Allstate estimates that, for a standard two-bedroom flat, the value of the average renter’s personal property in the U.S. If your worldly possessions are reduced to a futon, a coffee pot and a toothbrush, you probably don’t need renters insurance. If you own expensive individual items, you should be sure to take out a renters insurance policy where you can increase the sub-limits to make sure you are fully covered. The good news about renters insurance is that it is more affordable than you might think; in fact, it is one of the most affordable types of insurance you can buy.
If your home becomes uninhabitable due to circumstances covered by your policy, renters insurance coverage generally pays for additional living expenses while your home is being repaired. If those items are stolen or destroyed during qualifying events, your insurance policy will pay for you to replace them. Bodily injury caused by a pet, such as a dog bite, may fall under renters’ liability coverage, but policies may exclude these events in certain circumstances. Along with other pests, such as rodents, they are considered a maintenance problem, and are not covered by your standard renters policy.
Renters’ policies often limit the amount they will pay for valuable items such as jewellery, firearms and electronics. Grab your rental agreements, because we have all the answers to your questions about renters insurance, from costs to claims. One of the advantages of renting is that it is the landlord’s responsibility, not yours, to insure the building and make any necessary repairs. Your insurance company is likely to ask you to have it professionally assessed and to add specific ring coverage to your renter’s policy (for an additional cost).
Renters’ insurance policies may also offer additional coverage for more unique risks, such as a subsidence endorsement that would protect your belongings against subsidence. When taking out a renters insurance policy, you should be sure to select limits that cover you in the event of a total loss.