What You Need to Know About Renters Insurance

Even if they don’t own a house, it’s safe to say that most people have at least heard of homeowners insurance. However, that’s not always the case when it comes to renters insurance. As the name suggests, renters insurance policies are designed for individuals who rent their house or apartment instead of owning it.

As a top local insurance agency, we’ve put together this post to teach you a bit more about renters insurance and its importance.

What does it cover?

Some policies cover more than others. However, here’s what you can typically expect to be covered under your renters insurance policy:

What doesn’t it cover?

Unfortunately, renters insurance doesn’t cover everything. Flood damage, earthquake damage and pest infestations are not covered by standard renters insurance policies. Separate policies must be purchased for these instances. Additionally, your policy does not protect your roommate’s possessions—each roommate will need their own policy.

Is it required by law?

You may be surprised to find out that renters insurance isn’t actually required under any law. That said, many landlords require proof of insurance before you sign your lease. Check with your landlord before signing to see how much insurance you’re required to carry.

How much insurance do you need?

Unless your landlord has a rule about coverage, the amount of renters insurance you need depends mostly on how much stuff you have. The more belongings you have, the more insurance you should carry. Start by taking an inventory of your belongings—including your vehicle—to determine what size policy you need.

How much does it cost?

According to NerdWallet , the average cost of renters insurance is about $14 per month. If you’re on a budget, you can consider raising your deductible to lower your monthly payment. However, that means you’ll receive a smaller payout if there’s an emergency.

Where can you get the best insurance?

For the best coverage at the most competitive rates, look no further than Harvey Sarles Insurance Agency for your renters insurance. Give us a call today to learn more about your options or to get a quote for your new policy.