FAQ About Renters Insurance
If you are renting a house, apartment or townhouse you should definitely consider investing in renters insurance. Your landlord will most likely have insurance that covers the building, but it will not cover any of your personal items that may be lost due to theft or vandalism. Purchasing your own policy is a way to protect yourself.
Frequently Asked Questions About Renters Insurance
- Why would I need to buy renters insurance if my landlord has insurance? Your landlord's insurance policy would not cover your personal items inside the rental unit.
- How do I find a company that offers renters insurance? There are several reputable insurance companies such as Farmers, State Farm, Geico and Liberty Mutual that offers renters insurance policies.
- How much will renters insurance cost me per month? There are many factors that will determine the cost of the policy such as the area you live in. Some companies may offer a discount if you have other policies with them.
- If my home is vandalized will I get enough money to replace everything that I lost? It depends on what type of coverage is included on your policy. If you have actual cash value you will be paid the market value of your property. If you have replacement cost you will be paid what it would cost you to replace the items.
- If someone is hurt in my apartment and they sue me will my insurance company cover it? Yes, the liability component of your policy will cover the injury.
- What will happen to my policy if I decide to move before my policy lapses? The policy should not be interrupted if you move within the same state. You would need to contact your insurance carrier to inform them of the move.