Bellevue Renters Insurance

Renters insurance could be the only thing standing between you and losing all your belongings. Despite this, only 46 percent of renters currently have one of these vital policies. This may be partly due to a common misconception about landlords and their property insurance.

The reality is that property insurance does not cover any tenant’s personal belongings. In other words, if a fire or other catastrophic incident destroys the building, each tenant must have their own renters policy to protect themselves against a huge financial loss. Otherwise, they stand to lose all their belongings and their home, regardless of what caused the catastrophe.

What Does Apartment Renters Insurance Cover?

A renters policy covers numerous things for one low price. Although there are some exclusions, most policies will provide coverage for incidents such as:

• Fire
• Theft
• Smoke Damage
• Vandalism
• Water Damage
• Windstorm
• Visitor Injuries

If any of the above listed incidents occur, the best renters insurance policies will cover a long list of items, including:

• Personal Belongings
• Living Expenses
• Medical Expenses and Legal Fees for Injured Visitors
• Accidental Damage to Someone Else’s Property

Theft coverage typically extends to personal belongings inside your vehicle. Therefore, if someone breaks into your car and steals a laptop, you’ll be able to make a claim.

Is Renters Insurance Worth the Cost?

To learn the true value of a renters policy, let’s look at a scenario that’s happened many times in the real world. Imagine that a fire accidentally breaks out in your apartment, and it spreads to the next unit. Your neighbor suffers from smoke inhalation and minor burns, and your apartment becomes uninhabitable. The injured tenant next door doesn’t have renters insurance or medical insurance.

In our imaginary scenario, you’ve got a renters policy. Your insurer will provide coverage up to your policy limits, less your deductible. This makes it possible to replace your belongings. The insurer also puts you up in a hotel until you’re able to move into a new apartment.

Meanwhile, your old neighbor decides to sue for their medical expenses. At the same time, the apartment community’s insurance company considers suing for property damage reimbursement. Fortunately, your policy also provides coverage for these things, so you won’t end up going bankrupt trying to deal with everything.

What isn’t Covered by Renters Insurance Companies?

Every company has their own specific polices, but there are a few things that are almost universally excluded from coverage.

1. Property Damage – This is covered by your landlord’s insurance instead. The only exception may occur if you’re responsible for causing the damage. In that scenario, the landlord or their insurance company may attempt to sue for the cost of the property damage.

2. Specified Water Damage – If your belongings become damaged due to a flood or underground water, your policy typically won’t provide assistance. If you live in an area where flooding is a major concern, be sure to inquire about a flood insurance rider.

3. Damages from Earth Movements – Landslides, earthquakes, sinkholes and other earth movement related damages aren’t typically covered. If this is a big issue in your area, be sure to ask about any riders that may provide this type of coverage.

How Much Does Renters Insurance Cost?

For an estimated nationwide average of only $114 to $262 per year, you can acquire a good policy that will provide peace of mind. If you ever need to make a claim, you’ll also quickly discover that these polices are among the best bargains in the entire insurance industry.

The price you pay will vary based on a number of factors, including your location. You may end up with a higher premium if you have expensive computer equipment or jewelry to cover, as these sometimes require a policy rider. The only way to find the most affordable coverage that gives you everything you need is by shopping around and gathering several renters insurance quotes.

Should I Choose Renters Insurance Near Me?

In today’s constantly connected world, it doesn’t really matter if your insurance company is down the street or on the other side of the country. What does matter is that you get the type of coverage you need at an affordable rate. An independent insurance agency makes this easier than ever. Visit our comparison website or call us today at [insert #] to get quotes from several insurers at once!