Leasing has its perks. From free maintenance to short-term financial commitments, there is a reason so many people choose to rent instead of buy. Of course, there are still risks that come with living in an apartment or rental home. While your landlord may have insurance that protects the building you live in, that coverage does not extend to you or your personal belongings. At Insurance Broker Direct, we help customers like you find coverage that protects against many different possibilities, from fire and smoke damage to theft and vandalism. Whether you rent a small townhome in the city or lease a farmhouse in the countryside, our team will work to find quality coverage that fits your needs at a price you can easily afford.
Who Needs Renters Insurance?
In many cases, landlords require their tenants to purchase renters insurance before entering into a lease agreement. Even if you are excused from having coverage or think your belongings are not worth insuring, going without renters insurance is a risky business. Consider the following example:
You take a bike ride on a local trail and round a curve at high speed. With the sun glaring in your eyes, you fail to see a woman jogging with her dog. With no time to slow down, you hit both, inflicting injuries. The woman sues you for her ambulance ride and emergency room visit, as well as her dog’s veterinary bills. You will need to come up with the money to pay the legal fees, liabilities, and any other damages you may be responsible for, such as the victim’s lost wages. Fortunately, you purchased renters insurance with personal liability coverage that takes care of the expenses up to the limits in your policy.
This is just one scenario where the coverage in your renters insurance could come in handy. Other situations might include:
- A break-in or theft
- A fire that leaves you in need of temporary shelter and living expenses
- A guest who accidentally cuts herself during a party
- Your dog biting another person or animal
Types of Renters Insurance Coverage
Renters insurance is designed to be there for you when you need it most. There are many different types of coverage listed in the average policy, some of which include:
Personal Belongings Coverage
Can you put a price on everything you own? If you take a home inventory, you might be surprised at how much it would cost to start all over again. Fortunately, replacing your belongings after a covered loss does not have to be a burden. Your renters insurance can take care of everything, from the salt and pepper shakers to your large flat screen TV. You need only pay your deductible.
Temporary Living Expenses
It can be scary to find your rental home covered in smoke and flames. Once you get past the initial shock, you suddenly wonder where you will sleep that night and in the nights to come. How will you afford the added living expenses you incur without your kitchen, groceries, and your washer and dryer? Renters insurance can take care of your temporary living expenses while you find a more permanent place to live.
Having friends and family over is fun until someone gets hurt. If your child’s friend breaks his arm playing volleyball at your house, your renters insurance can help pay the medical bills.
When you or a member of your household injures someone else or damages their property, you could be held legally and financially liable. Personal liability insurance follows you wherever you go, covering you against a wide range of non-collision related events.
Other Types of Coverage
Sometimes, additional coverage is necessary to offset certain types of risks not covered in a standard renters insurance policy. Talk with your agent about umbrella insurance if you need extra liability protection to protect your assets. You may also benefit from personal belongings endorsements for high-value items such as fine jewelry or a collection of firearms that are valued beyond the limits within your policy.
Renters Insurance Discounts in Lafayette, Indiana
Here at Insurance Broker Direct, we work for you – not the insurance company. We shop around to find affordable rates on high-quality coverage that meets your needs. Our goal is to answer your questions, uncover every possible discount, and be there to assist you with your renters insurance coverage both before and after your purchase.
For more information or to request your free renters insurance quote, contact our office today.