Most homeowners obtain insurance policies that will cover them in the event of theft, or damage from a fire or natural disaster. As a renter, whether you’re in a home or apartment, you’re at risk of property loss due to those events. But according to the Insurance Information Institute, less than half of renters carry equivalent coverage.
There are many Renters (or Home & Contents) policy options available to best suit your circumstances. You can obtain good coverage for you and your family for $20 a month or less on average – the cost of a restaurant meal, or a few drive-through lattes!
What Renters Insurance DOES cover:
• Your personal property damage or loss from vandalism, theft, power surges, or fire.
• Accommodations and food, if your residence becomes uninhabitable.
• Your personal liability (for instance, if someone visiting you gets hurt or has a belonging damaged.)
What Renters Insurance DOES NOT cover:
• Any roof, building, or premises damage – this is your landlord’s responsibility.
• Property damage due to earthquakes or water, like weather-event flooding or burst pipes (additional coverage can be purchased.)
• Your valuable items such as jewelry or artwork (additional coverage can be purchased.)
• Any damage or injury from an automobile (covered by auto insurance.)
• Your home-based business damage to property or liability (requires commercial insurance.)
• Negligence for expected or intended bodily injury, such as throwing something to hurt someone, is not covered.
How much do I need?
Working with your Merrill Insurance agent, you will pick reasonable limits for property damage and personal liability.
Your policy that covers replacement cost of property might have a higher premium, however it can cover the full replacement cost. Otherwise, it will cover the difference between the current value of the item being replaced and the new counterpart.
Most landlords require a minimum of $100,000 in liability insurance. You can increase your liability coverage even more without raising your premium significantly.
Take the highest deductible you can afford at any given time – $500, $1,000, or more. You will help keep your monthly premiums lower.
Hope for the best, be prepared for the worst.
Our agents will help you to craft a renter’s insurance policy tailored to your specific budget and life circumstances. We hope you’ll never need to use it, but if you do, rest assured we’re ready to get your life back on track – and you’ll be glad you have it. Contact us today to set up an appointment to discuss your coverage needs. We’re looking forward to hearing from you!