People who occupy their own homes mostly understand the importance of having coverage against things like vandalism, fire, theft, floods, earthquakes, and other natural disasters, and even then they sometimes choose not to insure their property against the occurrence of an incident with liability insurance for rental property. However, the moment a property owner decides to lease the property, different liability and safety considerations arise. There are, now, commercial considerations and to address this, the major carriers offer special rental insurance policies for landlords that are sometimes referred to as rental homes insurance.
Renters Insurance Coverage
A renter’s insurance policy can help protect your personal property from fire damage, theft, and vandalism while also providing liability protection for your visitors and guests. Given electronics, jewelry, clothing and more, research has shown the average renter owns $30,000 in personal property. (Actual values may vary throughout the U.S., and $30,000 is a rounded estimate of personal property value for a standard two-bedroom apartment.)
Your renter’s insurance policy typically includes:
- Personal Property Protection – Covering the loss or damage of a renter’s personal belongings usually on and, in most cases, off of your premises
- Liability Protection – Providing legal representation and protection against judgments for covered events
- Guest Medical Protection -generally covers medical costs for visitors injured at a renter’s home
- Reimbursed Living Expenses – Reimbursement for costs of temporary housing, should it be necessary
Frye-Shaffer Insurance offers a variety of ways to save with renter’s insurance discounts for:
- Monitored fire and burglar alarms
- Local ultrasonic burglar alarms
- Dead bolt locks on all exterior entryways
- Fire extinguishers
- Sprinkler systems
- Renters insurance combined with auto insurance or other policies
Purchasing renters insurance for Virginia ensures that your property is protected. Don’t make the mistake of thinking you are invincible; you do need insurance for your belongings, even if you live in a rental property. You are the only one who is responsible for protecting your assets. Contact Frye-Shaffer Insurance today for more information and fill out our free Request-a-Quote Form!
Renters Insurance FAQs
Q: Why would I want to buy renters insurance?
A: If you live in an apartment or a rented house, renters insurance provides important coverage for both you and your possessions. A standard renter’s policy protects your personal property in many cases of theft or damage and may pay for temporary living expenses if your rental is damaged. It can also shield you from personal liability. Anyone who leases a house or apartment should consider this type of coverage.
Q: How does a renters policy protect my personal property?
A: A renter’s policy provides “named perils coverage”. This means that the policy only pays when your property is damaged or destroyed by any of the ways specifically described in the policy. These usually include:
- Fire or lightning
- Windstorm or hail
- Vandalism or malicious mischief
- Falling objects
- Weight of ice, snow, or sleet
- Accidental discharge or overflow of water or steam
- Sudden and accidental damage from artificially generated electrical current
- Volcanic eruptions (but this doesn’t include earthquake or tremors)
Renter’s coverage applies to your personal property, no matter where you are in the world. This means you’re covered when you are on vacation as well as at home.
Q: Why do some apartment complexes require tenants to have renters insurance?
A: Owners of apartment complexes buy insurance policies for their liability and to cover their buildings and personal property. However, these policies do not cover any of the tenant’s property or liability. By requiring their tenants to have renters insurance, the apartment owner is assured that the tenants will not mistakenly believe the apartment complex owner’s policy will provide coverage for a tenant’s property or personal liability. Although this type of requirement benefits the apartment complex owner, there are benefits to the renter as well. We recommend that you purchase renters insurance regardless of what your landlord requires.
Q: What if I share my apartment with a roommate? Do we both need to have renters insurance?
A: Standard renter’s policies cover only you and relatives that live with you. If your roommate is not a relative, each of you will need your own renter’s policy to cover your own property and to provide you liability coverage for your own actions.