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4 Important Things to Know About Renters Insurance

by Dan Hiralez on May 01, 2019

Interested in learning more about renters insurance?

As someone who rents their home, it's wise to start investigating renters insurance now — before something devastating happens. Renters insurance helps you protect yourself financially, and it also pragmatically protects your valuable belongings and memories.

Here are the 4 things you need to know about renters insurance:

#1 – If you don’t have renters insurance, you’re not covered.

Many of those who rent their house or apartment are unaware that their belongings are not automatically covered by insurance from their landlord. Indeed, your landlord or property manager does have their own form of insurance. The caveat is that landlords insurance only protects the building and foundation itself.

Therefore, if a fire were to occur, which leveled your apartment building, your landlord's insurance policy would only provide coverage for the actual foundation and exterior of the building. All of your belongings, furniture, clothing, appliances, and memories (anything that is yours and inside your apartment) would not be covered.

#2 – Renters insurance doesn’t cost much.

If you’re comparing renters insurance to other types of insurance like health insurance or home insurance, you should know right off the bat that renters insurance is much less expensive. Typical monthly renters insurance payments are around $15 to $20 a month. While you can pay more for more coverage, just remember that a basic policy won’t break the bank. Contact your insurance agent for more information about the costs for your specific situation.

#3 – Most renters insurance policies provide three types of coverage.

As with most other types of insurance, renters insurance includes several types of coverage: Personal possessions coverage, liability coverage, and ALE (additional living expenses).

Personal possessions coverage does just what it sounds like: it protects your personal property in the event of a covered event like a fire. Liability coverage protects you from potential lawsuits related to property damage or bodily injury. Finally, additional living expenses can provide funds for a temporary place to live as well as other living expenses (like food) if a covered event renders your current home unlivable.

#4 – In order to know how much insurance to purchase, you should do what’s called a “home inventory.”

You’ll need to know how much to protect your possessions. In order to do this, you need to know exactly what you own, what state everything is in, and how much everything is worth (roughly).

In order to do this, you should conduct a home inventory. You can do this by making a comprehensive list of everything you own or by going through your home slowly with a video recording device.

Purchasing Comprehensive Renters Insurance

There are various types of Arizona Rental Home Insurance products that insurance providers can offer. Depending on your needs, you may require a basic policy or more wide-ranging protection.

About Integra Insurance Group

Integra Insurance Group is one of Arizona’s leading independent insurance agencies. Located in Peoria, Integra has provided reliable insurance services to families and businesses for many years. We work tirelessly to provide our clients with the best insurance coverage at competitive rates, all with personalized customer service. To learn more about what we can do for you, give us a call today at (623) 322-5955.

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