Renters insurance is becoming more and more necessary for tenants renting an apartment within a large complex or even renting a single-family home from a landlord. Renters insurance, in theory, is very similar to home insurance with a couple nuances that change the complexion and the price of the policy. Continue reading below to gather some more knowledge about the renters insurance product…
Renters insurance, or tenant insurance, is a simple, usually inexpensive policy that protects the insurable interest a tenant has in their rental. These coverage options include, but are not limited to: Liability coverage, personal property coverage, medical payments coverage, etc. The main reason the coverage is generally much less expensive than homeowners is the fact that the tenant is not actually insuring the building, which generally protects them from any weather-related claims. The biggest premium driver for renters insurance is the amount of personal property coverage required. This usually makes up the majority of the premium and the more personal property coverage you need insured the higher the total policy price will be.
Renters insurance is almost always required by the owner of the property or management company that manages the property being rented. In general, most policies range from $100 to $300 per year. Another important coverage provided by renters insurance is the liability coverage. This helps protect you from lawsuits that may arise after someone on your property is injured or hurt. For instance, if your dog attacks someone on your rented premises, your liability insurance can help protect you in the case of a lawsuit. Keep in mind, certain dogs are not insurable by many companies, such as pit bulls, etc. Check with your insurance company to see what dogs are excluded from your liability coverage and be sure to read our blog post on the subject.
In Indianapolis, renters insurance is very much needed, and we’d like to provide quotes for your renters insurance when needed. Renters insurance is often a stepping stone into homeowners insurance and helps you build a relationship with a company and agent early. Please don’t hesitate to contact us with any questions regarding your renters insurance today!