There are few things more important than choosing the place you will call home. As a renter, you do not have the maintenance and financial requirements of homeowners, but you do still have risks. While the landlord’s insurance covers the structure of the property you live in, it probably excludes protection for your personal belongings and any personal liability you incur as a result of third-party injuries or property damages. Could you afford to refurnish a new apartment and replace your entire wardrobe if you lose everything you own in a fire? At Couri Insurance, we understand the unique needs of tenants and can help you find a renter’s insurance policy equipped to minimize your financial risks.
Choosing the Right Coverage
Renters insurance comes in various coverage types and amounts, making it important that you work with an independent agent to carefully assess your needs. When selecting your renter’s coverage, you are determining how much you could pay out of pocket for temporary displacement and damages to personal belongings, as well as the cost of protecting yourself against litigation. Our team at Couri Insurance can help evaluate your risk exposures and recommend coverage types, limits, deductibles, endorsements to minimize your risk of loss.
A typical renters insurance policy can offer coverage for:
This coverage reimburses policy-holders for the loss of belongings when they are damaged, stolen, or destroyed due to a covered event. This typically includes things like furniture, curtains, rugs, décor, apparel, electronics, and more. Although the types of covered perils can vary from policy to policy, this often includes damages caused by fire, smoke, theft, wind, and more. The coverage can also extend to belongings damaged or stolen from outside your home, such as from the inside of your car or truck. If your personal property coverage includes named exclusions, additional coverage may be available in the form of endorsements or stand-alone coverage. Examples include coverage endorsements for earthquakes and individual insurance policies that protect you against flood-related losses.
Renters typically choose between two types of personal property coverage valuations: actual cash value (ACV) or replacement value. The first is often included by default, as it only covers items for their depreciated values. If you instead choose replacement value coverage, you could be reimbursed for the full cost of replacing your damaged belongings with new items, minimizing your out-of-pocket losses.
Personal property coverage often contains multiple limits. First is the overall coverage limit, which sets the maximum available compensation for personal property losses. In addition, many insurers include smaller categorical limits that restrict the available coverage for certain types of items, such as fine jewelry and furs. If you have possessions valued higher than your coverage limits, talk to your independent agent about scheduling additional protection for those items.
If you are forced out of your apartment or rented home due to a covered event, displacement coverage can help you cover the cost of getting temporary shelter, such as a hotel room. It can also cover the additional living expenses you must pay to feed your family or do laundry due to the loss of your kitchen or laundry room access.
No one expects a lawsuit, but accidents happen every day that lead to litigation. Whether someone slips and falls on an unsecured rug in your home or your dog attacks another pet in the neighborhood, liability insurance can help you cover the cost of defending yourself against third-party property damage and injury claims. It can also help you pay for any financial responsibility you may owe if you lose your defense.
Keep in mind that your renter’s insurance will only cover legal fees, judgments, and other related costs up to the limits you select for your policy. Any damages that remain after you reach the maximum payout on your policy could remain your personal responsibility to pay out-of-pocket – even if that means dipping into your personal savings, liquidating assets, or paying garnishments from your future wages. Be sure to consider all that you could lose in a lawsuit, including any future income or inheritances you expect to receive.
Maximizing Your Renters Coverage Benefits
At Couri Insurance, we want to optimize the value you receive from your renters insurance coverage. We believe renters insurance should provide affordability and convenience without sacrificing the quality of your coverage. As an independent agency, we shop and compare renters coverage from multiple leading insurers to find beneficial protection at competitive rates. Although this coverage is generally affordable for most renters, our team may be able to help you further increase your savings, such as by raising your claim deductible amount or qualifying for insurer discounts. Discounts and rate algorithms vary from insurer to insurer, but savings may apply if you:
- Purchase car insurance and renters insurance from the same insurer
- Install a home security system with an alarm that is monitored at a centralized location
- Have no record of recent claims
- Maintain a good credit history
- And more
If you are currently renting a home or plan to lease a property in the future, do not go a day without coverage from a renters insurance policy. Whether you rent for a few months or several years, you cannot afford for life to take a wrong turn. Take the first step in protecting yourself against unexpected losses by contacting the team here at Couri Insurance for your free renter’s insurance quote today. We look forward to serving you soon.