spending more than is typical, you may be able to request reimbursement from your renters insurance company.
While these are the standard coverages included in renters insurance, you still have to make a variety of significant decisions about your policy. You will need to choose the amount of protection you think will best safeguard your personal belongings and the deductible you would feel comfortable being responsible for if you file a claim. It’s also critical that you understand the terms, limits, and exclusions in your policy before you commit to paying for anything.
As your insurance professional, Austin will help guide you through your renters insurance choices and help you select the appropriate policy that fits your protection requirements and budget. This includes assisting you in uncovering discounts you might be eligible for as well as additional coverage options you may want to consider, such as the following:
-
Potential Discounts
- Bundling Renters & Car Insurance
- Paying Premium Up Front in Full
- Using Dead Bolts or Having a Security System
- Living in a Gated or Guarded Complex
- Being Claims-Free for Five Years or More
-
Additional Coverage Options
- Umbrella Insurance
- Scheduled Personal Property Endorsement
- At-Home Business Endorsement
- Flood Insurance
- Earthquake Endorsement
How Austin takes care of renters is different from all the rest
The best way to get the right level of renters insurance protection for you and your property is to work with a knowledgeable insurance professional like Austin. Otherwise, you could end up with a renters insurance solution that falls short of your expectations and requirements should you have to file a claim.
Working with our local, professional, and always straightforward team, you will get the best coverage and price to meet your renters insurance needs and gain the peace of mind that you and all your things are well protected.