Did you know that if your apartment catches fire, or if a thief breaks in and steals your personal items, your landlord isn’t obligated to help? While their own insurance policy covers them if something happens to the building’s roof or frame, they don’t cover your personal items. This is why renter’s Insurance is important.
In addition, your landlord’s coverage won’t take care of you if someone gets hurt in your apartment, or if you cause serious damage to your own rental unit with an honest mistake or accident. For this reason, many landlords demand that all tenants obtain and carry a valid renter’s insurance policy.
Renter’s Insurance Coverages
Every renter’s insurance policy is different, but there are specific coverages that most will offer.
The first is damaged items coverage. There are two types. Cash value pays you for the estimated cash value of the item itself. So if you have an old couch that you could probably only sell for $50, that type of policy would give you $50 for the couch.
A stronger policy will offer replacement costs instead, offering out the $700 you’d likely need to get the same sort of couch in a retail store.
Many policies also include temporary housing funds. Landlords don’t always pay for temporary housing when your rental becomes unlivable.
Finally, you’ll want liability coverage: that’s what covers you if someone comes to your apartment, slips on a puddle on the floor, and sues. It’s also what will cover you if you damage your apartment accidentally.
The Cost of Renter’s Insurance
Fortunately, the average cost of a renter’s claim isn’t very high. That means renter’s insurance rates are low. The average policy costs $242 a year. That’s about $20.00 per month. Most people spend more ordering the occasional lunch delivery.
You may also qualify for other discounts. For example, some renter’s policies will cut you a break if you have a monitored security alarm system protecting your unit. Others will give you a break if you agree to sign up for the direct deposit, or pay the entire year in advance. Cost should never be a factor when deciding whether or not you should secure renter’s coverage.
Get Started Today
Landeche insurance Agency can help you find the renter’s insurance policy that’s right for you. We can help you get the most comprehensive coverage or identify which policy will give you the best bundled discounts.
Call (504) 228-7184 to get started.
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We offer Renter’s insurance in the New Orleans and Metairie area, as well as any part of Louisiana.