Did you know that 69% of Americans who rent homes are completely uninsured for property loss or damage? If you fall into that category, pause for moment and ask yourself what would happen if thieves cleaned out your apartment while away for the upcoming Holidays. Do you have the resources to get back on your feet, and even if you do, will that cash outlay leave you broke? Most do not that renters insurance is one of the more affordable and valued commodities offered today. In many cases, fully comprehensive renter's policies can be secured for just a couple hundred dollars per year.
Renters insurance provides financial protection against the loss or destruction of your possessions when you rent a house or apartment. Please realize that your possessions are not covered by your landlord's insurance.With renters insurance, your belongings are covered against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm and water damage (not including floods). Renters insurance also covers your responsibility to other people injured at your home and pays legal defense costs if you are taken to court.
Renters insurance also covers your additional living expenses (ALE) if you are unable to live in your home because of a fire or other covered peril.
There are two types of renters insurance policies:
Actual Cash Value - pays to replace your possessions up to the limit of your policy, minus a deduction for depreciation.
Replacement Cost - pays the real cost of replacing your belongings (regardless of depreciation) up to the limit of your policy.
If you have expensive jewelry, furs, sports or musical equipment, or collectibles, you may want to consider adding a floater to your policy. Most standard renter’s policies offer only a limited dollar amount for such items; a floater is a separate policy that provides additional insurance for your valuables and even covers them if they are accidentally lost.
If you are an at-risk renter in VA, MD, or DC, we highly encourage you to contact TriState Business Insurance for more information. We are independent insurance agents who will work solely for you. We do not work for any single insurance company. That sets us apart from all insurance agents who are employed directly for the carriers.