Renters Insurance is designed for rental property residents to protect their belongings. Renting is increasingly growing in popularity among college students and and families alike, as a practical and affordable living arrangement. Rental properties also offer more flexibility for short-term or semi-permanent housing, and are generally less responsibility than traditional home ownership.
Common rental properties that may require Renters Insurance include:
- Single family home
Because tenants of a rental dwelling do not own the property, liabilities associated with it are shared between the landlord, who insures the physical space, and the tenant, who insures their belongings, or “contents.” As a result of this shared liability, Renters Insurance is also very affordable, with the average policy premium at less than $18/mo. While Renters Insurance is not a legal requirement, many landlords will require this coverage as a stipulation within their lease agreement – and, it is important to protect your belongings from theft, fire or other damages regardless.
Webb Insurance is an experienced Renters Insurance brokerage firm headquartered in St. Charles, Mo. With more than 35 years of experience serving the greater St. Louis region, we have an in-depth knowledge of how Renters Insurance works to protect your personal belongings. Let a member of the Webb Insurance team be your ally and help you choose the best policy for your rental home.
Types of Rental Coverage
A typical Renters Insurance policy will consist of the three following types of protection:
- Personal Property, or Contents
For your furniture, clothing, kitchen appliances, décor and other belongings.
For damages or injuries caused by a covered incident that occurs in your rental home, including injuries to guests in your home.
- Additional Living Expenses (Loss of Use)
For any additional expenses incurred if your rental home becomes inhabitable because of a covered incident.
Why Renters Insurance?
Even if your individual belongings are not of a high dollar value, the cost to replace all of your belongings at once in the event of an unanticipated loss could add up. The average person has more than $20,000 worth of belongings – so aside from any minimum amount of Renters Insurance that may be required by your landlord, it is important to take an inventory of your belongings to ensure your policy would provide adequate coverage to replace all of your personal items in a worst-case scenario. For high-value items, such a wedding ring or a valuable piece of artwork, speak with a Webb Insurance broker about adding scheduled coverage for luxury items that may not be covered by a typical Renters Insurance policy.
Renters Insurance FAQs
- “When would Renters Insurance be useful?”
While there are some incidents that would be excluded from a Renters Insurance policy, such as flooding or a parasite infestation, it generally provides coverage for a variety of everyday incidents, including:
- Forgetting to blow out a candle that starts a fire
- Falling asleep while food was left in the oven, resulting in smoke damage
- A break-in burglary
- Throwing a dinner party where a friend was accidentally injured
- A power surge that destroys any lamps, electronics or appliances that were plugged in
- “My roommate provided Proof of Coverage for our apartment. Do I need to buy my own policy?”
Signing a lease and providing Proof of Coverage is an important first step, but the conversation doesn’t end there. Have you and your roommate had a conversation about what would happen if someone broke in and stole belongings from both of you? Are you both in agreement that you would split the deductible and recover the rest of the policy’s benefits? Does your roommate’s policy include (or exclude) coverage for roommates? If you’re unsure about any of the above, it could be beneficial to secure coverage in your name for the peace of mind that your belongings are protected, and that there won’t be any awkward misunderstandings with your cohabitants.
- “Do I own anything valuable enough to justify Renters Insurance?”
For just dollars a month, Renters Insurance isn’t hard to justify once you consider the combined value of your personal items. Even seemingly small things add up! If you have a laptop and a television, you should be well past the triple-digits, in terms of replacement value. Once you add clothing, shoes, kitchen and/or laundry appliances, vacuums and dinnerware, you’re probably well past a total you would want to come out of your own pocket in the event of a fire, smoke damage or other unforeseen catastrophe. For all of these reasons, Renters Insurance is also valuable protection for college students to consider.
- “Does Renters Insurance help if I work from home, or rent my place out when I’m not there?”
Renters Insurance includes liability coverage for you and your temporary guests, but most policies provide a specific definition of “temporary guests” that would exclude commercial activities – assuming, of course, that your landlord’s lease allows you to do this in the first place. It’s important for your insurance broker to understand how you’re using your living space to ensure that your Renters Insurance is covering everything you expect it to. For more information on Commercial Insurance, please click here.
Set up Your Renters Insurance Plan
Webb Insurance will help you find the Renters Insurance that accomplishes your financial goals and fits your budget. Our brokers will work with you to meet any requirements set forth by your landlord in your property’s lease agreement, and to provide any required Proof of Coverage documentation. We will also help you inventory your belongings to calculate an appropriate level of coverage for your personal possessions, and any additional high-value items. Then, we will review any opportunities for potential discounts, such as multi-product discounts for combined coverage for auto and renters’ policies. Once we’ve identified an appropriate Renters Insurance policy for you, we’ll search within our independent network of insurance companies to secure the best possible rates for your needs.
Webb Insurance is proud to represent an independent network of the industry’s leading A.M. Best-rated providers, including Liberty, Travelers, Auto Owners and more. See our full list of insurance companies.