Answers to Common Renters Insurance Questions

08 Oct Answers to Common Renters Insurance Questions

Often misunderstood, renters insurance is an overlooked topic by most renters. While many people can benefit from such coverage, it is often seen as too irrelevant or expensive for people in rented accommodation. However, misunderstandings around this insurance mean many go without valuable coverage that can protect them if the worst should happen. At Doughtery Insurance, we get a lot of questions around renters insurance. To help you understand this coverage, we compiled a list of common questions and the answers you need to know.

Do I need renters insurance?

Many renters are under the impression that if an incident or disaster happens, their landlord would cover all associated expenses. While this is nice to believe, it is not the case. You are responsible for your own belongings and any liability disasters that occur. With this in mind, it is essential to secure renters insurance that takes your belongings and risks into account.

Without coverage, you are left to cover all associated expenses of a disaster out of pocket – which could be impossible. Your landlord will typically be responsible for building maintenance and insuring the structure. This coverage does not extend to your personal property, nor does it protect you from being liable for unintentional damage to your building.

Does it cover my roommate?

While some providers will allow you to add someone who is not related to you onto your plan, it’s recommended that each roommate purchase their own policy. Whatever claim is made by either party will go onto your insurance record and could hurt your insurance profile down the line.

Does it cover pets?

If you have a pet, you should purchase a renters policy. Although no one expects their dog to bite someone, accidents happen. If you’re insured and covered, then the medical payments, legal fees, and settlement (up to the policy limits) will help. Keep in mind that some dog breeds are blacklisted from coverage, so talk to your insurer about this before settling on a policy.

How do I figure out how much my belongings are worth?

Because renters insurance covers the items within your home, you need to have a good idea of how much all your possessions are worth. There are home inventory apps and sites that will help you log, price, and track all of your items. This is an important step to do early on in the process so that you know how much insurance you need to buy. Having this data on hand also helps when you need to file a claim.

Is renters insurance expensive?

In most cases, people overestimate the cost of coverage. Renters insurance can be as much or as little as you’d like it to be, which is why it’s important to work with an agency that can tailor coverage to your needs. For most people, renters insurance costs less per month than a streaming subscription.

Whether you rent a condo, apartment, or house, consider purchasing renters insurance to protect your pocket and assets. When you’re ready to secure reliable renters insurance, talk to the team at Dougherty Insurance. We can help you find the right coverage you’re looking for.