If you rent or lease an apartment or house, or maybe even if you or your child is in a dorm, Renters Insurance is something you need to consider and understand.
While many rental agreements will require you carry coverage, often those same agreements suggest an option that may not provide enough coverage. Let’s take a look at what you may need.
Contents
While the property owner likely has coverage in place for the building you live in, your personal property isn’t typically covered under these policies. In addition, the policy options that are suggested by the property owner or manager may not have high enough limits to cover your property in a loss.
You should consider the cumulative value of your property and estimate what you might need to replace it in case of a total loss. You should also consider additional limits of the policy, such as those for jewelry or other valuable items. Would it be enough if you needed to try and replace them?
Umbrella
A personal umbrella policy (PUP) can typically extend the limits of your underlying policy, or policies if you have others such as auto. In addition, it may provide coverage that those policies do not, such as uninsured motorist coverage. In addition, PUPs are usually very affordable, and may be as little as a few hundred dollars for $1 million in coverage.
Flood
Even if your property owner has flood coverage on the building, there is very little chance that they would cover flood damage to your personal property (contents). Consider a contents policy for flood insurance, which can help protect you from issues pertaining to rising water or water intrusion that may not be covered under your Renters policy.
Bundle Your Policy
If you also have an auto policy, you may be eligible for a discount if you bundle coverages like Renters and Auto. Check with one of our agents to see what options are available.
Don’t increase your risk as a renter by overlooking the coverage you need. We’re happy to help you discuss your insurance options!