Why do I need renters insurance?
Renters insurance policies provide protection if your personal property is damaged , stolen, or destroyed. The named perils your renters insurance likely covers, may include, but is not limited to:
- Fire or lightning
- Windstorm/ Hurricane
- Vandalism or malicious mischief
- Water-related damage from plumbing, heating or A/C units
Flood damage is NOT covered and requires a separate policy.
What does renters insurance cover?
A standard renter’s insurance policy provides coverage for the following:
Personal property: Provides protection for your personal property, such as furniture, clothing, and electronics. This coverage limit is chosen by you when you purchase the policy.
Loss of use: Additional expenses you incur when your rental property cannot be used because of an insured loss. This part of the policy will usually only cover around 10-20% of your personal property value.
Personal liability: Covers damages to others for which you are held liable, unless there is policy exclusion.
Medical payments for others: Pays for medical expenses for minor injuries to others even if you are not at fault. A typical policy includes limits of $1000-$5000 per person.
What is the average cost of a renters insurance policy?
For $20,000 in coverage, the average policy cost is $135 annually.
For $30,000 in coverage, the average policy cost is $150 annually.
For $40,000 in coverage, the average policy cost is $165 annually.
For $50,000 in coverage, the average policy cost is $170 annually.