Whether you’re a student or a first-time renter, it’s common to ask yourself some variation of the question “do I need renters insurance?” After all, you don’t own the building you’re currently living in – your landlord does. But the truth is, renters insurance coverage is about a lot more than just protecting the apartment or other property that you’re living in. Let’s break down everything you need to know about renters insurance.
The Ins and Outs of Renters Insurance: Breaking Things Down
At its core, a renters insurance policy is exactly what it sounds like – one that is designed to protect the belongings of a renter and anyone who lives in a particular place from damage. As stated, it doesn’t cover the building itself – the landlord is responsible for that part. Rather, it is split up into a few key parts that it’s important to understand moving forward.
Personal Property
Personal property means the belongings of the renter in question. For the sake of example, let’s say you’re a renter and your television becomes damaged for whatever reason. A renters insurance policy will cover the cost to either repair or replace it depending on what the situation dictates. Anything that you own as a renter will be covered by this part of the policy.
Loss of Use
This refers to claims as they pertain not only to your personal property but also to any damage that the apartment has sustained as well. If you live in an area that is prone to earthquakes, for example, a particularly large quake may force you to temporarily move to a new place. “Loss of Use” provisions in a renters insurance policy can help cover the cost associated with that relocation process along with any temporary living expenses that you have to deal with.
Personal Liability
This is designed to protect against lawsuits stemming from injuries that are sustained while inside the apartment or other rental unit. This liability coverage is included in any renters insurance policy. It is imperative to never assume that your landlord‘s own insurance policy will take care of these types of injuries. In order to make sure you’re protected against any such lawsuits resulting from injuries or even death, you need to make sure the personal liability part of the policy is accounted for.
Cost
Ultimately, the cost of renters insurance will vary depending on a few different factors. Much like homeowners insurance, the area that you live in will play a role because certain areas are deemed “riskier” than others. Likewise, the total value of the items you’re insuring will also go into determining the cost of a policy. To find out how much renters insurance coverage will cost you, reach out to Marine Agency for a quote today!
Key Takeaways:
- A renters insurance policy is one designed to protect all the belongings in a place like an apartment from harm.
- One of the most important elements of the policy is called personal liability, which protects the renter from lawsuits stemming from injury or even death.
- Policy limits among other factors will dictate the overall cost of a renters insurance policy.
If you’d like to find out more information about whether you need renters insurance, or if you just have any additional questions you’d like to go over, please don’t delay – contact Marine Agency today!
