What is Renters Insurance?

by admin in Renter's Insurance at May 12, 2010

Have you not made the big home purchase? Don’t worry; you can still get coverage on your personal belongings. You can purchase what is called a renters policy. What is Renters Insurance? We have many apartments here in Grand Prairie and Arlington. Renters insurance is a policy that will cover your personal belongings that you own in case of different named losses. The best part about Renters Insurance is that it is inexpensive. You can cover 10k worth of your personal property for around $100 per year. That is 1% of the value of your property to get it fully replaced in case of a loss. Renter’s insurance typically covers loss or damaged caused by:

  • Fire
  • Smoke
  • Theft
  • Vandalism
  • Windstorm
  • Hail
  • Lightning
  • Explosion
  • Certain Types of Water Damage (caused by plumbing failures, appliance failures, etc.)

Most renters insurance policies also include liability coverage, which will protect you if someone is injured while at your home or if you do something that causes damage to another person’s property.(renter’s Insurance.org)
Also a common myth would be to think that since your landlord has coverage then your things should be covered. This is not true. Your landlords building that you live in is covered but he has no personal property in the house. The personal property is yours. This is why insurance companies have created a separate policy. Sometimes you might think that you don’t have enough items to waste money on insurance. This is not true either. Look at your couch, TV, Bed, Radio and kitchen table. Now go look up the price of these to buy. You could certainly buy them used bit even used and in horrible shape would cost you a couple hundred dollars. These items are just the basics. If you have anything beyond these very basic items you would already be helping yourself by purchasing a renters policy.