Having renters insurance is an easy way to make sure your belongings are covered if they're damaged or stolen, and to help if you accidentally cause damage to others or their property.
Many people prefer the freedom of renting over the responsibilities of homeownership. Renters don’t have to contend with mortgage insurance or high interest rates to pay off their home. They don’t have to worry about selling a house in order to move. And with no property taxes or homeowners association fees to pay, renting offers an affordable solution.
However, renting does not remove the need to have insurance to protect your personal property. Fire, natural disasters, theft, liability, and other events that can cause significant financial loss can also happen when you rent. Without renters insurance, you’ve got no coverage for personal property loss or damage.
When you rent a house or apartment, the landlord is not responsible for your personal belongings. Renters insurance provides coverage for your personal belongings in the home, but does not cover damage to the actual dwelling or structure like a homeowners policy. Because it covers fewer risks, apartment renters insurance typically costs much less than homeowners insurance.
Covers damage, destruction or theft of your personal property.
Pays for loss settlement and legal fees in the event that an insured party causes bodily injury and/or property damage to others.
Provides coverage for the identification, testing and removal of wet or dry rot, fungi, or bacteria in your home, and covers the cost to repair any property damaged during the removal and remediation process.
Medical payments to others
Pays for medical bills when someone is injured on your property, regardless of fault.
Renters insurance is designed to protect against financial loss due to circumstances beyond your control. It offers coverage that reimburses the replacement cost of personal property that is damaged or lost while you reside in the home. Basic renters insurance coverage typically includes:
The most intangible benefit from renters insurance is peace of mind. Even when you don’t own the home or apartment you live in, damaged, destroyed, or stolen possessions can cost tens of thousands of dollars to replace. Renters insurance lets you sleep well at night knowing you won’t be financially ruined if the unexpected occurs.
Other benefits include:
Identity theft protection
Covers up to $15,000 of expenses you incur as a direct result of identity theft.
Personal injury protection
Protects you against claims of libel, slander, and invasion of privacy under your homeowners insurance policy.
Coverage for valuables
Offers open perils coverage for your valuable items such as jewelry, furs, cameras, musical instruments, silverware, fine arts, and golfer’s equipment.
Increased limits on personal property
Extend personal possessions coverages beyond the standard limit.
If you think all renters insurance companies are alike, take a close look at Homesite. We were one of the first companies to enable customers to purchase home insurance directly online during a single visit, and we continue to make it quick and easy to get a policy from us.
We have broad geographic coverage and write in almost every state. We provide comprehensive insurance that covers the major risks renters face - and we offer fast, easy claims processing online and over the phone.
For a reasonable additional fee, you can ensure replacement of your personal property whether you rent a home or apartment. Get a renters insurance quote from Homesite today.