Hi, it’s Krystal Litscher with Personal Lines at WA Group and today we’re going to talk about Renter’s Insurance.
So typically, when most people think about Renter’s Insurance, they think about the physical items that need to be covered.
- How much personal property?
- How much coverage do we need to put on that?
- Is it $15,000 dollars or is it maybe $75,000 dollars?
And that’s a conversation that you really want to have with your insurance agent and they can help make sure that you’re properly covered. A renters insurance policy also generally has liability and medical coverage. So if someone were to come on to the property that you’re renting or come into your apartment and be injured and sue you, you know there is coverage that’s typically built into a renter’s insurance policy that helps pay for those legal fees and medical bills. Or if you were to cause property damage to someone else, sometimes there’s coverage for that on a renter’s insurance policy.
Loss of Use
There’s also a section of a renters insurance policy called, Loss Of Use. And this one is super, super important. If by chance, the building that you’re renting or the apartment that you’re renting becomes uninhabitable and you cannot stay there. Maybe there was a fire in the building and now there’s smoke damage and you cannot live in that building. You have to go live in a hotel for a little while or rent another place. This Loss Of Use section of your renters insurance policy is going to be what pays for those extra costs that are associated with having to live elsewhere for a while.
And lastly, premium. Everybody wants to know the price right? Sometimes people tend to think that renters insurance is really expensive or homeowners owners insurance can be kind of expensive depending on the amount of coverage you’re looking at. But typically most people are paying a premium of around $20 dollars a month. But that’s again, it’s always tailored towards how much personal property you need covered and how much liability insurance do you need and how much do you have for medical coverage payments.
So if you have questions on renters insurance or if you’re looking for a quote, definitely reach out to your agent at WA Group.
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