Renters Insurance Information
Whether settling into your first apartment or transitioning to a new chapter in a rented house, renters insurance can help provide financial protection and peace of mind. Without it, you would have to pay for costly claims out of pocket.
What Does Renters Insurance Cover?
Renters insurance typically includes the following coverage:
- Personal possessions coverage may help cover the cost to replace or repair items damaged due to a covered incident, such as theft or fire.
- Liability protection coverage may help cover lawsuits for bodily injury or property damage for which you or your family members are responsible. Your policy may also include no-fault medical coverage, which may help pay for medical bills if someone is injured on your property, regardless of who is at fault.
- Additional living expenses coverage may help cover additional living expenses while you find temporary accommodations if you cannot live in your rental due to a covered event.
Is Renters Insurance Required by Law?
In most cases, renters insurance is not legally required by law. However, some landlords or property management companies might include a clause in their lease agreements that requires tenants to have renters insurance as a condition of renting the property. These clauses are becoming more common because renters insurance can benefit both tenants and landlords.
How Much Does Renters Insurance Cost?
The cost of renters insurance varies based on several factors, including your location, the amount of coverage you need, the insurance company you choose, your deductible and other personal factors. On average, renters insurance is relatively affordable.
The following factors may influence the cost of renters insurance:
- Geographic location
- Coverage amount
- Types of coverage
- Claims history
- Bundling discounts
Contact ISG Insurance today to discuss your insurance needs. We can provide an accurate renters insurance quote for your specific situation.