Renters Insurance

Renters Insurance

Renters Insurance is a common type of insurance but there are certain aspects of it that are not very well understood. 

 

There are basically two parts to a Renters Insurance Policy:

 

Liability Coverage

 

Property Coverage

 

Liability Coverage is not often thought of with either Renters or Homeowners Insurance. When it is explained often the example is: “if someone comes over and slips and falls it protects you from getting sued.” 

 

While this is technically true, the coverage goes way beyond that. Here are a few examples:

 

A golfer hits a ball that breaks a tile top table of a house next to the course. The owner comes out and demands payment to replace the whole outdoor furniture set because the table can’t be repaired and was part of a set. Liability Insurance can come in and pay to have the set replaced.

 

A person skiing makes a bad turn and strikes another person, injuring them severely. Liability Insurance could come in and pay for the medical costs that the insured is legally obligated to pay.

 

Each policy is going to be different. An agent should be consulted if there are specific questions.

 

Property Coverage is what is most often thought of when talking about Renters Insurance. We all have “stuff” that we have accumulated over the years. Have you ever gone around and actually asked yourself how much it would cost to replace all of that “stuff”? It can actually get pretty expensive if it all had to be replaced at once.

 

One of the best parts about Renters Insurance is that it is CHEAP! Most policies with $100,000 of Liability Coverage and $20,000- $30,000 of property insurance are in the ball park of $120 a year. $10 a month. 

 

If you would like to learn more about Renters Insurance or get a quote, CLICK HERE!