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THE SCOOP ON RENTER'S INSURANCE<\/strong><\/h2>\nPaying for renter’s insurance may feel like an unnecessary expense. With other utility expenses, you enjoy the benefits every day – fresh clean water, lights, heat, and air conditioning, an array of TV shows and movies to watch, and fast internet to check your email and social media accounts or work remotely. But renter’s insurance, like all kinds of insurance really, just sits quietly in the background and waits. Like the warm waterproof boots that wait in the back of your closet for that one day it snows. But on that blizzard-y day, you’re so glad you have them! And you will be just as glad you have renter’s insurance in the event life takes a turn. So you can fully appreciate its importance, here’s the scoop on renter’s insurance.<\/p>\n
What exactly is renter’s insurance?<\/strong><\/h3>\nA renter’s insurance policy is one that predominantly protects a tenant’s personal property. These types of policies cover very specific things – like everything you move in with – while giving you added coverage in the event of theft or damage.<\/p>\n
The insurance policies that protect the person or company that owns the structure you live in do NOT cover your personal items in the event of fire, flood, or theft, making renter’s insurance an important layer of protection in case what you never want to happen happens.<\/p>\n
What’s covered by renter’s insurance?<\/strong><\/h3>\nRenter’s insurance covers the personal belongings you keep in your apartment. This includes furniture, clothing, electronics, books, art, and much more. If these items are damaged due to an issue in your apartment or your building, renter’s insurance can pay to replace them.<\/p>\n
An additional benefit of having renter’s insurance is having liability coverage which means you will be protected if you happen to make a mistake that causes damage to the building or another resident’s belongings. This liability follows you wherever you go. If you hurt someone outside the apartment: covered. If someone gets hurt in the apartment: covered.<\/p>\n
Most policies will even provide coverage if you damage someone else’s property, like if you leave the water running and flood the apartment below yours. Or forget to blow out a candle causing a fire that damages other apartments.<\/p>\n
What’s not covered by renter’s insurance?<\/strong><\/h3>\n <\/strong>To avoid the frustration of having some sort of a loss and finding out your policy doesn’t cover it, it’s important to talk to your insurance provider \/ read the entire policy ahead of time to find out what you’ll be able to claim in the event of an incident. There are a few things that are seldom included in a typical policy.<\/p>\n\n- Bed bugs<\/li>\n
- Flooding caused by a disaster<\/li>\n
- The structure of the unit and\/or building (your landlord has that covered)<\/li>\n<\/ul>\n
How much does renter’s insurance cost?<\/strong><\/h3>\n <\/strong>Policies are usually priced out based on the level of coverage you need, which is determined by the contents you are insuring (your belongings), your liability, and your insurance score (something like a credit score). For full coverage, policies can range from $250 to $750 per year.<\/p>\nWhere do I buy renter’s insurance? <\/strong><\/h3>\nIt is easy to find a policy online or from the company you use for auto insurance. Your landlord may have a relationship with a renter’s insurance provider which makes signing up a snap. At Fath Properties<\/a>, we partner with ePremium<\/a><\/a>, but our residents may choose whichever insurance company they prefer.<\/p>\n <\/p>\n
BENEFITS OF RENTER’S INSURANCE<\/strong><\/h2>\n1. Your landlord’s insurance won’t cover you<\/strong><\/p>\nSome landlords, like us here at Fath Properties<\/a>, require our residents to have renters insurance. Many renters think their landlord’s policy covers their residence. Unfortunately, this usually isn't true.<\/p>\nLandlord insurance covers the structure of the building but not tenants’ personal belongings. If someone steals your TV or a fire destroys your bedroom furniture, your landlord’s insurance won’t pay for replacements, but a renter’s policy typically will.<\/p>\n
The average renter’s insurance policy provides coverage for a variety of accidents. These usually include weather damage, fire, theft, vandalism, falling objects, and much more. While your property management company is responsible for repairing an apartment if it becomes damaged due to fire, tornadoes, hail, or rain and snow damage, they won’t pay to replace your belongings or other associated costs.<\/p>\n
A landlord’s policy is also unlikely to help if you accidentally damage a neighboring apartment. If your bathtub or sink floods out the apartment below you, the landlord’s not going to cover that. Worse, you can be sued for causing damage to the apartment below you. UGH.<\/p>\n
A standard renter’s insurance policy includes liability coverage starting at $100,000, which can pay damages and legal expenses if you’re responsible for accidentally injuring someone else or damaging their property.<\/p>\n
