Do I Need Renters Insurance if my Landlord has Insurance?
The short answer is yes! It’s always a good idea to get the coverage you need in the event of an accident or damage to the property. Your Landlord insurance only covers the building itself, not your possessions.
How Much is the Right Amount of Renters Insurance?
Take a step back and evaluate your belongings, everything in your place of residence you own, what would happen should significant damage or loss occur? Could you afford to replace it all? If the answer is no, then you may want to consider renters insurance. Renters Insurance is set in place to cover your belongings in case of a loss, but it does not cover you rent payment, or your monthly bills. However, , it may help cover cost of temporary housing while your building is under construction or being repaired.
Property – Provides coverage to your personal property. Coverage is on a name-peril basis, meaning that only losses resulting from causes listed in the policy are covered, subject to limits and exclusions.
Liability – Covers you in the event you are held legally liable for someone else’s bodily injury or property damage resulting from an accident, negligent acts by you or household members, on or off the premises including:
- Costs to resolve claims or cost associated with defending lawsuits brought against you
- Damages caused by your animals on and off the premises, however, an animal deemed “vicious” may be excluded from the policy
Medical Payments – Covers the cost of medical expenses regardless of who’s liable, for anyone injuries at your place of residence (other than the resident of the household).
Additional Living Expenses – Depending on the policy type, this will cover additional expenses for up to 24 months if a covered loss makes your house unfit to live.
Optional Renters Coverages:
Floaters Policy – Extra coverage for items such as art, jewelry, collectibles, stuff that has a little more value and falls outside your renters insurance policy
Replacement Cost – Contents-replacement costs is available for repairing or replacing lost or damaged items without deducting for their depreciation
Identity Shield – Provides assistance in the resolution in the same of identity theft, credit fraud, public records monitoring and identity to travel document replacement such as a passport or I.D.
Renters Discounts You May be Eligible for:
- Business & Professional
- Age 50+
- Approved Burglar & Fire Protection Devices
- Fire Safeguards
- Purchasing with Farmers Life Insurance
Get the right coverage for you. Ask if you qualify for the most discounts in insurance!
Feel free to email us or give us a call for more information!