If you rent your home, renter’s insurance should be very important to you. However, too often we have clients that think that they don’t need renter’s insurance, even though they rent property to live in. This coverage provides a whole host of benefits for the policyholder, working to keep finances and assets safe. At Abbate Insurance, we often receive a lot of questions about renter’s insurance coverage and what it can do for those who rent their apartment, home, or condo. Take a look at these common questions about renter’s insurance in New Haven, CT and how you can secure coverage.
Does my landlord’s insurance cover me?
Your landlord’s insurance policy is for the home and other structures – it does not include your own property or liability concerns. Because your landlord doesn’t have an insurable interest in your property, you’ll have to purchase renter’s insurance to keep your personal possessions safe.
What does renter’s insurance cover?
Disasters – If your rental property is damaged in a natural disaster or is the target of theft, renter’s insurance can step in to help. Covering many accidents and disasters, you can safeguard your property with this coverage.
Damage liability – If your property causes damage to the property of someone else, a renter’s policy will pay for the damages. This could be something like a broken mailbox or accidentally breaking a neighbor’s window.
Bodily injury liability – If someone other than an immediate family member is injured as a result of you or your personal property, the medical costs would be covered under a renter’s insurance policy. If your dog was to bite a guest, this coverage could also cover medical expenses and costs associated with a lawsuit, if the guest was to sue you.
How do I know how much my belongings are worth?
You will need to conduct a home inventory in order to determine how much coverage you need to purchase in your renter’s insurance. To do this, take pictures or videos of all of your belongings, noting the price you paid for them or the value. You may be surprised how quickly your belongings can add up to thousands of dollars. Once you have a figure, you can work with your insurance agent to secure coverage.
If you have items of high value, such as antiques or musical instruments, you may need additional coverage to fully protect these prized pieces.
Be sure to keep your home inventory safe, storing digital and paper copies in different locations. You will need to update this document regularly when you purchase new items or sell/donate others.
Is renter’s insurance affordable?
Renter’s insurance can cost pennies a day – all for reliable coverage! Remember, without this coverage, you are responsible for replacing all of your belongings out of pocket. Renter’s insurance can be as expensive or cheap as you’d like it to be, so be sure that you work with a reliable insurance agent who can tailor coverage to your needs.