Good Reasons to Have Renters Insurance
What’s covered and who’s responsible.
Much like Home-owners insurance, personal renters insurance for home or office protects the “renter’s” personal items from damage. These losses can take the form of theft, loss or actual physical damage. Many people renting apartments assume their landlord or property owner carries insurance so why should they add to their own financial burden. Neither party is inherently short-sighted or even selfish in this case. However, while many property owners are accustomed to handling these topics as part of their work, most renters are not.
This is a very common question and an important one for renters to ask. Let’s consider a common scenario: A Multi-unit apartment building. The company (landlord) owning this property with 20 apartments may carry a policy for replacement value of the structure. But that policy doe NOT cover the contents of the apartments inside. So whether renters like it or not, the RENTER is responsible for the replacement value of the items in their own space, be it home or office.
What’s Covered? – Inventory the Stuff.
Any and all items inside the rented space can be covered by renters insurance. This includes clothing, furniture, electronic devices, jewelry artwork, etc. In order to take advantage of that coverage, the renter will need to produce some kind of documentation of ownership. These often take the form of receipts or images of the possessions, provided by the renter. To see that newly purchased items are covered, it’s recommended that new purchases like jewelry or computers are recorded and then shared with your insurance agent. In some cases of loss or damage, the insurance may cover value or replacement costs depending on your coverage choice. And this is something that those shopping for renter’s insurance plans need to consider before making their insurance purchase. “Value” is something every insurance adjustment firm will set based on a series of pre-qualifying criteria. A kitchen table and chair set purchased 5 years ago may have cost $600. But its current value (figuring in 5 years of depreciation) is now valued at $250. Insurance coverage for value will cost less. But in the event of a claim, the renter will need to come up with the remaining cash to replace his/her items.
What’s Covered? – Personal.
Should a visitor or guest be injured in your apartment or on your property, there’s a question of liability or “who’s responsible”. If this is a structural problem in a common area of an apartment or office building, the property owner is responsible. But if the visitor sits on a chair in your office that falls apart, it is you, the Renter. What happens now? Based on your coverage, home and personal renters insurance can cover things like injured from falls, medical expenses and physical rehab, should that be needed. Should your “place” be so damaged that temporary lodgings are needed while repairs are being performed, Renters insurance can cover this as well.
Where are you covered?
Wherever, within the U.S. your renters insurance covered you and your belongings. Should your travel plans take you outside the United States, you’re still covered.
Once you’ve decided rental insurance is a good idea, there are some good questions to ask your agent.
- How often are updates and changes necessary?
- Are discount through your employer available?
- Are discounts available for bundled policies like Renters, Auto, Life or other Insurances?
Finally, if you’re asking yourself “Where do I get renters insurance?”, we’d be happy to help connect you with an insurance professional who fits both your needs and your budget. Contact us here for a Home and personal renters Insurance quote. NJINSURE.com looks forward to serving you.