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4 Things to Know About Renters Insurance

Car insurance, health insurance, homeowners insurance—for most people, these types of policies are considered “no-brainers”. However, when it comes to renter’s insurance, it seems that this type of coverage is viewed as trivial, when it fact, it should be viewed as the complete opposite.

1. Evaluate your personal possessions, and keep an inventory list. It’s important to thoroughly evaluate all personal possessions and keep a list of all items in a safety deposit box or fire proof safe, in case your home or apartment is exposed to storm damage, fire or burglary. This list will save you a lot of time when filing a claim, and make it easier and quicker for your items to be replaced.

2. Living expenses can be covered, if displaced. Part of renter’s insurance that might come in the most handy someday is the “Loss of Use” element of your renter’s insurance coverage. This coverage pays for things such as hotel bills, temporary rent payments and deposits if you find yourself displaced while your property is being fixed or replaced.

3. Renter’s insurance covers more than just your things. It doesn’t stop at only covering your personal possessions; It also covers your liability if a guest becomes injured while in your apartment or rented home. In most cases, renter’s insurance would cover the medical bills and any resulting lawsuits, up to a certain dollar amount.

*It is also important to note that due to negligence, the owner or the rented property has a right of recovery against you.

4. It’s not as expensive as you may think. The best prices come when you bundle your renter’s insurance with your car insurance; however prices vary, depending on the level of coverage. According to the National Association of Insurance Commissioners, the average cost of a renter’s insurance policy is about $15 per month. If your insurance is with an independent agency, your agent will have the freedom to check with several insurance carriers to find the best renter’s coverage for the best price.

For more information on renters insurance, contact a myStarke agent, or fill out one of our free, no obligation quote forms.