Renting affords you a way of life not possible when you own a property. After all, there are far fewer things to worry about when you can pass on responsibility for repairs and maintenance to a landlord. However, renting does have its risks. Overlooking them could lead to serious financial consequences without the right renters insurance.
The Risks of Apartment Living
Your apartment is filled with personal belongings, from your wardrobe and furniture to the art on your walls and your electronics. Chances are you may even have a few valuables lying around, whether it is your grandmother’s wedding ring or some expensive camera equipment. Whatever you own, all of it is at risk of being lost without a renters insurance policy.
Imagine coming home to your door kicked in and most of your valuables stolen. Could you pay to replace them? Perhaps lightning strikes your top-floor apartment, short-circuiting your electronics. Sure, the landlord’s insurance will pay for damages to the apartment, but what about your expensive TV and laptop that were destroyed? Could you shell out thousands of dollars to replace them?
Renters Insurance Benefits
Renters insurance is very similar to other types of property insurance, in that it helps to cover your personal belongings and liability needs. However, it tends to be much more affordable, costing very little – especially when combined with other types of coverage, such as an auto insurance policy. A typical renters insurance policy will include:
Personal Property Insurance
This is coverage for any of your moveable possessions. Though you may not think your personal belongings are worth much, insurance takes into account all types of loss, from the tiniest kitchen utensils to large pieces of furniture. Most policies cover your personal property when it is lost or damaged due to certain covered events like fire, wind, theft, smoke, lightning, explosions, and vandalism. Renters insurance may also cover you against certain types of water damage.
If one of these covered events ultimately makes your apartment or rental home inhabitable, renters insurance can help pay your living expenses during a temporary displacement. Your policy could cover the cost of your hotel stay and even pick up the tab if you have to eat your meals out at restaurants.
Finally, renters insurance can also protect your personal finances from lawsuits and liabilities stemming from an accident in your home, or a non-auto related accident involving your pet or your child. Liability can help cover medical payments, lost wages, and pain and suffering, as well as your personal legal defense fees.
How to Select Renters Insurance in Wisconsin
Just as important as having renters insurance is choosing the right coverage. We recommend working with an independent agency like Carrigan Insurance to choose a policy that fits your needs. An independent agent can help you shop and compare plans from multiple carriers.
Renters insurance is very affordable, costing on average just one-third of a homeowners insurance policy. We can help you find complete coverage at an affordable rate, with additional discounts available when you combine multiple lines of coverage with the same carrier. We can also help you work out the complex details of your coverage, including helping you sort insurance needs if you share a rental unit with one or more roommates.