If you’re like many Atlantans, you might rent an apartment or a house. Lots of people are apartment dwellers. You love your place, but the question to ask yourself is are you properly insured? Sometimes Murphy’s law gets in the way and creates a bit of chaos. And when that happens, you might need renter’s insurance to set things right.
What is renters’ insurance, you might ask? Why needs renter’s insurance? Does my landlord’s insurance cover me? These are just a few of the questions you might have, and we’re going to answer them.
What is renters’ insurance?
Atlanta renter’s insurance is like home insurance, but it’s intended for people who, well, rent a house or apartment instead of owning a home. It provides coverage for your personal belongings and liability. However, it won’t provide coverage for the building or structure. (Your landlord’s insurance would cover the building itself.)
So, renter’s insurance would help you build a financial safety net for your bank account so that you won’t get totally cleaned out if something happens at your apartment and things go a little haywire.
Who needs renter’s insurance?
If you rent an apartment or a house, you might want to consider it so you can protect yourself financially. Imagine if a fire tore through your apartment or a crafty burglar made off with your stuff. Imagine if a guest tripped and took a bad – and expensive – fall…and you’re found responsible.
You might be scratching your head and thinking, well my stuff isn’t all that expensive…But chances are you have more stuff than you think crammed into your place. Think about your electronics, furniture, clothes, shoes, and so on. It would probably cost quite a bit to replace all of your belongings. And if someone tripped and fell, like in our scenario above, their medical expenses (or even a lawsuit) could get super expensive.
Does my landlord’s insurance cover me?
Maybe you’re wondering: What’s the point of renter’s insurance? Doesn’t my landlord’s insurance cover me?
Well, to answer the question simply, no. Your landlord’s insurance will probably not cover your personal belongings, and it might not cover your liability if someone gets hurt in your apartment or rented house.
Like we said earlier, your landlord’s insurance only covers the structure of the building itself. So, if there’s a fire, their insurance would pay to rebuild it, but it won’t pay to replace your belongings. You’d be on your own.
What does Atlanta renter’s insurance cover?
Your personal property.
If you have a covered loss (i.e. fire, burglary, or vandalism) your renter’s insurance would replace the belongings that were destroyed.
But a quick tip – check and see if the policy has actual cash value coverage or replacement cost coverage.
Actual Cash Value will only give you the depreciated value of your belongings (their value at the time of the loss.) This may not be enough for you to replace your belongings with similar models at today’s prices.
Replacement cost coverage will allow you to replace your belongings with similar models no matter what their depreciated value is.
So, that’s just something to be aware of when you’re choosing the renter’s insurance that’s right for you.
You could be found liable if someone gets hurt in your apartment or if you cause property damage. Your renter’s insurance would help you cover the expenses you’re obligated to pay.
So, if a visitor trips in your apartment, gets hurt, and decides to sue, you might be responsible for their medical expenses and legal or court-ordered judgments. But your renter’s insurance would come to the rescue.
Additional living expenses.
What would happen if you’re apartment had a fire and you couldn’t live there anymore?
Here’s another cool trick that Atlanta renter’s insurance does:
Your renter’s insurance policy might cover additional living expenses. That means that if a covered loss forces you to leave your home because it’s uninhabitable, your “extra expenses” would be covered. For example, you might have to stay in a hotel or eat at restaurants way more often than you normally would. Those are expenses about your normal living costs, so your renters’ insurance may reimburse you. (Just be sure to hold onto your receipts!)
Those extra bills could become a real burden, but with renter’s insurance, you can put that money back into your wallet.
Am I required to have renter’s insurance?
Your landlord might require you to have renter’s insurance. This just ensures that you’re covered and that any potential liability situations would be taken care of.
And you can get an Atlanta renter’s insurance policy by working with our team of agents. We can help you get the coverage you need for your rented house or apartment. Getting started with quotes is easy – all you have to do is fill out our online quote form or give us a call today.