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What You Need to Know About Renters Insurance

So why consider renters insurance? Most people are unaware of what their landlord or apartment community's insurance policy does and does not cover. With the majority of apartment community insurance policies, the physical dwelling is covered but not your personal property. This is where renters insurance comes in. GetRentersInsurance has provided this page for you—the tenant—to obtain all of the essential information so that you can compare and order renters insurance with confidence.


Liability

Personal liability is usually a standard feature in a renters insurance policy. Unintentional bodily injury or property damage due to accidental occurrences are generally covered. So if your neighbor drops in and slips on a wet floor, personal liability prevents you from paying damages out of pocket. It also protects you from liability for damage to other people's property. The type of liabilities that are covered will vary by policy.


Additional Coverages

Listed below are examples of additional coverages featured in a basic renters insurance policy, though some of these coverages may not be available with certain tenant policies. Enter your zip code above to start comparing coverages and determine which policy is right for you.

Actual Cash Value (ACV)

ACV only covers the value of your items at the time they were damaged. In other words, wear and tear depreciates the amount paid to you, and the total amount paid is also based on your deductible and coverage limits.

Replacement Cost Coverage

Replacement Cost Coverage reimburses you for the replacement cost, but often produces a higher premium. Obviously your deductible and coverage limits will determine the amount of reimbursement, but generally the policy will replace your damaged items with comparable items.

Medical

Your guest's reasonable medical costs are covered in case of accidental injury while on your property, regardless of who is at fault.

Personal Property Protection

Provides protection against loss to items such as a stereo, bicycle, jewelry, cameras, furniture and clothing. Certain renters policies will have personal property categories to include the above items in your coverage.


Cost to You

Despite common misconceptions regarding insurance policy premiums, a basic renters insurance policy will cost you less than 50¢ per day, and as low as $15 per month. According to the Independent Insurance Agents & Brokers of America, nearly two-thirds of all tenants in the United States do not have renters insurance, despite coverage limits in a typical policy running up to $40,000 for personal property and between $100,000 and $300,000 in liability coverage.

So what are you waiting for? Enter your address above and let GetRentersInsurance help you protect your personal property.