Here’s a true case study about an apartment in Stillwater, Minn., that might make you want to learn more about renters insurance.
One renter in a four-plex apartment building created a huge mess for the other tenants with overflowing water. She accidentally left a faucet running for five hours, and the resulting bathroom flood caused such damage that three of the four tenants had to temporarily relocate while repairs were done. Perhaps worse, only one of the tenants had renters insurance, so the other three were left to replace their damaged personal property on their own.
Of course, the property owner replaced the carpet and drywall, repainted damaged walls and completed other necessary repairs. But he was not responsible for replacing tenants’ property. While the tenants did nothing wrong (not counting the woman who left the faucet unattended) and could do nothing to prevent the disaster, they were left with temporary housing needs and water-soaked possessions.
What Does Renters Insurance Cover?
The story is a good example of what a typical renters insurance claim can be—it’s not exciting enough to make the local news, but it can set your life and finances back for months or even years if you don’t have renters insurance. You might not think it can happen to you, but it can.
Renters insurance typically covers:
- Your personal property, both in your apartment and in your vehicles. Since most people acquire their possessions over time, it’s easy to lose track of its accumulative value. But consider the cost of replacing electronics, food, clothes and more all at once. Also, say your car is stolen. The stuff inside is not covered by auto insurance; you would need renters coverage for that.
- Temporary living expenses if you need to relocate while repairs are being made to your home.
- Most liability claims in the event that someone is hurt while in your rental property.
Affordable Protection for Your Possessions
A common misconception among renters is that they can’t afford the coverage. The fact is that renters insurance will usually cost less than a few hundred dollars each year. Quickly scan your home and tally the value of your belongings in your head. You may be surprised how fast that number reaches into the thousands. You can protect all those possessions for just a few dollars a month.
Renters insurance covers such disasters and damage caused by plumbing leaks, fire or smoke, lightning, windstorm or hail, volcanic eruption, ice, vandalism, theft, explosion and falling objects. Floods and earthquakes are typically excluded from standard renters insurance. (In our experience, volcanoes and earthquakes rarely hit Northwestern Wisconsin, but one never knows.)
Contact Reis Insurance Agency to discuss your renters insurance options. We’ll provide no-obligation quotes from several of the insurance companies we work with, so you will know your needs are being met. You may qualify for an insurance discount if you have multiple policies with the same insurance company.