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4 FAQ About Renters Insurance

June 28, 2021

Renters insurance covers the repair or replacement of property in the event of theft or damage. If you're moving into a new rental and looking for added protection for your loved ones and valuables, it's essential to find a policy that suits your needs. Here are some frequently asked questions to help you through the process.

A Brief Guide to Renters Insurance

Who needs renters insurance?

In some cases, a new landlord will require renters insurance as part of the lease. Even if it's not required, the coverage will provide financial protection for items you can't afford to replace or repair. Think of it as a backup plan for a worst-case scenario, like a fire, burst pipe, or break-in. You’ll have peace of mind knowing you’ve prepared for the unexpected.

What does it cover?

Most policies offer a range of coverage options for personal property, liability, and additional living expenses. Personal property coverage might include the cost of replacing belongings like furniture, electronics, and clothing.

Liability coverage might include the cost of a visitor's medical bills if they're injured while visiting your home. Additional living expenses can cover the costs incurred if you're forced to live away from the rental due to damage.

What is a home inventory, and why is it important?

Because renters insurance covers anything damaged or stolen inside your home, you need to create an inventory that provides a clear record of what you own and how much every item is worth. Creating the inventory before searching for a policy will help you understand your needs and the most useful coverage limit. Take photos of high-value possessions you'd likely want to claim and refer to receipts or bank statements for accurate valuations.

Will a policy cover any roommates?

Some coverage options will allow you to add a roommate to your policy. However, this comes with risks. If a roommate makes a claim while on your plan, it will go on your insurance record and could affect your ability to get a policy in the future. If a policy is split with another person, personal items may not receive as much coverage as well. For optimum security, it's best to purchase individual plans.

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Protect your home and belongings with the help of Phil Taylor Insurance Agency in Clarksville, AR. This independent insurance broker offers a range of policies to address all needs, from auto and home to life and flood coverage. Call (479) 754-2616 or visit their website to request a renters insurance quote.

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