Renters Insurance

Many people choose to rent their homes rather than own them. However, even renters are accountable for what happens inside their residences. An injury or property damage can cause financial hardship for a renter, especially without insurance protection. That’s where renters insurance can come in handy. 

What Is Renters Insurance? 
Renters insurance, like homeowners insurance, is a package policy. It usually provides both liability and property damage coverage. Your landlord will likely have their own insurance policy that protects the structure of your rental, but you still need to have renters insurance to cover your personal property and belongings.  

What Does Renters Insurance Cover? 
The liability portion of your renters insurance policy helps protect against claims of third-party bodily injury or property damage that you or another person listed as insured on your policy may cause. It can also help pay for medical bills if someone has an injury in your rental.  

The property portion of your renters insurance policy helps protect against damages and losses to your property and belongings. You have two personal property coverage options with renters insurance: replacement cost value or actual cash value. If you insure at replacement cost value, you can replace your purchased belongings at today’s prices. If you opt for the actual cash value, you can get the replacement cash value minus depreciation at your loss.  

Some renters insurance policies may also pay your temporary living costs if you need to move because of a fire, severe storm or another insured disaster. Your policy may cover hotel bills, temporary rentals, restaurant meals and other living expenses.  

How Much Coverage Do I Need? 
Renters insurance is usually optional, but you want an appropriate amount of coverage to protect your belongings. It’s a good idea to inventory your personal belongings, adding up the value of everything you’d want to replace if damaged or stolen. If possible, record model numbers, dates and places you purchased items and take photographs or videos of your items. 

Your renters insurance policy premium depends on the value of your belongings and what you want to insure.  

What Isn’t Covered by Renters Insurance? 
Renters insurance doesn’t cover damage caused by floods, earthquakes or routine wear and tear. Depending on your location and needs, you may need additional insurance coverage for flood and earthquake damage. 

Get Peace of Mind 
We can help you with a renters insurance policy that gives you the protection you need. Podmaska Insurance proudly serves customers in Rhode Island. Call us at 401-272-5444 to get the insurance you need. .

You may also be interested in…