Renters Insurance or Tenant Insurance is coverage for your Personal Property, Liability, and Additional Living Expenses in the event of a loss. This type of insurance is available to a person who is renting or subletting an apartment, single-family dwelling, condo, townhome, etc. The following is an explanation of coverage on a Renters Insurance policy:
- Personal Property: Helping to protect furniture, clothing, and other items from a covered loss such as fire, smoke, lightening, theft, vandalism, explosion, windstorm, water, and other disasters listed in your policy.
- Loss of Use or Additional Living Expense: Providing additional living expenses if a covered loss prevents you from living at your home. This can include hotel bills, restaurant meals, and other expenses above and beyond your daily expenses.
- Personal Liability: Helps pay for covered property damage or bodily injury caused by an accident in your home.
- Medical Payments: Helps to pay for medical or funeral expenses for someone who is injured on your property.
Renters Insurance is becoming more mandated today by Apartment Complex owners and Landlords. This is the case because they have policies that cover the structure only. If your personal property is destroyed by something like a fire or natural disaster, then there is no coverage for your personal property if a Renters Insurance policy is not in force. Without this coverage the Tenant would be responsible for all out-of-pocket expenses to replace their personal belongings.
How much Renters Insurance do I need? Tenants should complete an inventory of all their personal belongings and determine an estimated value for each item. This should give you an idea of how much total coverage would be necessary to give you the protection you need.
Replacing all your personal belongings can get expensive. There are two different valuations that a Tenant can choose to cover their personal belongings:
- Actual Cash Value (ACV): This provides coverage for your personal property but the value of your property is depreciated.
- Replacement Cost (RC): This type of coverage will cost you more but your personal belongings will be covered in a way that will replace your items with the “Same Like Kind Quality” items you had at the time of loss.
Bottom Line, Renters Insurance will give you Peace of Mind that your personal belongings are insured in the case of an unexpected event. In addition, Renters Insurance is going to provide liability coverage to help protect you and your family members from lawsuits.
You can submit your information for a Renters Insurance quote on our website or speak to one of our licensed Insurance Agents @ 901-465-0011 to learn how you can better protect yourself and your family today! We look forward to working with you!