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Contact: Amanda Edmunds
I & E Insurance Agency
What is Renter’s Insurance?
Renter’s insurance issues coverage for lost, damaged or stolen personal property. Additionally, it covers injuries that occur in your rented home or apartment and liability.
What Does Renter’s Insurance Cover?
There are three different coverages that are included under the renter’s insurance umbrella: liability, personal property, and additional living expenses. Liability coverage refers to a tenant’s liability for any injuries that occur in a rented residence.
Likewise, personal property coverage includes financial reimbursement for a tenant’s lost or damaged property in the event of theft, fire, or vandalism. Finally, additional living expense coverage applies to any additional costs one might incur in the event that your rented residence is damaged or uninhabitable. A standard HO-4 policy also reimburses you for loss or damage of your belongings in the event of:
Renter’s insurance does not cover you in the event of earthquakes or floods, because many companies offer separate flood insurance policies.
- Fire or lightning
- Riot or civil commotion
- Aircraft damage
- Volcanic eruption
- Vehicle damage
- Ice, snow or sleet
- Sudden electrical current damage
- Sudden, accidental damage of plumbing, heating, air conditioning, automatic fire-protective system, hot water systems, and other appliances
How Does Renter’s Insurance Work
In the event of damaged or stolen objects, you must file a claim. If your claim is covered, your insurance company pays for the damages or lost items up to a specified limit.
Why Do I Need Renter’s Insurance?
While renter’s insurance isn’t legally required, certain landlords may request that you acquire it. Only 37% of renters carry a policy despite it being a worthwhile investment. In the event that you are robbed or lose your things in a disaster, renter’s insurance covers what you’ve spent years accruing.
Looking into a renter’s insurance plan? Reach out to I & E’s experts. We will make sure to provide you with a plan that suits all of your needs and meets your budget.