Renters Insurance Policy Coverag’s FAQs

Renters Insurance Policy Coverage’s What You Need To Know

At Farmers Insurance, we are sometimes asked about renters insurance, and how it can benefit you and also if it’s really necessary?  So we are providing this information to help you better learn about the value of renters insurance, what it covers and how it can benefit you.

First, it’s it is essential that you are aware that renters and insurance policies are in place to guard your stuff and liabilities in your rented home or apartment, as an illustration, this type of insurance is able to cover scenarios like the following, if somebody breaks into your great house and steals your laptop or computer, your neighbor falls asleep while smoking and starts a fire that causes damage to ones own property, your brand new big screen TV is destroyed when a bathroom overflows with in upstairs bathroom, a visitor trips and falls in your apartment and sustains injuries or your building catches inflamed plus your apartment is severely damaged meaning you can no longer live there.

Another different way renters insurance might help out is by providing loss of use coverage.  This means if you should move because your house or apartment is deemed uninhabitable due to the negligence of someone else, a renters policy can help cover this expenses, for example a hotel, food together with other living expenses.  Every one of these are fantastic incidences of how renters insurance can help protect you and your stuff, but surprisingly, according to a recent Rent.com survey, 60% of renters do not have a renter’s insurance policy and younger renters are even less likely to be covered, with 72% below the age of 25 without a policy.

Then why don’t more renters to put a renter’s insurance policy in place?  Apparently there are two huge misconceptions among renters.  First, many renters assume that they’re covered by their landlords insurance.  Unfortunately this isn’t true.  So while your landlord’s insurance does cover damage to the construction you reside in, this one covers the outside, not your unique belongings.   It reminds me of a real heart felt story from a Landlord client that once came to the scene of a fire of one of his rentals that was a total loss and what a blessing, everyone survived.  The father turned to my client (landlord) and asked so how do we put in a claim to get coverage for our stuff.   That was a very sad time for my client to have to tell him it’s not, under his policy.   If you are a landlord, protect your investment and renters and ensure there is a clause in your lease requiring a renter’s policy is in force.

Alternatively, renters insurance generally covers personal items, which are lost due to fire, smoke, wind, hail, theft, vandalism, and in many instances water damage.  It’s also quite common for renters insurance to include liability insurance, which would help protect you when somebody injures themselves in your home or if your actions damage other units in your establishment, for example a fire that starts in your home kitchen that finally ends up spreading throughout your apartment complex.

Another big misconception about renters insurance is it’s expensive.  The truth is that most people could insure their personal property against loss for concerning the asking price of two movie tickets or about $15-20 per month, there also is yet another major renters insurance benefit that many individuals don’t learn about, which is these coverage’s are in place even while you’re traveling, for example, let’s say you are on a vacation and someone breaks within your car, stealing your laptop, these all so important accessories and video camera.  With renters insurance available, you’ll be able to file a claim that they help go through the lack of your valuables.  So now the main point may be that renters insurance will perform great protection at affordable rates, and it also becomes even cheaper if you already have an auto insurance plan with Farmers since you can reap the benefits of our multi-policy discounts.

Call us today at 480-491-8585 if you are in Arizona or California to review all of your options and learn more how renters insurance can help protect you and your valuables!


* Disclaimer – Please check with your insurance agent as coverages are different between states and insurance companies.

Topic: Renters Insurance FAQs