These are the things that renters insurance covers
Renters insurance is available to anyone renting a house, apartment, condo unit (from an owner), or room. Luckily, renters is one of the cheapest forms of insurance on the market, and you’ll likely only have to spend $15 to $30 per month to have all your things protected.
To see if renters insurance is right for you, roughly calculate the value of all the big purchases that are in your home. If all your household items were damaged or stolen, do you think you could afford to replace them all in one go?
How is renters insurance calculated?
This insurance type is calculated in much the same way that other property insurances are calculated. Some of the major factors that go into calculating your premium include the location of your unit, the location of your apartment/room in the building, the condition and year of your building and the security features of the building. In addition, the value of what your insuring will also be taken into account.
Your landlord has no legal responsibility to protect your possessions, they have their own policy. Their only mandated concern are the appliances within the unit, and the building’s structure itself. They also have to keep your rental in good repair and working order. Everything that happens within your unit, or to your possessions, is your responsibility.
The contents coverage portion provides repair or replacement of items on your policy that sustain damage or loss. These items may include:
- Musical instruments
Anything can be insured and protected, and it’s really up to you when it comes to picking which items you want covered. There will be specific perils that you may wish to include on your policy.
Protection from fire, theft, vandalism, smoke
Renters insurance will compensate you if you lose your protected possessions due to fire, theft, vandalism, smoke or any other form of hazard (including accidental water damage but excluding flood coverage). Your landlord’s policy will protect the building, but not your personal contents during one of these emergency events. Protect yourself!
Renters insurance will even pay for some additional living expenses if something happens that bars you from returning to your unit. A tree may fall on your roof, or a fire might need investigation. This means you’ll have a hotel room and meals paid for until you can go home again.
Without a renters policy, you won’t have any liability coverage on the premises of your rented apartment or house. If someone gets hurt while they’re over at your place, you might have to pay expensive legal and/or medical bills out of your own pocket if they decide to press any charges and make you cover their pain and suffering.
In sum, renters insurance is a great backup to have in case something goes wrong at your place.
Even if you’re the most careful renter in the world, does this mean that you trust your neighbours in the same building? Your possessions will be covered even if the damage isn’t your fault.
Marry that contents coverage with liability coverage and you’re getting some very affordable protection. Remember, renters insurance can cost as low as $15 per month for contents, liability and theft coverage! Talk to an insurance broker and find an insurer in your area.