2. You own more than you think<\/strong><\/p>\nSome people believe renter's insurance is a waste of money because they mistakenly think they don’t have anything valuable worth protecting. What you own might actually surprise you! Here’s an exercise that will help you truly evaluate what you have:<\/p>\n
\n- open every drawer and closet in your apartment and take inventory<\/li>\n
- tally up the replacement value of each item<\/li>\n
- photograph your stuff – one photo for each drawer and closet, one for each room. Take individual photos of electronics, jewelry, and any other uniquely valuable item. Keep all the photos in a digital folder.<\/li>\n
- it’s also helpful to note the make and model of more costly items<\/li>\n
- if you’re really organized, keep receipts<\/li>\n<\/ul>\n
3. Housing after a disaster<\/strong><\/p>\n <\/strong>Most policies provide what’s called a ‘loss of use’ or ‘additional living expense’ benefit. It pays you if you are forced out of your apartment by a major claim — usually fire or extensive water damage — and you have to stay in a hotel. Loss of use coverage can also pay for restaurant meals or other expenses associated with living away from home while it’s being repaired.<\/p>\n4. Protect your finances<\/strong><\/p>\nMaybe you’re saving for a down payment on a house, or you’ve worked hard to get out of debt and build an emergency fund. The last thing you need is a lawsuit wiping out everything you have.<\/p>\n
Let’s say you go golfing and you hit someone in the head and they turn around and sue you. If a court finds you responsible, your renter’s liability insurance will typically cover costs up to your policy limit, even if the incident takes place away from home.<\/p>\n
This coverage can also come in handy if your dog bites someone at the park, your child breaks a valuable heirloom at a friend’s house, or a guest slips and falls inside your apartment.<\/p>\n
5. Away from home coverage<\/strong><\/p>\nRenter’s insurance protects all of your personal belongings, regardless of whether or not you are in the apartment at the time the damage happens. This means that if your belongings are damaged while you are at work, out socializing, or away on vacation, renter’s insurance can help. If your laptop was swiped at the neighborhood cafe, or your phone stolen on the bus, your policy could cover you! You may also have coverage for items in a storage unit. Keep in mind that it would make sense to file a claim only if the lost item were worth more than your deductible, the amount subtracted from your claim payout.<\/p>\n
6. What won’t be covered<\/strong><\/p>\n <\/strong>Most renter’s insurance does not cover damage that happens as a result of floods and earthquakes. Additionally, these policies won’t cover intentional damage or damage as a result of negligence. It also won’t cover regular wear and tear to your apartment that happens over time.<\/p>\nPROS AND CONS OF RENTER’S INSURANCE<\/strong><\/h2>\nPros:<\/strong><\/p>\n\n- It’s inexpensive. The average cost of renters insurance is around $20 a month depending on coverage and deductible amount.<\/li>\n
- You can bundle renter’s insurance with your other policies and save money.<\/li>\n
- It protects you from damages caused by other residents, such as water damage from an overflowing tub or smoke damage from a fire in another unit.<\/li>\n
- It can help you bounce back relatively quickly from a catastrophic event. You won’t have to put your life on hold while you figure out where you’re going to live and how to pay for it.<\/li>\n<\/ul>\n
Cons:<\/strong><\/p>\n\n- To get the true benefits of renter’s insurance, you’ll need to buy additional coverage for collectibles, one-of-a-kind, or expensive items. Think of an engagement ring, family heirloom, or baseball card collection.<\/li>\n
- Several natural disasters are not covered, including flooding, earthquakes, and sinkholes.<\/li>\n
- “Replacement value” policies can be expensive. To save money, opt for “actual cash value,” which reimburses you for each item’s depreciated value.<\/li>\n
- You could pay more for renter’s insurance if you have a low credit score.<\/li>\n
- Reimbursements for temporary living expenses might have a dollar cap or time limit.<\/li>\n<\/ul>\n
All in all, the benefits of renter’s insurance outweigh any possible disadvantages. With a good renter’s insurance policy, you can feel confident knowing your belongings will be protected in the event of an emergency.<\/p>\n
Life happens. And sometimes not in the way we want. Be like a Scout; always be prepared<\/a>.<\/a><\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":"
THE SCOOP ON RENTER'S INSURANCE Paying for renter’s insurance may feel like an unnecessary expense. With other utility expenses, you enjoy the benefits every day – fresh clean water, lights, heat, and air conditioning, an array of TV shows and movies to watch, and fast internet to check your email and social media accounts or… <\/p>\n
