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Renters

Why do I need renter’s insurance?

The same rule of thumb that applies to homeowners applies to renters. If a catastrophe struck tomorrow, could you afford to replace everything you own? Or if you were sued, would you have enough money to pay legal fees and possibly settle the suit? If not, chances are you would benefit from the protection that renters insurance brings.

Renters insurance offers the same general personal property coverage and liability protection as a homeowners policy. So, your camera would be insured while you are on vacation, and you would be covered if your sofa were to crash through the wall of your apartment lobby leaving a gaping hole. In fact, most policies are surprisingly extensive and may include additional living expenses (also called loss-of-use coverage), if you are forced by fire or other damage to live elsewhere. Flood coverage is also available to renters as a separate policy.

Is my apartment covered by my landlord’s insurance policy?

No, the landlord's insurance covers damage to the building and the landlord's property and not your personal property or liability. For instance, if you go out and leave the stove on, and an ensuing fire causes extensive damage to the entire building, you may be held liable to the landlord.

Can roommates be on the same policy? Or should I get my own?

Usually, it is best if all roommates are on the same policy, although it is possible for each to purchase his or her own coverage. If you do need to "go it alone," you alone receive the security of renters coverage.

How much does a renter’s policy cost?

Renters insurance is surprisingly inexpensive. Nationally, the average cost for a renters policy is $189 per year, or about $16 per month. That's because you are not insuring a building. Like all property/casualty policies, the value of your property to be insured and other risk factors are weighed by the insurance company to determine your premium. You may get a discount if you purchase auto insurance and renters insurance from the same company. Your insurance agent or company representative can help you find the best combination of coverage and cost.


Main Street Insurance Group, LLC

  

10701 Melody Drive Suite 308 NorthglennCO 80234
303.798.0799 PHONE 866.797.5826 FAX www.main-street-insurance.com