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Renters Insurance 101

Whether you’re buying or renting, insurance should be at the top of your to-do list when it comes to settling into your living space. When moving into an apartment, condo, or temporary house, it is easy to think that since your landlord has insurance on the building, you are covered. However, it’s a bit more complicated than that. But don’t worry, we’ve compiled all that you need to know about renters insurance so you don’t have to!

Why Have Renters Insurance?

So, if a landlord pays for insurance and says that the building is covered, why should an individual still consider renters insurance? Well, the landlord’s insurance in most cases only covers damage to the building. For example, it would ensure that they do not lose too much money if a natural disaster were to strike, or an accident occurs. This is slightly different than what renters insurance covers. There are a few different types of coverage when it comes to renters insurance: Personal Property, Liability, and Emergency Living Expenses.

Personal Property Coverage

Personal property coverage ensures that the insurance company repairs or replaces personal belongings that are stolen or damaged. This is often overlooked because when you move into a temporary home, you may not think you have many belongings of value. However, electronics and even your average wardrobe can be expensive to replace. When an item is stolen or damaged, the insurance company will either give you cash value for the item(s) or pay a replacement cost. The amount paid by the insurance company varies by policy, so talk to an agent today to clarify plans and policies if you are unaware of the limits.

Liability Coverage

When renting a place to live, you will most likely have guests visiting or staying with you. Liability coverage ensures that you are covered if someone were to get hurt on your property. This coverage also supports you if someone’s property were to be damaged in your living space. Renters insurance, depending on your plan, can help you cover some or all the cost of medical bills or repairs necessary. These incidents are not covered in the landlord’s insurance, which is why renters insurance may be a practical investment for those looking into temporary homes.

Emergency Living Expenses Coverage

Renters insurance not only helps with the cost of damages or repairs, but it also covers when you have to evacuate your living space for any reason. You may find yourself in a position where repairs or renovation of your living space cause you to stay somewhere else for a period of time. Depending on your plan, renters insurance will cover any additional living expenses. This may include covering your rent for the time you cannot live on the property or hotel bills. The amount that is covered depends on your insurance policy.

Premiums And Deductibles

A premium is the amount you pay for insurance monthly. Usually, renters insurance premiums range from $15-$30. There are many different insurance companies and plans, so it is important to find the best option for you and your current situation.

When accidents happen, your insurance company requires a deductible. A deductible is the amount of money you must pay toward an incident covered by your insurance. You pay the deductible, and your insurance company covers the rest as long as it is within the policy limit. Renters insurance deductibles generally range from $500-$1,000. This will vary among insurance companies and plans/policies.

Get a Quote

Looking into renters insurance and not sure where to start? Hosto is here to guide you through the process. Fill out our request form and get in touch with an agent today! Your agent will pull quotes from multiple insurance companies to help you find the best deal that is tailored to your needs.

Hosto wants to help ease the nerves that come with renting a temporary home. The process of getting renters insurance may be intimidating, but at Hosto we walk you through every step. If you have any questions or want to get in touch with an agent, call our office at (618) 779-5808 and we will stay in touch to make sure your insurance needs are met.

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