Renters insurance is an insurance policy that is often overlooked but is incredibly valuable to those living in rented houses, condos or apartments. One of the main reasons why people do not have this coverage is because they misunderstand the importance of it or do not know what it actually does to protect them. To clear things up, we take a look at the common questions surrounding renters insurance in Connecticut, CT.
Common Renters Insurance Questions
Doesn’t my landlord’s insurance policy cover my things?
It’s a common mistake to make, but no, your landlord’s insurance does not cover your own personal belongings. His or her insurance will cover the building structure, so if a fire damages walls and more, their insurance will step in to cover the cost of repairs. It is your responsibility to purchase a renters insurance policy to repair or replace your possessions if they are damaged by a covered peril, such as a fire, natural disaster, or theft.
How do I figure out how much my belongings are worth?
Because renters insurance covers the items within your home, you need to have a good idea of how much all your possessions are worth. There are home inventory apps and sites that will help you log, price, and track all of your items. This is an important step to do early on in the process so that you know how much insurance you need to buy. Having this data on hand also helps when you need to file a claim.
Does it cover my roommate?
While some insurers will let you add a person to your policy who is not related to you, many insurers will not. It is highly advisable for each roommate to secure their own renters insurance policy. This can help you save money in the long run if your roommate needs to file a claim for a stolen laptop while nothing of yours was stolen. Consider purchasing separate coverage to protect your own finances and items.
How much is renters insurance?
Renters insurance can be as affordable as you’d like it to be. To understand how much coverage you need, you first should perform a home inventory. Log all of your items and their value so that the insurer will know how much coverage you need. Working with a reliable renters insurance agent will help you secure an affordable policy that is tailored to your needs and budget.
Will it cover my pet?
If you have a pet, you should secure a renters insurance policy. Even though your dog or cat may be loving to you, accidents happen. If someone gets injured by your pet, you could be held responsible for covering their medical payments and more. Your renters insurance will help cover medical expenses, legal fees, and settlement (up to the policy limits). Keep in mind that some dog breeds are blacklisted from coverage, so talk to your insurer about this before settling on a policy.
Do you still have questions about your renters insurance? Renters insurance is incredibly valuable to protect your pocket from disasters, so be sure you understand the importance of coverage and how to take out the right policy for your needs. When you need to find quality coverage to suit your budget, talk to the team at C.V. Mason Insurance Agency. As an independent insurance agency with a team of friendly and helpful experts, we are ready to secure your needed renters insurance policy.