If you rent a home, apartment or condo, do not make the mistake of assuming your landlord provides coverage for all your personal property. Your landlord likely has insurance to cover the home but that coverage will not protect your furniture, clothing and other belongings in the event of a fire, burglary or other loss. As the tenant, it is your responsibility to purchase affordable renters insurance to cover your belongings.
What is renters insurance?
Put simply, renters insurance is a type of homeowners policy that does not contain coverage for the actual dwelling structure. Within the insurance industry, this policy is known as an HO-4 or homeowners form 4. The coverage is similar to a standard homeowner policy and includes contents, loss of use, guest medical payments and personal liability.
What does renters insurance cost?
The cost of renters insurance varies based on where you live. In Las Vegas, we find the average policy is around $250 per year. Policies start at around $120 per year, depending on the coverage limits chosen. You must specify a limit of coverage for your contents and also choose how much personal liability to buy.
How do I know how much coverage to buy?
This is a tough question to answer and requires you to do some calculations regarding the value of your personal belongings. Think of everything you own – furniture, electronics, clothing and all the other stuff hidden away in boxes and closets. How much would it cost to replace those items if they were destroyed in a fire? Consider completing a short home inventory to help with the valuation. You might be surprised that the value of your belongings is much higher than you thought. Remember too that renters insurance, like homeowner insurance, provides coverage at replacement cost, not actual cash value. This means your valuation should be based on the cost of replacing old items with new equivalents.
Affordable Renters Insurance Quote
At Safeguard Insurance, we have access to renters insurance policies from 8 different insurance companies. Contact us today and let us show you just how affordable this important coverage can be for you.