What does renter’s insurance cover?
Renter’s insurance is a good way to keep you on a safe side. Most people do not adopt such policy and they devoid themselves with the benefits that may be helpful for them in case of any damage. On an average only 37% people claim their renter’s insurance policy however it as cheap as $15. In many cases the landlords themselves ask you to buy a policy but even if they don’t it’s always a good idea to have a policy for yourself, as it may be beneficial for you in all the matters. So, let’s look at the things that a renter’s insurance covers:
The renter’s insurance is divided into 3 different types of coverage:
1). The coverage of personal property:
It covers a whole range of things or your personal property such as your electronic devices, jewelry, clothes or other appliances if they get damaged or stolen by any means such as:
- The extreme weather conditions such as thunderstorms or hailstorms.
- The thieves enter your house and steal the belongings.
- A short circuit that occurs due to the electrical failure and it damages many electrical home appliances.
- A vehicle such as an aircraft or any helicopter.
- Any incident in which the fire breaks out in your house or if it gets affected by the lightening.
- If any type of riots come out in the country such as protests against any agenda.
- Any damage caused by volcanic eruptions.
- Usually in countries where there is a snowfall, the houses get affected due to the melting of ice or snow. So in such a case your insurance policy has to repair the house.
- If there is any sort of leakage in the pipes and your house if getting affected by it.
- If the house pipes get frozen due to the winter or gets exploded in extreme hot conditions.
Even if the renter’s house make other houses affected, such a gas leak causes fire in the neighbor’s house, then your insurance policy is responsible for it.
2. The medical assistance:
Some of the policies also provide a medical assistance if a person gets injured due to any unexpected situation and the house is responsible for it.
For example: If you get injured within the house premises, by accidently slipping or gets hurt due to any broken object of the apartment then you can claim your insurance policy for it.
3. The temporary live-in place:
In some of the policies, the insurance policy provides you a safe side in case you have any problem in the apartment or house in which you are living. For example, there is a large damage in your pipes and they are leaking or a fire breaks out in your house, so you definitely need to move in a temporary place whether it’s a hotel or any other place. So the insurance policy can accommodate your bills or eating expenses. If not completely, it can provide you some major expenses to adjust yourself within those expenses.
What renter’s insurance doesn’t cover?
As most cases have been described above, in which you can claim your renter’s insurance policy but there are some cases that doesn’t allow you to claim the policy. These are the following situations:
- It doesn’t cover the natural disasters such as the damages caused by earthquakes or floods if you live in an area where floods often occur or there is a chance of flood due to land sliding, and then you need to pay an extra amount to have this policy.
- The damages that are caused by pests or other creepy crawlies are also not a part of the insurance policy. You need to make arrangements for it by yourself.
- In some of the policies, if the valuable items cause more than $2500 (in case of appliances) and $1500 (in case of the expensive jewelry), then you cannot claim the insurance as it has limited amount of money for the insurance.
- The insurance policy also doesn’t provide any coverage for the damages caused due to terrorism. You again need to pay an additional sum of money if you want to include this protection in your policy.
How much does a renter’s insurance cost?
The cost of a renter’s insurance is not so high. Mostly, it costs as low as $15 or $180 for a whole year. However, it may vary from state to state or the different organizations.
| Name of the state | Yearly cost | Monthly coverage |
|---|---|---|
| Alaska | $166 | $14 |
| Arizona | $178 | $15 |
| Arkansas | $212 | $18 |
| California | $182 | $15 |
| Colorado | $159 | $13 |
| Connecticut | $192 | $16 |
| Delaware | $159 | $13 |
| District of Columbia | $158 | $13 |
| Florida | $188 | $16 |
| Georgia | $219 | $18 |
| Hawaii | $185 | $15 |
| Idaho | $153 | $13 |
| Illinois | $167 | $14 |
| Indiana | $174 | $15 |
| Iowa | $144 | $12 |
| Kansas | $172 | $14 |
| Kentucky | $168 | $14 |
| Louisiana | $235 | $20 |
| Maine | $149 | $12 |
| Maryland | $161 | $13 |
| Massachusetts | $194 | $16 |
| Michigan | $182 | $15 |
| Minnesota | $140 | $12 |
| Mississippi | $258 | $22 |
| Missouri | $173 | $14 |
| Montana | $146 | $12 |
| Nebraska | $143 | $12 |
| Nevada | $178 | $15 |
| New Hampshire | $149 | $12 |
| New Jersey | $165 | $14 |
| New Mexico | $187 | $16 |
| New York | $194 | $16 |
| North Carolina | $157 | $13 |
| North Dakota | $120 | $10 |
| Ohio | $175 | $15 |
| Oklahoma | $236 | $20 |
| Oregon | $163 | $14 |
| Pennsylvania | $158 | $13 |
| Rhode Island | $182 | $15 |
| South Carolina | $188 | $16 |
| South Dakota | $123 | $10 |
| Tennessee | $199 | $17 |
| Texas | $232 | $19 |
| Utah | $151 | $13 |
| Vermont | $155 | $13 |
| Virginia | $152 | $13 |
| Washington | $163 | $14 |
| West Virginia | $188 | $16 |
| Wisconsin | $188 | $16 |
| Wyoming | $147 | $12 |
Why it is important to have renter’s insurance?
It is important as well as beneficial to have renter’s insurance because:
- It’s affordable and doesn’t even cost you much.
- It provides a recovery for your personal property so you can feel tension free for the entire important luggage.
- If the landlord themselves provide a policy then it would not benefit you much, so it better to claim the insurance for yourself before the landlord claims his own policy.
- It also covers your property if you are on travelling. So if you have a job where you have to take a lot of tours it is good for you to have the insurance policy.
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