Renters Insurance

 

  

If you live in a rental home or apartment, chances are you don't have the proper insurance. Despite the fact that  rented homes are more likely to be burglarized than owner-occupied properties, nearly 60 percent of renters don't have a renters policy.

What does it matter? "If you rent a house or apartment and think that your landlord is financially responsible when there is a fire, theft or other catastrophe - think again," warns the Insurance Information Institute. "Your landlord's policy won't replace your personal possessions or pay for your living expenses while the building is being repaired. The only way to protect your self financially against disasters is to buy a renters insurance policy." Renters insurance covers your possessions, liability and additional living expenses.

Possessions

Standard renters insurance protects your personal belongings against damage from fire, smoke, lightning, vandalism, theft, explosion, windstorm, water and some other possible catastrophic events. Similar to a homeowners policy, earthquakes are not covered, however they can be added through an endorsement to your policy. If your rental unit provides storage space in a basement, you may want to consider coverage for water and sewer backup. Talk to your agent to make sure you have the coverage you need.  

 

Liability

According to Safeco Insurance, standard renters insurance policies also provide liability protection in the event you or members of your household cause injury to others or damage their property. It may also pay for damage your pets cause. According to an article by Safeco Insurance, if you are sued, the liability portion of a renters policy may pay for both the cost of defending you in court and for court awards, up to the limit of the policy.

Additional Living Expenses

Many people are pleasantly surprised to learn that Additional Living Expenses (ALE) coverage is typically included in a renters insurance policy. If the home or apartment you are renting is damaged or destroyed and you need to live elsewhere while it is being repaired or rebuilt, renters insurance will cover your additional living expenses- namely the difference between your regular living expenses and the additional costs incurred by having to live away from your home, such as hotel bills, temporary rentals, restaurant meals, etc... 

 

If all of this has gotten you thinking about looking into a rental policy give us a call to discuss it today! 314.752.2500

 

The information in this article was provided courtesy of Safeco Insurance.