A renter’s insurance policy is one that predominantly protects a tenant’s personal property. These types of policies cover very specific things – like everything you move in with – while giving you added coverage in the event of theft or damage.<\/p>\n
The insurance policies that protect the person or company that owns the structure you live in do NOT cover your personal items in the event of fire, flood, or theft, making renter’s insurance an important layer of protection in case what you never want to happen happens.<\/p>\n
What’s covered by renter’s insurance?<\/strong><\/h3>\nRenter’s insurance covers the personal belongings you keep in your apartment. This includes furniture, clothing, electronics, books, art, and much more. If these items are damaged due to an issue in your apartment or your building, renter’s insurance can pay to replace them.<\/p>\n
An additional benefit of having renter’s insurance is having liability coverage which means you will be protected if you happen to make a mistake that causes damage to the building or another resident’s belongings. This liability follows you wherever you go. If you hurt someone outside the apartment: covered. If someone gets hurt in the apartment: covered.<\/p>\n
Most policies will even provide coverage if you damage someone else’s property, like if you leave the water running and flood the apartment below yours. Or forget to blow out a candle causing a fire that damages other apartments.<\/p>\n
What’s not covered by renter’s insurance?<\/strong><\/h3>\n <\/strong>To avoid the frustration of having some sort of a loss and finding out your policy doesn’t cover it, it’s important to talk to your insurance provider \/ read the entire policy ahead of time to find out what you’ll be able to claim in the event of an incident. There are a few things that are seldom included in a typical policy.<\/p>\n\n- Bed bugs<\/li>\n
- Flooding caused by a disaster<\/li>\n
- The structure of the unit and\/or building (your landlord has that covered)<\/li>\n<\/ul>\n
How much does renter’s insurance cost?<\/strong><\/h3>\n <\/strong>Policies are usually priced out based on the level of coverage you need, which is determined by the contents you are insuring (your belongings), your liability, and your insurance score (something like a credit score). For full coverage, policies can range from $250 to $750 per year.<\/p>\nWhere do I buy renter’s insurance? <\/strong><\/h3>\nIt is easy to find a policy online or from the company you use for auto insurance. Your landlord may have a relationship with a renter’s insurance provider which makes signing up a snap. At Fath Properties<\/a>, we partner with ePremium<\/a><\/a>, but our residents may choose whichever insurance company they prefer.<\/p>\n <\/p>\n
BENEFITS OF RENTER’S INSURANCE<\/strong><\/h2>\n1. Your landlord’s insurance won’t cover you<\/strong><\/p>\nSome landlords, like us here at Fath Properties<\/a>, require our residents to have renters insurance. Many renters think their landlord’s policy covers their residence. Unfortunately, this usually isn't true.<\/p>\nLandlord insurance covers the structure of the building but not tenants’ personal belongings. If someone steals your TV or a fire destroys your bedroom furniture, your landlord’s insurance won’t pay for replacements, but a renter’s policy typically will.<\/p>\n
The average renter’s insurance policy provides coverage for a variety of accidents. These usually include weather damage, fire, theft, vandalism, falling objects, and much more. While your property management company is responsible for repairing an apartment if it becomes damaged due to fire, tornadoes, hail, or rain and snow damage, they won’t pay to replace your belongings or other associated costs.<\/p>\n
A landlord’s policy is also unlikely to help if you accidentally damage a neighboring apartment. If your bathtub or sink floods out the apartment below you, the landlord’s not going to cover that. Worse, you can be sued for causing damage to the apartment below you. UGH.<\/p>\n
A standard renter’s insurance policy includes liability coverage starting at $100,000, which can pay damages and legal expenses if you’re responsible for accidentally injuring someone else or damaging their property.<\/p>\n
2. You own more than you think<\/strong><\/p>\nSome people believe renter's insurance is a waste of money because they mistakenly think they don’t have anything valuable worth protecting. What you own might actually surprise you! Here’s an exercise that will help you truly evaluate what you have:<\/p>\n
\n- open every drawer and closet in your apartment and take inventory<\/li>\n
- tally up the replacement value of each item<\/li>\n
- photograph your stuff – one photo for each drawer and closet, one for each room. Take individual photos of electronics, jewelry, and any other uniquely valuable item. Keep all the photos in a digital folder.<\/li>\n
- it’s also helpful to note the make and model of more costly items<\/li>\n
- if you’re really organized, keep receipts<\/li>\n<\/ul>\n
