Who Needs Renter’s Insurance?

Cost shouldn’t be a concern when considering Renter’s Insurance in Mobile. On average, less than $1 per day will cover your property and its full replacement cost.  If your possessions are stolen during a  break-in or damaged by a fire, renters insurance can help you recover what you lost without breaking the bank. 

Renting a living space is a popular option for many people. If you rent an apartment, house, or even a just a room, there’s a good chance you could benefit from renters insurance. Some building managers require residents to get renter’s insurance, but many don’t. But just because no one is requiring you to buy it doesn’t mean you should write it off.

The property owner’s insurance may not cover your belongings as his/her insurance usually just covers the building itself. So, to protect your belongings in case of significant damage (from fire, theft, or weather issues), you should consider purchasing a renter’s insurance policy.

When you own renter’s insurance, your personal belongings are protected. It can also help protect you from liability if someone is injured on your property. Renters insurance is focused on protecting you and your property. It does not provide coverage for the building (apartment, house, condo, etc…).

The amount covered will depend on the type of loss that occurred and the amount of coverage you have. You can purchase from one of two types of renter’s insurance:

  • Actual Cash Value Coverage-reimburses you based on the value of your property at the time of original purchase.
  • Replacement Cost Coverage-covers the cost it will take to replace your property (at today’s price).

What does renter’s insurance cover?

A renter’s insurance policy offers provides coverage for such things as: Fire Weather Issues (wind, lightning) Plumbing issues (leading to water damage) Theft/Vandalism For other coverage types, contact Kelly.

Basic renters insurance won’t cover damage from the following:

  • Flooding
  • Hurricanes
  • Earthquakes
  • Tornadoes
  • Sinkholes
  • Pests and vermin (including bed bugs)
  • Terrorism and acts of war, including nuclear war

Renter’s insurance may also cover you if you must find an alternative location to live while damages are repaired. Your temporary living costs may be covered. Ask Kelly for more information.

Your renter’s insurance may also cover a person that is injured on your property and requires medical attention. Your coverage may help pay for medical costs and legal fees that you could end up incurring. Ask Kelly for more information.

Your expensive jewelry may not be covered under your basic renter’s policy. You may need additional policy coverage.
Damage to your vehicle may not be covered, if it is parked at your rental property. Your personal belongings in your vehicle are covered in the event of a loss, just not your vehicle.

Find out more about the benefits of renters insurance and get a quote online today. Keep in mind that due to what is and is not covered, a renter’s policy is significantly less expensive than a homeowner’s policy. On average, a basic renters insurance policy can cost between $10 and $20 a month, or $120 to $240 a year. Call Kelly today to get your property protected and to get a quote on a renter’s policy.

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