We at Will Wright Agency Inc. in Decatur, AL know that renter’s insurance can be confusing. We’re here to help you with concise answers to some of the most frequently asked questions about rental insurance.
What is Renter’s insurance?
It’s insurance that covers your belongings in the event of theft or damage. If a tree falls through your apartment and destroys your home stereo or if someone breaks in and steals your electronics, it is these policies that cover it.
What is the Difference between Renter’s Insurance and Homeowner’s Insurance?
Renter’s insurance is for belongings only, but typically homeowner’s insurance will cover the home as well. Since a renter doesn’t own their building, renter’s insurance only covers material goods.
Is Renter’s Insurance Mandatory?
We feel it is a great idea when you are renting to cover your belongings, however, renter’s insurance is not required or mandatory to have.
How Much is Renter’s Insurance?
The cost depends on the value of the property that is being insured, but typically policies are cheap to own. Area, credit scores, and the type of policy all factor into the cost as well. The average is about $300 a year according to the Insurance Information Institute.
What Will the Policy Not Cover?
Natural disasters, terrorist acts, and pest issues aren’t usually covered. There can be category limits on high ticket jewelry items and artwork. Talking to your representative can give you all the answers about what is and what isn’t covered.
Do you have other rental insurance questions or questions in general? We at the Will Wright Agency Inc. in Decatur, AL have the answers. Give us a call or come by today.