Renters Insurance

How Does Renters Insurance Work?

Many landlords require that their tenants have a renters insurance policy. Renters insurance will help pay costs associated with losses stemming from incidents like burglaries and damage to possessions, and liability when someone is injured on the property and files a lawsuit due to injury or damage.

Renters insurance may even cover living arrangements outside of the apartment while it is under repair, or in the event a rental unit is rendered uninhabitable because of an event like storm damage or a fire in the apartment building.

You might have insurance for your car where the policy will cover a rental for a few weeks or a month while your car is repaired. It makes sense that your renters insurance policy would provide the same type of benefit.

Creating the Best Renters Insurance Policy for Your Needs

When you get in touch with Stay Kalm Insurance, we’ll discuss your circumstances and make a recommendation on coverage. It’s essential that your coverage amounts are appropriate for the number of possessions that need to be covered, as well as their overall value.

A renters insurance policy will have coverage limits like any other policy, so it’s important to get the right amount of coverage for your apartment. It’s also a good idea to purchase a policy with reasonable limits for potential lawsuits.

Don’t run the risk of having to deal with a lawsuit because someone slips on your kitchen floor and breaks a hip or they smash their finger in the door. Let your insurance company do the work of addressing the claim.

Replacement Coverage or Actual Cash Value

Renters insurance policies can work in one of two ways. They may provide coverage for the actual value of an item, or they may cover what you may need to pay to replace the item. Most policies will have coverage limits on certain types of items, and you may need to purchase additional insurance for particularly valuable items.

Like most other insurance policies, you may need to pay a deductible when you make a claim. The level of deductible you choose will influence the overall price of your policy. A small deductible will usually result in a more costly policy, and a high deductible will usually reduce the cost of your policy.

Call Stay Kalm Insurance for Your Renters Insurance Policy

As an apartment renter, it’s important to protect your possessions, even if you feel you don’t own a particularly large number of valuable items. Take a look at your apartment and inspect areas like your closet and the kitchen. Do you own a closet full of clothes?

Don’t run the risk of a fire destroying your entire closet without the protection of a renters insurance policy. Avoid the significant costs of a lawsuit with the protection of a renters insurance policy from Stay Kalm Insurance.