What do you think your belongings are worth? Conducting a thorough home inventory might be an eye-opening experience since the value of your furniture, media collection, clothing, books and moveable appliances can really add up. Without coverage, replacing these items could be a real financial hardship. With renters insurance, you are covered.
Plus, if you have valuables such as expensive jewelry or collectibles, an endorsement to a renters insurance policy can add to the policy’s provisions. This means that in the event of a covered loss, the amount of insurance is enough to cover the repair, replacement or cash reimbursement of the item. That also means that your expensive camera equipment or wedding ring can be covered, too.
Renters insurance provides protection against both property loss and liability in the event that you cause injury or property damage. To learn more about what that means, we’ve covered some basics about each.
Renters insurance covers your belongings against damage for things such as fire, smoke, lightning, vandalism, theft and water damage (but not flooding) to name a few.
It also extends beyond on-premise theft and hazards, covering property that is stolen from your car, or lost or damaged anywhere you happen to be.
Is Coverage Affordable?
Since renters insurance covers only the value of your belongings, not the building, the premium is relatively inexpensive. For about the same cost as going to the movies once a month, you can gain peace of mind, regardless of life’s unexpected mishaps.
Why do I Need Renters Insurance?
Your landlord’s insurance policy covers only structural damage to the building itself. If the structure goes up in flames, your landlord’s coverage would include repairs to the building. It won’t reimburse you for your belongings. Renters insurance protects your belongings in the case of a covered loss from fire, smoke, lightning, vandalism and theft.
Renters Insurance also extends beyond on-premise theft and hazards. For example, covering property that is stolen from your car, or is lost or damaged anywhere you happen to be.
This information is not intended to be exhaustive nor should any discussion or opinions be construed as professional advice. Should you have any questions or would like to discuss your risk exposure with your renter’s insurance, please contact the insurance pros at ARCW Insurance. We are here to help.