There are three primary reasons to buy renters insurance:
- Coverage for your personal property, think of it as coverage for your “stuff.” Furniture, electronics, clothing, etc. If you have any extra-valuable items such as jewelry or tools that are used in a business, consider adding additional coverage for those items.
- Liability insurance to help pay for property damage or bodily injury that you may be responsible for. Trip and fall accidents or a dog bite claim for which you are negligent. Renters insurance policies can also help rebuild the kitchen that burns down when someone forgets and leaves something cooking on the stove.
- If a covered loss damages your apartment or home, renters insurance can help pay for you to live in another home or apartment while yours is being rebuilt. This coverage is commonly known as additional living expense.
What Perils Does Renters Insurance Include?
Renters Insurance will cover damage or loss to your property from 17 standard perils, including but not limited to fire, theft, smoke, lightning, water that escapes from a water pipe, wind, hail, vandalism, and other perils. Earthquake and flood are standard perils not covered by renters insurance policies. See your policy for specific information on renters insurance coverage and exclusions.
What Does Renters Insurance Cost?
Renters insurance costs between $10.00 per month for lower limits up to $50.00 per month for more coverage. If you purchase renters insurance from the company, you insure your car with, the savings by “bundling” your renter’s insurance with your car insurance can offset the $10.00 per month.
Whether your landlord requires renters’ insurance or not, for the low cost, all renters should carry this valuable coverage.
For more information, reach out to Anderson Insurance today for your renters insurance coverage.
Anderson Insurance Group – Salt Lake City – Utah