All Categories Community Corporate Cyber Insurance Hospitality HR Corner Life Insurance Manufacturing Opinion Corner OSHA Personal Insurance Seasonal Reminders Travel Insurance Renters Insurance: The KEY to your Protection 6/4/2019 renters insurance local insurance agency central insurance company affordable renters insurance illinois renters insurance apartment insurance Affordable Renter's Insurance Protects You & Your Valuables Although your landlord has insurance coverage, that does not mean that you do as well. More often than not, your landlord’s insurance policy only covers any structural damage to the building itself. If the structure goes up in flames, your landlord’s coverage would include repairs to the building, but would not reimburse you for any damage to your personal belongings. If you rent your home or apartment, Renters Insurance is the key to protecting you and your things. Renters Insurance provides protection against both property loss and liability in the event that you cause injury or property damage. To learn more about what that means, let’s cover the basics. Property Protection Renters insurance covers your possessions from emergencies like: Fire Smoke Lightning Vandalism Theft Water damage (but not flooding) It even extends beyond premise theft and hazards by covering property that is stolen from your car and can even cover your belongings when you’re traveling. Renters Insurance can even pay for any additional living expenses, such as hotel costs if you need to move out of your property from fire damage. You can maintain your standard of living with the help of your renter's insurance policy. There are two personal property coverage options to choose from: Replacement cost value Actual cash value Typically, we recommend insuring your personal property for its replacement cost value so that you can replace yesterday’s purchases at today’s prices. Liability Coverage In addition to protecting your personal property, Renters Insurance also protects you in the event that you are responsible for injury or property damage to others. That means you’ll likely be protected if someone slips and sprains their ankle at your annual birthday bash, or if you spill a cup of coffee on your friend’s laptop, you’re covered for that too. Liability also provides coverage for legal fees in a lawsuit, whether the incident occurred within your rented residence or elsewhere. Central Insurance Companies has created a quick 101 on Renters Insurance and all the ways it protects you, check it out! Affordable Coverage The best part about Renters Insurance? It’s entirely affordable. Because it covers only the value of your belongings and not the building, the premium is relatively inexpensive. Actually, the average cost of Renters Insurance is about $12 per month. Essentially, for about the same cost as going to the movies once a month, you can gain peace of mind, regardless of life’s unexpected mishaps. Renters Insurance Myths Unfortunately, there are a few myths and misconceptions about Renters Insurance when it comes to what exactly it is and what is covers, here are a few: I don’t have enough stuff to get renter’s insurance. Think about all of your electronics, appliances, clothes, and even your food. These all add up fast, and they are all large expenses that can be protected under your policy. My landlord’s insurance will cover the damages to my belongings. Typically, a landlord’s insurance policy only covers the building itself, not anything inside. Personal belongings are the only things covered under renters insurance. As stated before, renters insurance can also cover damage to someone’s property within your home. Depending on the limits of your liability coverage, it can cover some medical expenses if someone happens to suffer an injury on your property. I can’t afford renter's insurance. This is a big misconception. As stated before, renters insurance can be incredibly affordable. Although pricing can always vary, some policies can cost as little as a couple of cups of coffee at your favorite cafe. Don’t wait until it's too late to start thinking about renters insurance. We dedicate so much of our time, energy, and money to fill our living spaces with things that make it feel like home, and it only takes one unexpected, unfortunate event for it all to be taken away. Not only is renters insurance incredibly affordable, but also well worth it. Nothing beats the peace of mind of knowing that you and all of your personal belongings are covered. Interested in getting a quote? Visit here to get started, or contact our team at 217-528-7533 or firstname.lastname@example.org with any questions you may have. Sources & More Info: Zywave Central Insurance Companies This article was written by: Allison Lovdahl ALLISON LOVDAHL IS A MARKETING INTERN AT TROXELL INSURANCE AND A RECENT PUBLIC RELATIONS GRADUATE OF MONMOUTH COLLEGE. ASIDE FROM WORK, ALLISON ENJOYS PLAYING MUSIC IN HER BAND AT A VARIETY OF LOCAL VENUES. This information is advisory only. The author assumes no responsibility for management or control of loss control activities. Not all exposures are identified in this article. Contact your local TROXELL insurance agent for coverage advice and policy service. Neither TROXELL nor its affiliates or representatives offer legal advice. Consult with your attorney about your specific situation. More Posts Comments Name Email Email address will not be publicly visible Comment No comments have been posted.