Renters Insurance


Renter’s Insurance

Renters are at risk of losing their valuables following theft or disaster. People who rent a home or apartment aren’t covered by their landlord’s insurance. This means if their personal belongings are destroyed or stolen, they’ll have no recourse for compensation without renter’s insurance.

Why Can’t My Landlord Pay for It?
Your landlord isn’t responsible for your belongings. Your landlord is responsible for maintaining the property and the building. When your personal belongings are stolen, damaged, or destroyed you’re solely responsible for taking care of the situation.

Renter’s insurance offers coverage for your personal belongings. Should you experience a fire, theft, vandalism, or some other covered mishap then you’ll receive compensation from your insurer.

What about Flood Damage?
Renter’s insurance doesn’t cover flood damage. You’ll need to speak with your insurer about getting a flood insurance policy. You’ll also need a separate policy for earthquake insurance.

How Will I Get Compensated?
You’ll have to choose an actual cash value policy or a replacement cost policy. An actual cash value policy compensates you for whatever the item is currently worth. For example, maybe the item was worth $100 when you got it. But because of depreciation, the item is now worth $25. A replacement cost policy pays you the amount it takes to replace an item at its current purchase price.

Your insurance agent can help you decide how much renter’s insurance is right for you.