In the United States, more than 100.9 million people live in rental housing as opposed to owning their own home. While there are many perks to renting your living space, the downside is that you are still responsible for protecting the property and all of your belongings in it.
In the event of an emergency situation or natural disaster, having renter’s insurance can save you thousands in repair, damage and replacement costs.
What Does Renter’s Insurance Do?
A renter’s insurance policy is coverage designed to protect someone renting the apartment or home they live in. Renter’s insurance will cover your personal property in case anything gets lost or damaged in an unexpected event, and in some cases protect you from liability.
Many landlords will require their renters to obtain insurance before moving in so they can protect their assets and not be held responsible for your personal belongings.
Typical events that renter’s insurance covers are:
- Fire
- Flooding
- Theft
- Ice, snow or sleet
- Civil commotion
- Vandalism
- Damage from an outside source (vehicle, aircraft, etc.)
Renter’s Insurance does not cover:
- Home businesses
- Personal vehicles
- Expensive collectibles or valuables (based on type of plan)
Make sure to check with your insurance company to see what they will cover. If these situations ever occur, your insurance company will assess the type of loss and amount of coverage you have to determine what gets covered. Based on your policy, your insurance will either reimburse you for the value of your items or cover the cost to get them replaced.
Types of Renter’s Insurance
There are several different types of renter’s insurance that you can invest in:
- Personal Property: This will cover the cost of repairing or replacing your personal belongings after an unforeseen circumstance. Most policies will have a coverage limit.
- Liability: This will protect you if you accidently damage someone else’s rental property, or if someone gets injured on yours.
- Additional Living Expenses/ Loss of Use: If your rental property is damaged and deemed temporarily unlivable after an event, this will cover any additional expenses you generate from finding lodging while your home or apartment is being repaired.
Who Needs it?
Anyone currently living in a rental space should invest in renter’s insurance. This includes young adults attending college who are staying in their first apartment, and even small families that are renting their home.
Why You Should Consider Getting Insurance
In most cases, your landlord only has insurance to cover the physical building you are renting out. If you would like to protect your own personal belongings, additional insurance is required on your end.
No one likes to think about the worst-case-scenarios, but sometimes they happen. It’s better to be insured just in case a fire does break out or a flood ruins all of your possessions.
Local Renter’s Insurance Company in Richmond, VA
Sanford Insurance is a Richmond insurance company that provides affordable and dependable renter’s insurance for both landlords and residents.
When you decide to rent your next home or apartment, Sanford’s Dwelling Fire-Plus policy will cover all of your possessions. Protect your belongings with comprehensive insurance that takes care of what’s important.
Contact us today to see what we can cover.