Renters Insurance

Renters insurance Plan

Renters insurance is a very affordable way to protect all of your stuff when you are renting your home. Without it, any of your belongings that become damaged or stolen is gone forever. A cheap renters policy can reimburse you either your item’s actual cash value (time they are worth at the time of loss) or their replacement cost (amount it costs for you to buy a new one) depending on your policy.

But did you know renters insurance can do so much more for you?

Renters insurance provides coverage for your stuff while it’s outside your home

That’s right, in lots of cases your renters insurance will protect your belongings even when you take them out of your home. Like, if something of yours is stolen from your hotel room or if your car is broken into and things are taken out of it. To be clear, any damage to the car is covered by your auto insurance. But the items taken out of it would be covered by your renters policy.

There are additional coverages for higher-value items

An add-on to a renters policy called scheduled personal property can provide additional coverage for your more expensive items like jewelry, art, and the like. This add-on also may cover you in an instance you lose the item.

It protects you, too

Did you know a renters policy doesn’t just cover your stuff, but your liability as well? If you invite a friend over and they are injured in your home, your policy may be able to help pay for their medical bills. This liability coverage would also extend to any damage done by any of your insured persons in your household including animals.

Require temporary housing? Your policy may cover that.

If your rental property becomes unlivable due to an insurable loss, your renters insurance policy can help cover living expenses you have while moving into temporary housing such as hotel bills. Ask your agent what else it would cover.

How much is a rental insurance policy?

Premiums depend on a variety of factors. Most notably, your zip code and amount of coverage. However, average prices are less than $30 per month. With the amount of coverage and peace of mind it offers, that is a small price to pay. A common misconception is that your landlord’s insurance will protect you. That is not the case. Your landlord’s insurance only protects his or her property and possessions. So, speak with a Young Insurance Group agent to make sure your belongings are protected.