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Do You Need Renters Insurance?

Moving is a stress on its own. Often times things get overlooked during the process. However, making sure your belongings are covered after your move, is very important! If renters insurance is a foreign concept to you or you have questions on policies? We’ve got the answers!

Why do you need it?

Why should I get renters insurance? For one, apartments and landlords generally only carry insurance that covers damage to the unit or duplex/condo. That means everything “inside”…your new 4k flat screen tv, leather sofa, work suits and your Tempur-Pedic bed is not protected and left vulnerable.

In addition, most renters insurance providers also provide liability coverage. This covers negligence caused on your behalf. For example, you forgot to turn off the bathtub or sink and you’ve got a foot of water in your dwelling. Or the burnt Thanksgiving turkey activated your sprinkler and ruined your electronics. Well, not only are those bad situations for you, but they can also affect your neighbor’s properties. The liability coverage protects you from neighboring tenant’s repairs or medical expenses related to your accident.

 

Tenant talking to Renters Insurance rep

What does it cover?

According to TrustedChoice.com, Renters Insurance policies generally protect your belongings from accidents related to water damage, fire, power surges, and theft. This is an added bonus, as most alarm companies will not install security systems in apartment units. Theft in apartments has always been a big problem. Coverage provided by renters insurance for any stolen goods can be a nice relief provided to a tenant. Renters insurance policies will not cover damages to personal property caused by natural disasters such as Earthquakes or floods. However, you can still protect yourself from these situations by looking into other insurance policy options…outside of renters insurance.

 

How much coverage do you need?

This depends on a few circumstances. Are you moving into an apartment or are you moving into a duplex? Single-family homes, duplexes, and condos usually require somewhere around $100k of coverage. However, those moving into an apartment may only be required to hold coverage for around $40k. If you’re moving into a location that does not require renters insurance. Then a good thing to consider is how much the valuables are worth. This will give you the best idea of the amount of protection you should go with.

 

Where can you get a policy?

UtilityHound makes finding and signing up for a renters insurance policy easy. Their online platform will instantly point you in the right direction, allowing you to sign up for a plan within minutes!

Get Started Now!

Simply fill out the form on our Contact Us page and we’ll take care of the rest!