Renters Insurance - don't rent a house without it!
Renters insurance provides you with piece of mind knowing that your personal belongings are covered in the event of unforeseeable circumstances. We believe its so important, we require that our residents to carry it while they live in our homes. But like with most insurance, it can be confusing and difficult to understand. Here we cover the basics of renters insurance so you can find the covereage you need a little easier.
You might be thinking, doesn't the homeowner have the house insured? Absolutely, but the homeowner's insurance does not cover the personal belongings you have in the home. Renters insurance is insurance for your personal belongings and typically also covers you for liability and additional living expenses if the home you're renting becomes uninhabitable for some reason. Renters insurance can minimize the financial impact you would feel if something like a fire or burglary occurs.
Before we get started, please note: make sure that Progress Residential® is listed as an additional interest, referencing this address: PO Box 38015 Albany, NY 12203, and that your policy has at least $100,000 of liability coverage.
There are usually three parts to renters insurance; personal property, liability, and additional living expenses.
What Renters Insurance Covers
Personal property coverage is a standard part of a renters insurance policy. It may help cover the cost of replacing your belongings in the event they're unexpectedly damaged. The policy typically applies to specific events like fires or storm damage. These events may also include:
- Weather related damage from lightning, hail, wind, ice, or snow weight
- Vandalism, burglary, riots or civil commotions
- Damage caused by vehicles like cars, trucks, or aircraft
- Water leaks or intrusion
- Damage from electrical issues or events
- Damage caused by falling objects
When you purchase a renters insurance policy, you'll want to set coverage limits for personal property that are right for your situation. You don't necessarily want to pay for more coverage than you'll need, but you also don't want to underestimate your coverage. Consider creating an inventory list of your belongings and estimate the value of those items to help you figure out how much personal property coverage you'll need.
You'll also need to decide if you want to purchase a policy that covers the current market value of your belongings or the replacement costs of your belongings which may help you replace your items at their retail value.
Please keep in mind, personal property coverage may not help protect everything you own and certain belongings, like jewelry or coin collections, may have limited coverage under a standard policy. We highly recommend working with an insurance agent to help you determine the best policy for you and help you work through all the details.
Unfortunately, accidents happen all the time. Liability coverage as part of your renters insurance may help protect you from having to pay certain out-of-pocket costs for damage or injury to others for which you are responsible.
For example, if someone slips or trips over something in your home and is injured, you could be held responsible for their medical bills. Another example would be, if your child hits a baseball through a neighbor's window, you could be held responsible for the and damage and any injury that occurred as a result.
If an accident happens that results in a lawsuit, renters insurance generally covers both the cost of legal representation, and any damages awarded to the other party. Again, an insurance agent will be able to help you determine the amount of coverage that makes the most sense for you.
Progress Residential® requires at least $100,000 of liability coverage.
Additional Living Expenses
If something drastic happens to your home and it's uninhabitable, you'll have to make temporary living arrangements. Renters insurance may help cover the costs of your temporary living arrangements including hotel and food costs above your average spend, as well as other expenses. Your coverage amount for additional living expenses will depend on your situation, so please consult with an insurance agent.
What Renters Insurance Does Not Cover
Not everything is covered in a renters insurance policy. Renters insurance will likely not pay for damage due to earthquakes or floods. Those events generally require separate policies or must be added as an endorsement or rider to a renters insurance policy.
Renters insurance usually does not cover accidents like spilling coffee on your laptop or dropping and breaking furniture or decorations. Renters insurance protects you against the actions of other people, but not your own actions. So, while you dropping your laptop is not covered by your insurance, someone else dropping your laptop may be covered by their renters insurance policy.
Please read your insurance policy and chat with your insurance agent to make sure you know what is and isn't covered by your renters insurance policy.
Other Things to Consider
Keep in mind, before renters insurance starts to help pay for your losses, you'll have to meet the deductible outlined in your policy. As a general rule, the lower your monthly premium, the higher your deductible and vice versa. Your insurance agent can talk to you about your options and help you make the best decision for your situation.
Also, you'll want to keep in mind any upcoming life changes and discuss them with your insurance agent. If you're planning on purchasing new furniture, or other large purchases, you can work with your agent to make sure you have the ideal coverage amounts.
There are so many options for insurance coverage. It may be worth getting quotes from a few different insurance companies.
Once You Have Your Policy
Email a copy of your insurance policy to [email protected]. Please make sure all residents are included on the policy and that Progress Residential® is listed as an additional interest, referencing this address: PO Box 38015 Albany, NY 12203. Also, please make sure that your policy has at least $100,000 of liability coverage.
We believe it's so important to have renters insurance that we require our residents to have it. If you choose not to purchase renters insurance you will be charged a monthly penalty of $14.95 which will not provide you with any insurance coverage.