Good question! While you may have been required to carry it by your apartment complex, or you merely heard about it from an ad, renters insurance is both an important and affordable option for covering your personal contents and liability while renting.
Here are some common questions and answers to renters insurance, all illustrating why it’s important to carry the coverage!
👩🎓 Does my child need it while away at college?
It’s a great decision to cover their belongings and protect their liability with renters insurance while they are away from your household. Burglaries, pipe bursts, smoke damage, and vandalism can all happen and damage contents.
Some forego purchasing renters insurance for their children and instead hope their homeowners policy extends coverage. While some insurers offer limited contents, most insurers require students to carry their own renters coverage especially for their liability protection.
🛡️ What’s covered on a renters policy?
There are three major categories of coverage on a renter policy according to Auto-Owners Blog:
- Personal Property: Covers your personal property in the event of a loss caused by common perils
including fire, smoke, theft, water damage, vandalism and more - Additional Living Expense: Covers your living expenses, over your usual expenses, when your home/dorm is uninhabitable because of a covered loss
- Personal Liability: Covers you against lawsuits arising from bodily injury and property damage as well as the cost of legal defense
👥 What about coverage for my roommates?
Renters (and most home insurance) policies do not extend to unrelated roommates. This means each tenant should carry their own policy. This is also beneficial so that the roommates aren’t filing losses on your policy and instead each person is responsible for their belongings and liability.
🤑 Can I package it with my auto insurance for savings?
Yep! In fact, due to the multi-policy discount applying to both the renters and auto, you generally pay the same insuring both as a stand-alone auto insurance policy would cost.
Contact our team today to discuss bundling your auto and renters coverage needs – whether you’re moving from your parents home, moving from out-of-state to Lincoln, or sold your home after many years and look to rent in the long-term. Our family-owned and operated independent insurance agency can compare over 15+ insurance companies to find the right package for you!
Note: The examples and descriptions used throughout this article are for general information purposes only, not legal advice. All scenarios presented are fictional, any similarity is merely coincidental. Coverage is not guaranteed, rather they are subject to the decision of insurance underwriters and other authorities. Policy/coverage availability and limits can vary based on person, location and other variables. Please consult your insurance agent and review your insurance policies to understand your existing coverage and/or potential coverage options. Read our disclaimer.
Some content was provided by Auto-Owners Insurance. This can be read at https://auto-owners.com/ao-blog. Keep in mind, Auto-Owners may have their own disclaimer and coverage descriptions and options are subject to each insurer.
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