Renters Insurance in Valley City, West Fargo, Devils Lake, Minto, Hillsboro, Fargo, Thompson, Jamestown, Grand Forks, ND, and Nearby Areas
An Important Reminder for Renters
In conversations with individuals who rent an apartment or home, we often uncover a misunderstanding when it comes to their personal belongings. More specifically; who is responsible should they suffer a loss while renting.
It is a common belief among new renters that the insurance carried by their landlord / property owner provides them with protection for their personal belongings.
Please note: Your landlord’s property insurance does NOT cover the contents of any rented space, room, home or apartment. There is a simple insurance law that applies. In order to carry insurance for any property you must have an insurable interest in said property. In other words: if you don’t own it, you can’t buy insurance for it. Your landlord’s insurance covers the property he or she owns (your apartment, the house you rent, etc.). In order to protect the items you own, you need Renters Insurance.
There are two primary reasons many renters don’t get insurance coverage: they don’t believe they need it or they don’t believe they can afford it. Both of these reasons are based on misinformation. We’ve already discussed why renters need insurance to protect their personal belongings.
Renter’s insurance is extremely affordable. Remember, you’re only paying for insurance that covers your personal belongings, NOT for any property coverage, so renter’s insurance is much, much less than homeowners insurance.
A renter’s insurance policy can do much more than cover your belongings. Suppose a fire or other peril occurs and the apartment/home becomes temporarily uninhabitable. You may have to pay to stay at a hotel or other place until you can move back in. A renter’s policy can provide additional living expense coverage that reimburses you for any standard and reasonable increases in your living expenses when a covered loss makes your residence unlivable. This can include the costs of a hotel, food and other living expenses.
In some cases, if your belongings are stolen or become damaged outside of your residence, renter’s insurance may prove helpful in replacing them. So if you’re traveling on business or staying at a hotel on vacation, your renters insurance could help repair or replace belongings that are stolen or damaged while you’re away from home.
What would happen if a visitor tripped and fell in your apartment? If you are found negligent, you could be held responsible for medical bills, pain and suffering, lost wages and/or ongoing medical treatment. If you have a renter’s policy, you could have liability coverage that protects you from financial loss if you’re determined to be legally obligated to pay for someone else’s injuries, as well as any damage to another person’s property.
Additional Protection For Renters
Some renters insurance policies offer optional additional coverages. Like homeowners policies, your renter’s policy has certain limits for specific items, such as jewelry, watches, collectibles, firearms, etc. You may schedule additional coverage to increase these limits. If you keep any items related to your business in your home or apartment that you rent, you may be able to secure increased coverage on business property. Your Walsh County Mutual agent will help you determine what coverage is best suited for your individual needs.