If you’re renting an apartment or home and a fire or other disaster damages your rental or personal property, you’re correct in assuming that the landlord has enough insurance to cover his losses. But that policy only takes care of what he owns, such as the structure or his furniture, if the place is rented furnished. It does not cover any of your possessions. So to protect yourself, you’re going to need renters insurance. Here are some additional reasons to sign up for this policy.


1.      It’s affordable.
Unlike home insurance, which can run to thousands of dollars because it covers the physical structure of a house, renters insurance may only cost about $300 a year to give you $50,000 worth of protection.

2.      It covers property loss.
The primary reason for getting renters insurance is to cover losses of your personal property. Possessions covered include furniture, clothes, electronics, appliances, and sports equipment. Collectibles and jewelry are also covered but may have limitations or exclusions.
A typical policy takes care of damage or loss due to fire and smoke, vandalism and theft, windstorm or hail, falling objects, lightning, explosion, water such as a burst pipes, and electrical surges. You’re typically covered for the depreciated cash value of your items. If you want to be covered to replace them, you need to ask for replacement value coverage.

3.      It covers liability.
If someone falls in your apartment or your dog bites someone outside your rental, you may be sued for medical and legal expenses. Renter insurance covers such liabilities. You’ll typically get at least $100,000 of liability coverage and between $1,000 and $5,000 for any medical payments. You can often increase this coverage with an umbrella policy, which gives you $1 million worth of protection for $150 to $300 a year.

4.      You’re covered outside your rental.
If your belongings are stolen from your car, your auto insurance will not cover them. However, your renter’s insurance will. You’re also covered for theft or loss when you travel, such as if your bags are lost when you take a plane.

5.      It may cover additional living expenses.
If your place becomes uninhabitable due to damage, you may need to find temporary quarters such as a hotel until your residence is repaired. If your policy includes “additional living expenses,” it pays for your temporary quarters and may include food and other expenses. Each policy differs in how long they cover such expenses and for how much.

To learn more about policies provided by us at Value Plus Insurance call us at 952-435-0550. We provide low-cost renters insurance to keep you and your belongings safe in your time of need. Don’t hesitate to reach our for more information to get started today!