What Protection Does it Offer?
The insurance policy your landlord has covers only structural damage to the building itself. If the structure were to catch on fire, your landlord’s coverage would likely only include repairs to the building but would not reimburse you for your possessions.
A renters insurance policy provides protection against both property loss and liability in the event that you cause injury or property damage. To learn more give us a call at 262-646-5777
Renters insurance covers your possessions against damage for things such as fire, smoke, lightning, vandalism, theft and water damage (but not flooding). Renters insurance also extends beyond the premise, covering property that is stolen from your car or lost or damaged anywhere you happen to be.
You do have two options in personal property coverage: replacement cost value or actual cash value. We at Midwest Insurance Group recommend insuring your personal property for its replacement cost value; this way you can replace yesterday’s purchase at today’s prices.
Renters insurance not only protects your personal property, but it also protects you in the event that you are responsible for injury or property damage to others. For example, you’ll likely be protected if someone slips and sprains their ankle on your premises.
Liability also provides coverage for legal defense costs and judgements in a lawsuit, whether the incident occurred within your rented residence or elsewhere. But to be sure, it would be best to go over your renters policy in depth with one of our agents to guarantee coverage.
Is Coverage Affordable?
Renters insurance only covers the value of your belongings and not the building; therefore the premium is relatively inexpensive. For about the same cost as going to the movies once a month, you can have peace of mind regardless of life’s mishaps.