3. Housing after a disaster<\/strong><\/p>\n <\/strong>Most policies provide what’s called a ‘loss of use’ or ‘additional living expense’ benefit. It pays you if you are forced out of your apartment by a major claim — usually fire or extensive water damage — and you have to stay in a hotel. Loss of use coverage can also pay for restaurant meals or other expenses associated with living away from home while it’s being repaired.<\/p>\n4. Protect your finances<\/strong><\/p>\nMaybe you’re saving for a down payment on a house, or you’ve worked hard to get out of debt and build an emergency fund. The last thing you need is a lawsuit wiping out everything you have.<\/p>\n
Let’s say you go golfing and you hit someone in the head and they turn around and sue you. If a court finds you responsible, your renter’s liability insurance will typically cover costs up to your policy limit, even if the incident takes place away from home.<\/p>\n
This coverage can also come in handy if your dog bites someone at the park, your child breaks a valuable heirloom at a friend’s house, or a guest slips and falls inside your apartment.<\/p>\n
5. Away from home coverage<\/strong><\/p>\nRenter’s insurance protects all of your personal belongings, regardless of whether or not you are in the apartment at the time the damage happens. This means that if your belongings are damaged while you are at work, out socializing, or away on vacation, renter’s insurance can help. If your laptop was swiped at the neighborhood cafe, or your phone stolen on the bus, your policy could cover you! You may also have coverage for items in a storage unit. Keep in mind that it would make sense to file a claim only if the lost item were worth more than your deductible, the amount subtracted from your claim payout.<\/p>\n
6. What won’t be covered<\/strong><\/p>\n <\/strong>Most renter’s insurance does not cover damage that happens as a result of floods and earthquakes. Additionally, these policies won’t cover intentional damage or damage as a result of negligence. It also won’t cover regular wear and tear to your apartment that happens over time.<\/p>\nPROS AND CONS OF RENTER’S INSURANCE<\/strong><\/h2>\nPros:<\/strong><\/p>\n\n- It’s inexpensive. The average cost of renters insurance is around $20 a month depending on coverage and deductible amount.<\/li>\n
- You can bundle renter’s insurance with your other policies and save money.<\/li>\n
- It protects you from damages caused by other residents, such as water damage from an overflowing tub or smoke damage from a fire in another unit.<\/li>\n
- It can help you bounce back relatively quickly from a catastrophic event. You won’t have to put your life on hold while you figure out where you’re going to live and how to pay for it.<\/li>\n<\/ul>\n
Cons:<\/strong><\/p>\n\n- To get the true benefits of renter’s insurance, you’ll need to buy additional coverage for collectibles, one-of-a-kind, or expensive items. Think of an engagement ring, family heirloom, or baseball card collection.<\/li>\n
- Several natural disasters are not covered, including flooding, earthquakes, and sinkholes.<\/li>\n
- “Replacement value” policies can be expensive. To save money, opt for “actual cash value,” which reimburses you for each item’s depreciated value.<\/li>\n
- You could pay more for renter’s insurance if you have a low credit score.<\/li>\n
- Reimbursements for temporary living expenses might have a dollar cap or time limit.<\/li>\n<\/ul>\n
All in all, the benefits of renter’s insurance outweigh any possible disadvantages. With a good renter’s insurance policy, you can feel confident knowing your belongings will be protected in the event of an emergency.<\/p>\n
Life happens. And sometimes not in the way we want. Be like a Scout; always be prepared<\/a>.<\/a><\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":"
THE SCOOP ON RENTER'S INSURANCE Paying for renter’s insurance may feel like an unnecessary expense. With other utility expenses, you enjoy the benefits every day – fresh clean water, lights, heat, and air conditioning, an array of TV shows and movies to watch, and fast internet to check your email and social media accounts or… <\/p>\n
<\/strong>To avoid the frustration of having some sort of a loss and finding out your policy doesn’t cover it, it’s important to talk to your insurance provider \/ read the entire policy ahead of time to find out what you’ll be able to claim in the event of an incident. There are a few things that are seldom included in a typical policy.<\/p>\n <\/strong>Policies are usually priced out based on the level of coverage you need, which is determined by the contents you are insuring (your belongings), your liability, and your insurance score (something like a credit score). For full coverage, policies can range from $250 to $750 per year.<\/p>\n It is easy to find a policy online or from the company you use for auto insurance. Your landlord may have a relationship with a renter’s insurance provider which makes signing up a snap. At Fath Properties<\/a>, we partner with ePremium<\/a><\/a>, but our residents may choose whichever insurance company they prefer.