Renters Insurance Information
Renters insurance coverage can help pay for repairing or replacing your personal items following an unforeseen covered incident such as fire, vandalism, theft or other issues. Depending on your situation, your landlord may require proof of renters insurance before you’re able to rent from them. Horne Insurance is here to help you with your renters insurance needs. Call us today to get started.
Do I Need Renters Insurance?
Unlike homeowners or condo insurance, renters insurance is typically optional, and many landlords do not require you to have it to live in a unit they own. However, it is always a good idea to protect your belongings.
To determine how much coverage you need, consider making an inventory of your personal items, including model numbers, purchase prices and the date/place of purchase. Store your inventory somewhere safe, preferably outside of your home, so you can reference it in the event of a loss.
What Does Renters Insurance Cover?
Most renters insurance policies include liability coverage and personal property coverage.
- Personal property coverage is the portion of your policy that helps protect your belongings. There are two ways to insure these belongings: replacement cost value or actual cost value. Actual cost value insurance will pay for the replacement cost of your items, minus depreciation at the time of the loss. On the other hand, replacement cost value insurance pays for your items at today’s prices, whether or not they have depreciated.
- Liability coverage helps you pay for injuries or damages to others or their property. If someone incurs an injury in your home for which you are liable, liability insurance can help cover the cost of any medical bills that result.
Some renters insurance policies include additional living expenses coverage. This helps you pay for things like meals and hotel bills if something happens in your home that makes it uninhabitable for a time. Additional living expenses coverage will assist in paying these extra expenses until your home is livable again.
Get Renters Insurance Today
At Horne Insurance, we’re dedicated to helping you find a renters insurance policy that fits your needs. Give us a call today to discuss your options.