If you are renting an apartment, condominium, or house, you should seriously consider purchasing a standard renter's insurance policy. renter's insurance is an affordable way to protect your personal belongings against damage or theft. Such items can include:
Personal belongings are also generally covered against fire & smoke, wind and hail, lightning, and vandalism.
Don't make the mistake of assuming your landlord already has insurance coverage that will protect you, the tenant. It is unlikely for a landlord to pay out the cost of renter's insurance for the personal possessions of their tenants. Typically, landlords have a policy that only insures the building they own. Contact the agents at Insure Idaho to discuss your personal needs.
Other things to consider:
- You may need to purchase a 'rider' or 'endorsement' for specialty items, such as jewelry, firearms and collectibles.
- Don't forget that raising your deductible can save you money on your premium. For example, if you have a $500 deductible, you will pay less in monthly premiums than if your deductible was $250.
Discounts? Ask about:
renter's insurance will not cover damages caused by 1) Floods; 2) Earthquakes; and 3) Normal wear and tear. You will need a separate policy to cover these types of damage. Sewer and drain backup will require an endorsement.
Additional Living Expenses
If you are forced to move out of your apartment, condo or rented house while repairs are being made, or until you can find a new place to rent, renter's insurance will pay for additional living expenses, such as meals and hotels.
Always consider upgrading your coverage to pay for the actual cost to replace a damaged item with a brand new item. If your policy pays "actual cash value," the payment you'll receive for an item damaged will be based on the cost of the item at that time. For example if you bought a laptop computer or table for $800.00 two years ago, it may be only worth $300 at the time of loss. If you have replacement cost coverage, your payment will be enough to buy a new item similar to the one you lost.
Liability coverage is often standard with renter's insurance. This can come in handy in case of an accident, such as a slip or fall by a guest. It provides protection against legal claims that you may be obligated to pay, but it is limited to the amount of liability coverage provided.
Contact Insure Idaho if you are planning on renting an apartment, condo, or house.