It’s understandable that you have questions about renters insurance, how it works, and even if you really need this particular type of insurance coverage. Hopefully this list of frequently asked questions will help you get the answers you seek about renters insurance and how it works.
I really don’t have that much stuff, do I really need renters insurance?
In a word. Yes. If you are renting a house, apartment, condo, townhouse, duplex, or mobile home you need renters insurance. No matter how little you think you have, you probably have more than you realize – especially if it is all suddenly lost and must be replaced immediately.
Think about all the items you have in your kitchen alone. Imagine the cost of replacing everything, down to the steak knives, coffee pot, and mixer in a single day? Then look at your bathroom, living room, and your closets. It adds up fast.
How does renters insurance work?
The purpose of renters insurance is to help you replace items that are lost in a covered event. The amount of compensation from an insured loss will depend largely on the type of coverage you purchase. For instance actual cash value coverage offers a depreciated value for items lost or destroyed while replacement costs offers you the amount it will take to replace those possessions.
Isn’t my rental property covered by my landlord’s insurance?
No. Your personal property is your responsibility – and it’s in your best interest to protect your property. Your landlord is interested in protecting his own investment. His insurance typically extends to the property’s structure and items he keeps on the property, such as appliances and tools.
What does renters insurance cover?
Renters insurance helps you recover financial compensation for personal possessions that are lost as a result of a covered event. This includes things like clothing, furniture, some electronics, toiletries, linens, etc.
What isn’t covered by renters insurance?
It’s important to understand that renters insurance is meant to help you recover the essentials. If you have art collections, expensive electronics, furs, jewelry, antiques, etc. you’ll need to purchase an additional policy to cover these high value items. This also extends to very expensive electronics, and other similar types of items.
I work from my rental home is my inventory and equipment covered?
Some items in your inventory and business equipment may be covered by your renters insurance, but it’s best to consult with an agent to determine if the value of your inventory and equipment exceeds standard coverage limitation. If this is the case, you may need additional insurance coverage.
How expensive is renters insurance?
Most people are pleasantly surprised at how little renters insurance costs. While it isn’t free, if you bundle it with other insurance policies and the property meets certain criteria, it can be quite affordable. It is important to remember that the size of the property, location, age of property, and your possessions all play into the total costs of your renters insurance.
Where can I get renters insurance?
Your best course of action is to consult with a reputable independent insurance agent to discuss your need for coverage. We’ll help you determine the best possible policy to meet those needs at a budget-friendly price — so you can get the protection you need to adequately protect your assets.
We also work with many insurance carriers — Travelers, Chubb, The Hartford are just three of the many we work with to provide you with the best renters insurance policy.
Now that you have your renters’ insurance questions answered, call CoOpInsurance.com today at 212-777-7113 for your free renters insurance quote or fill out our online form.