Why do I need renter’s insurance?
Even if an apartment complex doesn’t require renter’s insurance, it’s a low-cost way of protecting your possessions. Your landlord may have insurance to cover the building - but it won’t cover the cost of damages to your TV, computer, furniture, or other valuable possessions.
While possession damage is uncommon, it’s best to protect yourself.
What does renter’s insurance cover?
Depending on your policy, you can get renter’s insurance to cover your important possessions, like televisions, jewelry, cameras, and appliances. If there’s a fire, a break-in, or damage to the unit that causes damage to your possessions, you can get reimbursement to replace your possessions.
On top of property coverage, you’ll likely also get liability coverage. This helps protect you in case you damage someone else’s unit or property, such as if you leave water on and it leaks through the floors, or if a fire caused by your unit damages the apartment complex or someone else’s property. It can also cover repairs, medical bills, defense costs in a lawsuit, and more.
Covering Personal Property with a Rental Insurance Policy from Killebrew Insurance
With many different insurance providers and options, going with an independent insurance agency gives you different coverage policies that best benefit you, at a more competitive price. In the case of a power surge, water damage, fire, theft, vandalism, Acts of God, or other circumstances out of your control, you can rest easy knowing you picked the policy that works best for you.
You can negotiate your coverage for different categories, for instance, if you have $5000 of camera equipment, you can choose to only insure part of it, or none of it. Adding extra articles of coverage makes sure your valuables are covered exactly the way you want - without paying for less important possessions.
Does Renter’s Insurance Cover Loss of Use?
You can negotiate a policy that has loss of use coverage. For instance, if a natural disaster happens, leaving the home or apartment unlivable, you can get coverage to stay at a hotel or buy food during the time that the unit is repaired. Most insurance policies have Loss of Use included. Talk with us to learn more about what we can offer you!
How Much Liability Insurance Should I Get With My Renter’s Insurance Policy?
Generally, you’ll be required a minimum of $100,000 for liability insurance, if your landlord requires renter’s insurance.
Your liability coverage pays for bodily injury and property damage caused by negligence—like if your dog gets loose and bites the neighbor's kid and he has to get stitches.
You’re not, however, covered for negligence for expected or intended bodily injury (you throw a baseball in a parking lot trying to hit your neighbor), business pursuits (the cupcakes you bake in your apartment make someone sick with food poisoning—you would need a business owner's policy), or vehicle-related damage or injury (your emergency brake fails and your parked car hits someone—auto insurance covers this).
In addition to the basics, there are a few other types of coverage to know about. If a visitor suffers an injury in your home, your policy’s “medical payments to others” coverage will take care of the medical bills, regardless of who is at fault. “Credit card and bank forgery” coverage will protect against some monetary fraud attempts, such as if a burglar steals your credit card or check book during a break-in to run up fraudulent charges or write forged checks. And “property of others” coverage replaces not only your belongings, but others’—for example, if you borrow a friend’s laptop, and a leaking pipe destroys it.
Getting Renters Insurance Through Killebrew Insurance
The greatest advantage to choosing Killebrew Insurance for your Renter’s Insurance is that we’re an independent insurance agency - we can find the best insurer for your needs, and get you a policy that works for you and your roommates or family.
So if you’re looking to get renter’s insurance, or want to refer a new tenant to an option for them, why not give our Midland or Odessa offices a call so we can discuss the options?
Learn more about our Renter’s Insurance program or call Odessa: (432) 332-6322 or Midland: (432) 694-0508