What Every Family Needs to Know about Renters Insurance

Sep 8, 2016

Do I need Renters Insurance - baby

You’ve done it!

You’ve researched every car seat and crib from Amazon to the Land of Nod. You know the exact specifications of every bouncer on the market, and can disassemble that new stroller in 30 seconds flat.

You’re ready. All that’s left to do is bring home your bundle of joy.

If the space you’re welcoming baby home to is a rental, make sure to add “get renters insurance” to your “before-baby” to-do list.

We know you probably have a million things on your mind and your to-do list feels a mile long, but don’t worry– here are some quick tips to help navigate your insurance options.

Do I really need Renters Insurance?

You’ve poured so much hard work into making your space perfect for your little one. A Renters Insurance policy helps guarantee that your bundle of joy will get to enjoy all the personal touches you put into your home, even if the unexpected happens.

Renters coverage helps ensure that you will be able to replace damaged or stolen items when the unexpected happens.

Doesn’t My Landlord’s Policy Cover Me?

While your landlord may have a policy that covers the actual building you’re living in, their policy won’t extend to your personal possessions.

That means if your rental floods, the landlord’s policy will pay to replace and repair any damage to the building, like the ruined carpet & dry wall, but it won’t pay to replace your couch, dining set, or shoe collection that was wrecked.

How Much Coverage do I Need?

The amount of coverage you need depends on the items you’re interested in protecting and their value.

Keep in mind, not all insurance policies are created equal, so be sure to have your insurance provider go over the coverage in detail.

What Does Renters Insurance Cover?

A Renters Insurance policy typically includes a few types of coverage:

Personal property protection, which helps protect your belongings in case of a covered loss .

Liability protection, which helps protect you financially if someone is injured in your home and files a lawsuit against you.

Increased living expenses, which helps cover the reasonable costs of staying somewhere else after a covered loss renders your home uninhabitable.

Guest medical protection, which can help pay medical expenses for someone who was injured at your home.

Read more about what Renters Insurance Covers on our blog here.

Which policy is right for me?

Your coverage needs will be determined by the type and value of personal property you want covered.

When deciding between Renters Insurance policies, be sure to consider what is actually covered in the policy and how much it’s covered for. Don’t make your decision based solely on the price premium.

We know your deal-finding skills are unmatched, but don’t let a low premium price fool you. Lower coverage premiums often mean lower coverage limits. Meaning, that perfect bassinet you picked out may be covered, but only for half its value.

How much does Renters Insurance Cost?

Renters Insurance is one of the most affordable types of policy out there. Some companies will even provide it free when bundled with another policy, like Auto Insurance.

The cost of your policy will depend on the amount of coverage that’s right for your needs.

Choosing an Insurance Provider

Choosing your insurance provider is just as important as choosing the policy itself.

Pick an agent or broker who takes the time to get to know you, your individual needs, and answers any questions you have. Your agent or broker should do the legwork for you and give you options based on your needs and your budget.

Don’t get pinned down with the first insurance provider to throw a one-size-fits-all policy at you. You are unique, and your coverage needs are too.

For help deciding if an insurance agent or insurance broker is right for you, check out our blog post outlining the similarities and difference between the two.

Good Luck. You’re going to do great.

Need more help deciding? Contact us today and discuss your needs and your options with an insurance expert.

Renters Insurance

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