If it’s your first time living on your own, renters insurance may sound like one of those things people try to sell you to take advantage of first-time renters. However, with renters insurance offering wide coverage at a low cost, it’s some of the best bang for your buck you can get from the insurance market, and renters seem to agree. Renters who were covered by renters insurance rose from 29% to 41% between 2011 and 2016. If you’re still on the fence, here are some things you might not have known about renter’s insurance.
You’re Not Covered by Your Landlord’s Insurance
One of the biggest misconceptions renters face is that they’re covered by their landlord’s insurance in case the unthinkable should occur. While it’s true that landlords’ buildings are insured, that insurance typically only covers structural damage to the property, not the possessions inside. That means that if you’re the victim of a burglary, there’s not much your landlord will be able to do.
It Can Even Cover You Outside Your Home
While most people know that renters insurance will help you in the event of a break-in, did you know that some policies can cover things outside the home as well? That means that if your car is burglarized or you’re a victim of a hotel theft, your renters insurance may be able to cover those stolen possessions. Talk to your agent to see if this is true for your policy.
It Covers More Than Stolen Property
What does renters insurance cover, you ask? In addition to stolen goods, renters insurance can also protect you, your children, and your pets. In the event that something unexpected happens, like your dog bites a visitor or a guest falls down your stairs, renters insurance can help cover the cost of the resulting bills, which will keep you from covering the grand total if you’re found liable for the damage. Additionally, your renters insurance can cover unexpected issues that may arise, such as if your washing machine leaks into the downstairs apartment.
Make Sure to Be Honest About Your Pets
If you live in an area with breed restrictions, be sure to be honest with your insurance company about the pets that you’re asking to be covered under the policy. This is especially important as aggressive breeds may be subject to higher premiums. However, if your pet is registered as an Emotional Support Animal or a Service Animal, be sure to provide documentation to your insurance, as these animals cannot be subject to higher premiums or housing restrictions. If you have questions about high-risk breeds in your area, make sure to talk to your insurance agent when requesting a quote.
It’s Cheaper Than You Think
One of the barriers that keeps people from applying for renters insurance is the perceived cost. While some millennials reported thinking that renters insurance would cost more than $1,000 a year, in actuality, insurance for renters clocks in as some of the most affordable insurance on the market, sometimes costing as little as $15-20 per month, depending on the level of coverage required.
There Are Plenty of Ways to Save
As with any type of insurance, there are plenty of ways to save by showing your insurance company that you’re a responsible renter. Safety precautions such as deadbolts and burglar alarms can offer discounts to renters, depending on the insurance company. Many renters also bundle with other services such as auto insurance, which can help save even more.
So there you have it! With low rates and sweeping protections, renters insurance makes sound financial sense, and there are plenty of opportunities to make it even more affordable. If you have questions about the particulars of renters insurance in your area, talk to your insurance agent today and take the first steps toward getting covered.