If you’re of the Why do I need renters insurance? That’s the landlord’s responsibility school of thought, you may not fully understand what renters insurance is all about. Or to put it another way — what renters insurance can do for you if you live anywhere near Lakewood, CO or any area served by Premier Group Insurance. But before tackling that list, we need to clear up one of the biggest misconceptions Premier Group Insurance hears concerning renters insurance, namely that the landlord’s insurance has anything to do with you personally. It covers the physical structure of the building as well as its foundations but you’re on your own when it comes to personal belongings rental homes or apartments.

Renters Insurance  – What’s In It for You

• If fire or vandalism renders your apartment or rental house, renters insurance will cover the price of renting a comparable dwelling until yours can be repaired, replaced, or should it be needed, you relocate. Some policies also cover events like political unrest,  extreme weather, or should a vehicle or plane crash into the building.
• If one of your guests sustains an injury in your rental dwelling, renters insurance provides liability coverage to pay for medical expenses stemming from the incident.
• If a thief breaks into your Lakewood, CO rental dwelling and steals your property, renters insurance will pay to replace the items based on the terms of your policy. Most basic policies will reimburse you at actual cash value comparable to what you paid for them.  However, there is a more expensive option – a replacement value policy that will pay the present market value price. No matter which you choose, keep in mind, the bottom line amount depends upon the deductible you have chosen.
• If your car is stolen, unfortunately, renters insurance doesn’t cover it. That’s the realm of auto insurance. But rental insurance does cover anything that was in it, items such as bicycles, laptops, phones, or other personal property that are stolen from it while parked in the driveway or parking lot.

While renters insurance is valuable in the sense that it promises financial assistance should any of the above befall you, it can be expensive. If it seems to be beyond your budget, the insurance agents at Premier Group Insurance can help you find affordable solutions such as increasing your deductible or choosing actual cash value rather than replacement value. Call us today.