Common Renters Insurance Questions Answered

Oct 05, 2021

Home Insurance

Common Renters Insurance Questions Answered

Millennials are swelling the ranks of renters. With no mortgage to pay, a living space that comes with built-in amenities, and a landlord who handles the upkeep and maintenance, it's clear to see why many people are staying in rented accommodations. If you've chosen to rent rather than buy, you should know that you aren't free from all responsibilities. You should secure renters insurance to protect your belongings and assets if the unexpected occurs. Because so many people are confused about this coverage, we've rounded up some common questions about renters insurance and the answers.

Common Renters Insurance Questions And the Answers You Should Know:

  1. Is renters insurance expensive?

    Believe it or not, renters insurance can be incredibly affordable. Often costing less than a monthly streaming subscription service, it is affordable for all, although many think it is much higher in price than it truly is. Work with a qualified insurance agent to secure the right renters' insurance coverage for your needs and see how you can benefit from this affordable coverage. When you tailor coverage, you only pay for what you want and need. Keep in mind that the cheapest policies on the internet may not be right for you, which is why it is essential to work with an agent who can assess your risks.

  2. Do I need renters insurance?

    Many renters are under the impression that if an incident or disaster happens, their landlord will cover all associated expenses. However, this is not the case. You are responsible for your own belongings and any liability disasters that occur. With this in mind, it is essential to secure renters insurance that takes your belongings and risks into account. Without coverage, you are left to cover all associated expenses of a disaster out of pocket. Your landlord will typically be responsible for building maintenance and insuring the structure. This coverage does not extend to your personal property, nor does it protect you from being liable for unintentional damage to your building.

  3. How do I figure out how much my belongings are worth?

    Because renters insurance covers the items within your home, you need to have a good idea of how much all your possessions are worth. There are home inventory apps and sites that will help you log, price, and track all of your items. This is an important step to do early on in the process so that you know how much insurance you need to buy. Having this data on hand also helps when you need to file a claim.

  4. Does it cover my roommate?

    While some providers will allow you to add someone who is not related to you onto your plan, it's recommended that each roommate purchase their own policy. Whatever claim is made by either party will go onto your insurance record and could hurt your insurance profile down the line.

  5. Does it cover pets?

    If you have a pet, you should purchase a renters policy. Although no one expects their dog to bite someone, accidents happen. If you're insured and covered, then the medical payments, legal fees, and settlement (up to the policy limits) will help. Keep in mind that some dog breeds are blacklisted from coverage, so talk to your insurer about this before settling on a policy.

  6. What types of events are covered?

    Although it depends on your policy, a standard renters insurance policy will cover your rental unit against damages caused by:

    • Fire and lightning
    • Theft and vandalism
    • Falling objects
    • Hail and windstorm
    • Frozen pipes
    • Faulty electrical appliances
    • Faulty/ leaking pipelines
    • Snow and ice
  7. Does it cover bedbug infestations?

    Unfortunately, renters insurance does not cover bedbug infestations, and you will not be able to file claims for the same. Even if the bedbugs can be traced to another apartment, neither the landlord nor the other renter can be held liable for the damages caused. Talk to your insurer about your property to understand what coverage you need. If you need reliable renters insurance that suits your budget, talk to the professionals at Humble & Davenport Insurance today.

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