For renters, this amount is usually sufficient. If your car is stolen, you will need to file a claim under the comprehensive section of your auto policy, not the renters’ policy. Most insurance companies offer discounts if you combine auto and renters insurance policies, or if your flat has a security system, smoke detectors or deadbolts. You may also want to consider new insurance companies, such as Lemonade and Toggle, that offer fast coverage, attractive applications and affordable rates.
So if your bike is stolen outside a shop or your phone is stolen by a pickpocket while you’re travelling abroad, your renters’ insurance policy will cover you with some caveats. If your home becomes uninhabitable due to circumstances covered by your policy, renters insurance coverage usually pays for additional living expenses while your home is being repaired. A standard renters policy covers your personal belongings, pays your expenses if you need to relocate temporarily during covered repairs, and includes liability insurance in case you are sued for negligence. It is in your best interest to purchase renters insurance with personal property coverage limits close to or greater than the value of your belongings.
Just as your renters policy covers your belongings when you are travelling, it will usually cover them when they are stored somewhere other than your own home. However, even if a renter has no personal property, the other features of the coverage make renters insurance worthwhile. Too many renters think they don’t need liability protection because they rarely have guests or believe that the likelihood of someone being injured in their home is almost non-existent. However, you may be able to get bedbug coverage with a renters policy from Assurant, depending on where you live.
Despite what many renters think, their landlord or management company does not insure them or their personal property. Renters insurance covers your personal belongings and provides liability coverage when you live in a flat, house or condominium that you do not own. Renters insurance usually covers legal representation in a lawsuit and money awarded to the other party. For most tenants, renters insurance is an invaluable tool to protect themselves from potentially devastating financial consequences.
It is not uncommon for a landlord to require renters insurance, but fortunately, the best renters insurance companies make it easy to compare quotes online and purchase a policy.