If you rent an apartment, house, condo, or even a dorm room, you may not think you need insurance. But in the event that fire, theft, or vandalism damages your property, it’s unlikely that your landlord will pay to replace your belongings.
At Davis & Madden Insurance Agency, Inc., we know that you’ve most likely invested a lot of time and money in your personal property, and it’s up to you to take care of it. Having a Renters Insurance, or Tenants Insurance, policy can pay for the cost of replacing your belongings if they are damaged due to a covered accident, or if they’re stolen.
Depending on your policy, your insurance will pay to replace items using one of two methods: Actual Cash Value (ACV) or Replacement Cost. With ACV coverage, your belongings are insured only for the amount in which they are currently worth, while Replacement Cost will pay for the expense of replacing the items with brand new ones.
What Renters Insurance Covers
Renters insurance protects the things which matter most to you from the unexpected losses you could never see coming. When you have renters insurance, you won’t have to worry about the cost involved with replacing your belongings if you experience a covered loss, such as:
- Smoke damage
- And other more commonly covered events
A renters policy can help you cover the cost of replacing the things you value if they are lost or damaged due to a covered peril, up to the limits of your policy.
The benefits of renters insurance extend even further than just protecting your stuff, too. Your renters insurance benefits can help protect people, too. Renters insurance coverage can include:
If someone is hurt in your rental home or apartment, liability coverage can help pay for their medical expenses and any resulting lawsuits.
If you need a place to stay because your rental home is being repaired after an incident, your living expenses may be covered.
If you accidentally damage someone else’s property at their home, your rental insurance protection follows you and can help cover the cost.
Need Additional Coverage?
If you have valuable items which need extra protection, such as a rare coin collection, furs, fine jewelry, or watches, insurance riders can be added to a standard renters insurance policy. A rider is an affordable way to get the most out of your insurance coverage, and to be sure your most valuable items aren’t left exposed by policy limits.