Renters Insurance – Protect yourself and your personal property
Have you ever considered what would happen if the apartment above you had a fire, and your apartment suffered extensive smoke or water damage?
Your landlord’s policy likely won’t pay to replace any of your belongings. That’s up to you. You may not own the building, but you have a lot of money invested in your personal property – and it’s something you may want to protect.
Renters Insurance Coverage
A renters insurance policy can help protect your personal property from fire damage, theft, and vandalism while also providing liability protection for your visitors and guests. Given electronics, jewelry, clothing and more, research has shown the average renter owns $30,000 in personal property. (Actual values may vary throughout the U.S., and $30,000 is a rounded estimate of personal property value for a standard two-bedroom apartment.)
Your renters insurance policy typically includes:
- Personal Property Protection – Covering the loss or damage of a renter’s personal belongings usually on and off of your premises, in most cases.
- Liability Protection – Providing legal representation and protection against judgments for covered events
- Guest Medical Protection Generally covers medical costs for visitors injured at a renter’s home
- Reimbursed Living Expenses – Reimbursement for costs of temporary housing, should it be necessary
Landlord/Rental Property Insurance – Cover Your Structure & Protect Against Liabilities
Rental properties are important investments and often valuable sources of income. What would happen if the buildings you own were damaged?
What if a tenant or guest was injured on your property? A landlord insurance policy can help protect landlords with smaller properties – from single-family homes up to four-family rental units.
Landlord Insurance Coverage
In addition to property and liability coverage, a landlord insurance policy provides for special risks landlords may face, like:
- Damage to your property
- Damages you could be legally obligated to pay
- Legal counsel and fees
- Up to 12 months of lost rental income
Do Your Renters Have Insurance?
Your landlord insurance policy may not cover your tenants’ personal property. You can help minimize your risks by checking to ensure that your tenants have the coverage they may need in case something happens within the residence. Or they want to consider coverage options for personal property, family liability, guest medical and additional living expenses.
Have them ask a Keystar Insurance agent about Rental Insurance and other insurance options that they might want to consider. Given the type of property you are insuring, potential risk issues and any additional coverage considerations, we can help you design a policy with the protection you need.