<\/p>\n <\/p>\n 1. Your landlord’s insurance won’t cover you<\/strong><\/p>\n Some landlords, like us here at Fath Properties<\/a>, require our residents to have renters insurance. Many renters think their landlord’s policy covers their residence. Unfortunately, this usually isn't true.<\/p>\n Landlord insurance covers the structure of the building but not tenants’ personal belongings. If someone steals your TV or a fire destroys your bedroom furniture, your landlord’s insurance won’t pay for replacements, but a renter’s policy typically will.<\/p>\n The average renter’s insurance policy provides coverage for a variety of accidents. These usually include weather damage, fire, theft, vandalism, falling objects, and much more. While your property management company is responsible for repairing an apartment if it becomes damaged due to fire, tornadoes, hail, or rain and snow damage, they won’t pay to replace your belongings or other associated costs.<\/p>\n A landlord’s policy is also unlikely to help if you accidentally damage a neighboring apartment. If your bathtub or sink floods out the apartment below you, the landlord’s not going to cover that. Worse, you can be sued for causing damage to the apartment below you. UGH.<\/p>\n A standard renter’s insurance policy includes liability coverage starting at $100,000, which can pay damages and legal expenses if you’re responsible for accidentally injuring someone else or damaging their property.<\/p>\n 2. You own more than you think<\/strong><\/p>\n Some people believe renter's insurance is a waste of money because they mistakenly think they don’t have anything valuable worth protecting. What you own might actually surprise you! Here’s an exercise that will help you truly evaluate what you have:<\/p>\n 3. Housing after a disaster<\/strong><\/p>\n <\/strong>Most policies provide what’s called a ‘loss of use’ or ‘additional living expense’ benefit. It pays you if you are forced out of your apartment by a major claim — usually fire or extensive water damage — and you have to stay in a hotel. Loss of use coverage can also pay for restaurant meals or other expenses associated with living away from home while it’s being repaired.<\/p>\n 4. Protect your finances<\/strong><\/p>\n Maybe you’re saving for a down payment on a house, or you’ve worked hard to get out of debt and build an emergency fund. The last thing you need is a lawsuit wiping out everything you have.<\/p>\n Let’s say you go golfing and you hit someone in the head and they turn around and sue you. If a court finds you responsible, your renter’s liability insurance will typically cover costs up to your policy limit, even if the incident takes place away from home.<\/p>\n This coverage can also come in handy if your dog bites someone at the park, your child breaks a valuable heirloom at a friend’s house, or a guest slips and falls inside your apartment.<\/p>\n 5. Away from home coverage<\/strong><\/p>\n Renter’s insurance protects all of your personal belongings, regardless of whether or not you are in the apartment at the time the damage happens. This means that if your belongings are damaged while you are at work, out socializing, or away on vacation, renter’s insurance can help. If your laptop was swiped at the neighborhood cafe, or your phone stolen on the bus, your policy could cover you! You may also have coverage for items in a storage unit. Keep in mind that it would make sense to file a claim only if the lost item were worth more than your deductible, the amount subtracted from your claim payout.<\/p>\n 6. What won’t be covered<\/strong><\/p>\n <\/strong>Most renter’s insurance does not cover damage that happens as a result of floods and earthquakes. Additionally, these policies won’t cover intentional damage or damage as a result of negligence. It also won’t cover regular wear and tear to your apartment that happens over time.<\/p>\n Pros:<\/strong><\/p>\n Cons:<\/strong><\/p>\n All in all, the benefits of renter’s insurance outweigh any possible disadvantages. With a good renter’s insurance policy, you can feel confident knowing your belongings will be protected in the event of an emergency.<\/p>\n Life happens. And sometimes not in the way we want. Be like a Scout; always be prepared<\/a>.<\/a><\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" THE SCOOP ON RENTER'S INSURANCE Paying for renter’s insurance may feel like an unnecessary expense. With other utility expenses, you enjoy the benefits every day – fresh clean water, lights, heat, and air conditioning, an array of TV shows and movies to watch, and fast internet to check your email and social media accounts or… <\/p>\n\n
How much does renter’s insurance cost?<\/strong><\/h3>\n
Where do I buy renter’s insurance? <\/strong><\/h3>\n
BENEFITS OF RENTER’S INSURANCE<\/strong><\/h2>\n
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PROS AND CONS OF RENTER’S INSURANCE<\/strong><\/h2>\n
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