renters insurance

Renters insurance offers a crucial layer of protection for renters. Unlike the insurance provided by your landlord for the building's structure, renters insurance is a type of personal property insurance that protects your own belongings – and it usually also includes personal liability protection, in case visitors are injured on your rental property. If you're renting a place, whether it's a single-family home, apartment, studio, or another space, you need renters insurance.

Renters insurance covers your belongings when you're living in a rented space. Though it doesn't cover the building itself – that responsibility is on your landlord and their insurance company – it does typically cover your personal belongings against risks like theft, fire, and other damage.

Renters insurance usually also includes some level of personal liability coverage. This kind of coverage protects you (the renter) if you cause harm to someone who is on your rental property. Personal liability insurance covers various costs such as paying for damage to someone’s property or medical bills if an individual is injured under your roof. Of course, the details of that liability coverage will vary depending on your specific policy – so make sure to clarify how much is included when you're talking to your agent about renters insurance options.

Renters insurance is remarkably inexpensive (it averages about $100 per year), but it can make all the difference when a disaster happens. Renters liability coverage can also be the difference between peace of mind and a large-scale financial crisis if someone sues you for injuries they sustain within your walls.

The details of this will depend on your specific policy, so you will want to go over it in detail with your agent when you're shopping around for quotes. But most renters insurance policies cover the following:

• Personal Property– If your stuff is vandalized, stolen, or damaged by covered risks, your policy can help offset the costs to replace it.
• Loss of Use– This means that if a covered risk like fire destroys the inside of your apartment, your policy can help pay for the costs associated with getting a hotel room and purchasing food until the damage is repaired.
• Liability– If you somehow cause injury to someone else – say for instance, someone slips on a wet spot on your kitchen floor and breaks their arm – liability insurance is designed to help offset their costs, so you don't end up footing the full bill.

This depends on the value of your belongings. It's smart to take an inventory of your things – especially the most valuable – and estimate how much they're worth. This will give you a guideline for investing in the right insurance policy. Some landlords actually require that you have at least $100k in liability coverage, so check your lease to make sure you know what the requirements are.

Still have questions? WSMT can help! Contact us today, and we'll answer your questions and help you find the right renters insurance package to meet your needs.