If you rent a house, condo or apartment, you should include Renter’s Insurance in your monthly budget. Insurance protects you from the potentially huge expenses that may occur unexpectedly. For a small premium, you can protect all the things you own against any covered loss, from fire to theft and even vandalism. If a major claim comes to pass, the compensation you receive can help you get a fresh start without such a drastic effect on your life and your finances. Just think about the potential cost of replacing all the clothing you need to dress each family member! A typical Renter’s Insurance policy will include the following:

  • Fire and Smoke Damage
  • Hail, Lightning and Windstorms
  • Damages Caused by Electrical Surges
  • Water Damage
  • Aircraft and Ground Vehicle Damage
  • Falling Objects
  • Civil Disturbances
  • Explosions **But be sure to ask your Insurance Agent what is covered in your policy

If you live in an area where severe weather occurs — like earthquakes or floods — then you would need to opt for this coverage separately. In the event that you become displaced, Renter’s Insurance can typically pay your rent for a period of up to 12 months. The maximum amount of rent offered is usually around 40% of the total value of your belongings. Renter’s Insurance also covers the insured’s liability, in regards to injuries on the property – specifically medical costs and any legal expenses should you be sued. It is important to know whether the insurance company repays the “actual cost” or the “replacement cost” of potential lost objects. Make sure to ask your agent about this too! Many companies offer reduced premiums in the case of proper security and safety precautions taken by the insured. For example, if you have theft and fire alarms or smoke detectors and fire extinguishers, you may get a reduced premium! Now that you have a better idea of what Renter’s Insurance is, you can seriously consider buying a policy. When you have valuables in your home, getting Renter’s Insurance is no longer a choice, but a necessity! –Miss Lisa “Insurance” Doughty PRANDI Property Management, Office Coordinator