Renters Insurance FAQ
- Hoyt Family Group
- Jul 19, 2018
- 2 min read
What is Renters Insurance?
Renters insurance is a policy that will reimburse you financially in the event that your belongings are damaged or destroyed as a result of certain perils, such as fire, theft or vandalism.
Most Renters Insurance policies also carry a certain amount of Liability Coverage. Liability coverage will protect you in the event that a guest at your home injures themselves and sues you. Your Renters Insurance would cover your legal fees in this case up to the amount allotted by your policy.
Do I need Renters Insurance?
Legally, no. However, it is strongly advised. In fact, we at Hoyt Family Group require all of our tenants to have a Renters insurance policy.
It can be devastating to lose your personal belongings, and it may be harder than you think to replace those items that are stolen, damaged, or destroyed. Estimates show that most renters own approximately $30,000 worth of belongings. That can be a lot to replace in a single day, week, or even year.
Doesn’t my landlord have insurance?
Most landlords do have insurance that cover their properties. However, that usually only covers the actual structures on the land; not the possessions that are stored within. Because they are your possessions, your landlord really has no insurable interest in them, so they couldn't cover them even if they wanted to.
Renters insurance can help you to repair or replace the items that are damaged or destroyed by an accident. It should be noted that not all damages are covered. Perils that are often covered include damage caused by: Theft, fire, smoke, vandalism, etc. Check your individual policy to see exactly what is covered.
How much does Renters Insurance cost?
Most Renters Insurance policies are relatively inexpensive. For most policies, you can expect to pay around $15 a month, or $100 - $200 a year.
This is a lot less than a Homeowner's policy, as you are only insuring the possessions stored within the structure, and not the building itself. The actual house is insured by your Landlord.
I’m a student. Am I covered under my parents insurance policy?
Some home insurance policies will extend renters insurance coverage to the child of a policy holder, so long as they remain on the policy. This is on a case by case basis. Check with your Home Insurance agent to see if such a program is part of your parent’s policy.
For more information, please consider browsing the following resources. As always, don’t hesitate to contact us at Hoytfamilygroup@gmail.com , or leave a comment below if you have any questions.
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