Renters Insurance

man in blue shirt handing keys over to young couple

If you are like the many Americans who rent their home instead of buying it, you are likely aware of renters insurance. Although there are no laws requiring renters insurance, most landlords and leasing companies require tenants to carry a policy.

Living in a rented house or apartment comes with the same risks as owning a home. There could be fire, theft, flooding, damage, or injury. You want to be sure you have protection in place.

At Lake Region Insurance Agency, we work with each of our customers to ensure they have the coverage they need. Our independent agents in Willmar, Cokato, and New London, MN, work to find you the perfect policy. Call or stop by for a free insurance review.

What is Renters Insurance?

Renters insurance is very similar to homeowners insurance. As the policyholder, you determine the value of the coverage you want or need. You will also need to decide on a deductible, the amount you would pay out-of-pocket before insurance starts paying for you.

There is one key difference between renters insurance and homeowners insurance. A renters policy will cover your personal property inside the home or apartment but not the physical building. Because you do not own the building, your insurance does not cover it.

Renters insurance protects you if there is damage to or loss of your items. It also provides coverage if there is an injury to someone visiting your home.

What Does Renters Insurance Include?

Just like with any insurance policy, there is variation in what a renters insurance policy will cover. You should meet with an agent you trust to go over the coverage that you will need. 

There are general coverages that fall under most renters insurance policies. Typically, your clothes, furniture, jewelry, and electronics are covered. Be sure you are thorough with your agent, as some things may need an appraisal for full coverage. Knowing the value of your items will make it simpler for you to determine the right level of protection.

For sufficient protection, your policy should include:

  • Personal Liability Coverage – This piece covers the costs associated with an injury to someone visiting your home.
  • Personal Property Coverage – This coverage is for the expenses associated with repairing or replacing your household goods in the event of a fire, theft, or other covered incident.
  • Additional Living Expenses Coverage – This part of a policy covers the costs of having to stay somewhere else if you can’t be in your home because of a claim.

Another thing to discuss with your agent is how reimbursement and coverage work. For example, some policies will provide the full replacement value of your items at the cost it takes to replace them today. Some policies, however, only cover the depreciated amount and may only fully reimburse you with a receipt of purchase.

Call Lake Region Insurance Agency Today

If you are living in a rented home, condo, or apartment, you need to have renters insurance. If you are not protecting yourself and your belongings, fire or theft could become a costly and heartbreaking event.

At Lake Region Insurance Agency, we have years of experience helping our community members get the insurance coverage they need at fair prices. Reach out for a free quote today.

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