Decide on Your Requirements and Opt for a Renters Insurance Policy With Us!
With renters insurance, you’ll be able to replace anything damaged or stolen. If you are forced out of your home because of a disaster, then your additional living expenses will be covered.
Renters insurance pays the reasonable additional costs of temporarily living away from your home if you can’t live in it due to a fire, severe storm or other insured disaster. It covers hotel bills, temporary rentals, restaurant meals and other living expenses incurred while your home is being rebuilt. Coverage for additional living expenses differs from company to company.
According to a study done by the National Association of Insurance Commissioners, in 2018 the average homeowner’s insurance premium rose by 3.1 percent. In 2017 it rose an additional 1.6 percent. According to the U.S. Census, in 2019 around 45.1 percent of all the renters spent almost 30 percent of their income on rent, and other utilities.
Renters Insurance In Philadelphia also covers your financial responsibility to people injured at your home by you, a family member, or your pet, paying legal defense fees if you are taken to court. It covers your possessions against losses from fire or smoke, lightning, vandalism, theft, explosions, windstorm, and water damage from plumbing. Renters insurance, however, does not cover floods, earthquakes or routine wear and tear. That being said, you can purchase separate policies to cover flood and earthquake damage.
Homeowners are required (or instructed by the mortgage companies) to carry homeowner insurance and protect their possessions, property, and injuries incurred by visitors. But what about people leasing or renting the living space? For them, here’s a comprehensive guide to understanding everything about renters insurance.
Outlining The Reasons to Invest in a Renters Insurance Policy
Renters insurance is a form of real estate insurance that covers the losses of personal property. Additionally, it protects the policyholder from liability claims. This includes injuries that occur in the rental property due to structural issues, though these are usually responsibilities that a landlord undertakes. Our services for Renters Insurance services protect anything ranging from an entire house, mobile home, to even a studio apartment.
These policies cover personal property from different occurrences, such as theft, wind, and fire damage. Back in the 1950s, separate policies existed to individually cover the different accidents that may occur. This made it more expensive for the renters to comprehensively insure the personal property. Policy forms were introduced in the 1950s for both renters and homeowners to purchase insurance and cover their personal property. This was a huge breakthrough for insurance companies as well as customers. However, policies were, and continue to be, hard to comprehend. Since policies between different insurance companies were not the same, there was an increasing need for standardized insurance policies.
For people who’re residing in a place for rent for at least one year, choosing a renters insurance policy is beneficial and recommended. It’s the least expensive and easy-to-obtain policy that you will likely ever own. Saying that it’s a smart investment is, thus, not an exaggeration. People must take out renters or homeowners insurance policies because they provide huge financial support in the toughest of times.
The answer to why you require renters’ insurance can’t really be conveyed in a single sentence. With that being said, here are a few of the reasons to invest in a renters insurance policy.
On average, a renters insurance policy does not cost too much. The actual cost depends on various factors, such as the amount of coverage you require, the coverage type you opt for, the amount of the deductible, and lastly, the location in which you reside.
- Covers Losses to Personal Property
A renters insurance plan can protect against personal property losses, such as jewelry, clothes, computers, luggage, electronics, and furniture. Even when you do not own much, it quickly adds up as a perk. As a matter of fact, the renter’s policies can protect against an unexpectedly long list of perils, which may include:
- Damage caused by aircraft or vehicles
- Falling objects
- Lightning or Fire
- Riot or civil commotion
- Vandalism/malicious mischief
- Volcanic eruption
- Hail or Windstorm
- Weight of snow, sleet, or ice
- Damage caused by water or steam, including plumbing, household appliances, air conditioning, or heating
- Offers Liability Coverage
Liability coverage is included in the average renter’s insurance plans. It offers protection when someone gets injured when they are inside your house or when you (or someone else covered in the policy) injures someone accidentally while on the premises. It pays out court mandated compensation, though it does not include legal expenses. A majority of policies offer astoundingly large liability coverage. With that being said, it also covers a small portion of medical-payments coverage too. One can also easily request higher coverage limits, as needed.
- Covers Travel Belongings
Renters insurance can include personal belongings while traveling. The possessions are covered from loss due to theft and any other covered losses while traveling anywhere in the world. You need to clearly check the policy or ask an insurance agent regarding other covered losses if you can’t find it explicitly mentioned.
- May Cover Extra Living Expenses
If the house becomes uninhabitable because of covered perils, then the renter’s insurance policy can cover extra living expenses. These expenses include costs associated with living anywhere else temporarily, necessary food, etc. For getting these living expenses, you’d require finding out how long it covers the additional living expenses with us. Having health insurance is also a preferred option for Philadelphians because we can avoid hefty financial pressure with it.
Understanding The Times, You Need a Renters Insurance Philadelphia
You need renters insurance when the property Management Company or landlord asks for it. Landlords can make renters insurance compulsory to limit tenants’ risk for property damages and liability costs. For a landlord, renters insurance isn’t uncommon. But even when renters insurance isn’t required, we think that someone who rents a house should still shop around for a renter’s insurance policy. And fortunately, we make it seamless for you to choose from the comprehensive Renters Insurance quotes and purchase our policy. As of now, these are the times when you may need our assistance for a renter’s insurance policy:
- For personal liability
- For medical protection
- For personal property damage
- For loss of use
- Renter with a pet can also consider opting for such an insurance policy.
- Renters having wealthy tenants should choose it.
- Renters who get forced out of the house can opt for this policy.
- College students residing off-campus can also consider this type of insurance policy.
How Much Renters Insurance Do You Need?
Add up the cost of everything you would want to replace if it were damaged or stolen. This can also serve as the basis for an inventory that will make filing a claim easier. For an inventory, also record model numbers, dates and places of purchase. Take photographs or videos of these items and place a copy of the inventory in a safe place away from your home, i.e. uploaded to the cloud.
If you rent an apartment or house you need insurance to protect your belongings. While your landlord might have insurance, it only protects the building. Your belongings are not covered under those policies.
When deciding on the amount of renters insurance you need, the primary decision you make is setting the liability coverage limits and personal property coverage. As an independent insurance firm, we assist you in getting enough personal property coverage so that your policy covers the value of belongings in need of coverage. You can get Renters Insurance Philadelphia can count on when we assess your requirements.
We focus on building a trustworthy relationship with our clientele. Our team members strive to make customers feel comfortable and confident. Our dedicated organization provides individualized and comprehensive insurance services to each customer. We work with only the best insurers offering coverage at fair prices.
Thank you for your interest in Remco Insurance Services, we proudly insure residents and businesses. Contact us today at 215.357.7878 to get started with superior service, coverage and the best rates.