Renters Insurance

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.

 

What Is Renters Insurance?

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.

 

 

What your policy covers:

What Does Renters Insurance Protect Against?

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:

• Personal possessions. Covers damage, destruction or theft of your personal property. This includes damage from most natural disasters, including fire, hail, rain or windstorms.
• Liability. This pays for medical and legal fees if someone gets injured on the property where you live. Expenses covered range from basic medical care to ambulance and emergency room costs, hospital stays, and more. Some policies also pay for lost wages during medical treatment and rehabilitation.
• Theft. Renters insurance offers optional coverage that reimburses the replacement cost of personal property that gets stolen. Very high-value items such as jewelry or computer equipment may require the purchase of optional coverage at a reasonable cost.
• Loss of use. If your residence gets damaged to the point where you need to find a temporary place to live, the landlord is not required to pay for those costs. Renters insurance will cover them, including paying for a hotel or other temporary lodging while you look for a place to live while your rented home is being repaired.

What Are the Benefits of Getting Renters Insurance From Homesite?

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:

• Replacement of valuables. Many people possess expensive jewelry or artwork. Others have valuable antiques or family heirlooms that have been passed down for generations. Although it may cost more, renters insurance can cover these and other high-value items.
• Libel and identity theft. Most renters policies also offer coverage for identify theft, libel, slander, invasion of privacy, and other risks that don’t involve bodily injury or damage to your property.
• Coverage away from home. Renters insurance can protect against damage or theft to your personal belongings - even if they occur away from home. For example, if your cell phone or laptop get stolen while on vacation or a business trip, your renters policy can cover it.
• Affordability. The cost of basic renters insurance can be surprisingly low. The amount of coverage you get for the cost makes it a very smart investment.
• Earthquake protection. Damage from these types of disasters tend to be more extensive and expensive to repair. As a result, it is typically not covered with basic renters insurance. Most policies will allow you to add this coverage for an additional fee.

 

Add additional coverages to customize your policy:

The Advantage of Getting Renters’ Insurance with Homesite Insurance

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.