Renters Insurance
FAQ


Q: Do I really need renters insurance?
A: If your apartment, condo or home contains anything of value, yes. According to the U.S. Department of Justice, a rented property is 79% more likely to be burglarized than an owned property. Deadbolt locks and security alarms can help with prevention, but it’s still a smart idea to insure your possessions. Break-ins happen, and they happen everywhere.
If your possessions are lost due to theft, fire or certain weather-related causes, you most likely will be on your own to replace them if you’re without renters insurance.


Q: I don’t own very much. Why do I need renters insurance?
A: Most renters would be surprised to learn how much it would cost to replace every item in their home. Furniture, electronics, clothing, footwear, major appliances, dishes, silverware—the average renter owns a lot of stuff! If you were to lose it all, even a week’s worth of clothing and a new dresser could set you back hundreds, if not thousands of dollars.


Q: My landlord’s policy covers everything, right?
A: Wrong. In most cases, a landlord’s insurance only covers structural damage to the property. If your building were to catch fire, your landlord’s coverage would likely cover structural repairs, but not your personal possessions. Renters insurance fills in the coverage gap by protecting your personal possessions.


Q: Will my landlord pay for the cost my renters insurance policy?
A: Your landlord will most likely not pay the bill for your policy since he or she is probably already paying for landlord insurance. Fortunately, renters insurance is extremely affordable, so you won’t have to sacrifice quality coverage to balance your budget.


Q: Do college students need renters insurance?
A: Yes. You might think that you don’t have that much stuff. In reality, if you take a look around your home, you’ll probably realize that you have thousands of dollars of personal belongings. Can you afford to replace your computer, stereo system, TV, bicycle, furniture, and everything else in your home if a fire or theft occurs?
If the answer is no, then you definitely need a renters insurance policy. For just a few dollars a month, you can secure reliable coverage.Yes. As a starving college student, you might think that you don’t have that much stuff. In reality, once you take a look around your apartment or dorm, you’ll probably realize that you have thousands of dollars of personal belongings. Can you afford to replace your computer, stereo system, TV, bicycle, furniture, and all the stuff you love if a fire or theft occurs?

If the answer is no, then you definitely need a renters insurance policy. For just a few dollars a month, you can secure reliable coverage.


Q: Can my roommate and I both be on the same renters insurance policy?
A: if you and your roommate each have your own possessions, it probably makes the most sense to buy separate policies. A renter’s insurance policy also covers liability issues; you may want to avoid the possibility of getting wrapped up in your roommate’s legal issues by maintaining a separate policy.


Q: What does renters insurance cover?
A: Depending on your coverage options, a renter’s insurance policy will cover your personal items that are lost due to:
•Theft
•Fire
•Lightning
•Smoke
•Windstorms
•Hail
•Vandalism
•Theft-Off Premises (Covers your property if it is stolen away from home)
•Temporary Housing (Covers your housing costs should you become temporarily displaced from your home as result of a fire, flood, water leak etc.) 


Q: What is liability coverage and why do I need it?
A: Personal liability protection covers unintentional bodily injury and property damage. For example, if a guest in your home is unintentionally injured or should your dog bite someone and you are sued for damages, personal liability insurance protects you against financial loss up to your policy limit. It may also help cover legal defense costs.


Q: What happens if my home is damaged and I have to move out while it is being repaired?
A: Make sure that your policy includes coverage for loss of use.
The loss of use provision in most cases will cover your temporary housing expenses while your home is being repaired. However, depending on your policy, coverage may be limited to a few months or a fixed dollar amount. Your agent answer your questions can explain the specifics regarding this portion of your policy.


Q: How much does renters insurance cost?
A: Here is the great news, The average cost of a renters insurance policy costs between $15-$30 per month according to the National Association of Insurance Commissioners.Your landlord will most likely not foot the bill for your policy since he or she is probably already paying for landlord insurance. Thankfully, renters insurance is really affordable, so you won’t have to sacrifice quality coverage to balance your budget.Your landlord will most likely not foot the bill for your policy since he or she is probably already paying for landlord insurance. Thankfully, renters insurance is really affordable, so you won’t have to sacrifice quality coverage to balance your budget.


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