Renters Insurance

Regardless of where you live or your specific circumstances, it’s necessary to ensure that your home is sufficiently protected. Although renters may not have the same level of financial investment in their residence as homeowners, acquiring adequate insurance is still crucial. Fortunately, the experts at Corita Insurance Agency are well-equipped to help you understand renters insurance and receive optimal coverage. 

What Does Renters Insurance Cover? 

Like any other property, rental units can be affected by many common risks and hazards. With that in mind, most renters insurance policies will provide financial assistance in response to the following incidents: 

• Fire

• Smoke damage

• Windstorm

• Water damage

• Theft

• Vandalism

If one of the incidents above causes incurs damages or expenses upon a tenant, an adequate renters insurance policy will be crucial to limit out-of-pocket costs. In general, this type of coverage can be relied upon to help pay for the following: 

• Personal property damage—If your possessions are lost, damaged or stolen, your insurance may be able to help pay to repair or replace them.

• Liability—If you are responsible for bodily injury or property damage incurred by others, such as neighbors or guests, this coverage can provide financial assistance for resulting medical bills, lost wages, repair or replacement costs and legal expenses.

• Loss of use—If you must to leave your residence temporarily, your policy can cover additional living expenses, such as hotel accommodations and restaurant meals.

How Much Renters Insurance Do I Need? 

Although renters insurance isn’t required by law in most cases, some landlords may require coverage. Even without such a mandate, all tenants should strongly consider acquiring a policy to protect themselves financially. When determining your renters insurance needs, taking inventory of your possessions can help you calculate how much coverage you need. Consider documenting the following criteria of your belongings: 

• Name of item (including model number)

• Where and when you acquired the item

• Original cost and current value of the item

• Up-to-date replacement cost of the item

• Current condition of the item

• Associated serial numbers

It may also be helpful to photograph your valuables so that you have visual evidence of an item’s condition in the event you make a claim. All materials documenting your possessions should be securely stored.  

Get the Right Coverage 

Many tenants may believe they do not need insurance to protect their rental unit. Still, it’s necessary to understand that even if your landlord has adequate coverage, their policy likely only covers the physical structure of your building. It’s up to you to protect the contents of your home financially. Furthermore, incidents occurring in your residence or for which you are at fault can incur significant losses. Without renters insurance, your out-of-pocket costs could be devastating. 

We’re here to help. The experts at Corita Insurance Agency are dedicated to helping individuals, families and businesses in the Norcross area protect themselves with optimal insurance solutions. We will work with you to analyze your circumstances and build the ideal policies for your coverage needs. Contact us today to get started.