Protect your possessions with a comprehensive renters insurance policy from Community Insurance.
According to the Insurance Information Institute, only 37% of renters have the proper insurance to cover their possessions. That’s because it can be confusing for tenants to know what their landlord’s insurance does and does not cover. Here’s why it is important for any renter or tenant to get the right coverage for their possessions.
Do I need Renters Insurance?
If you live in a rented house, condo, or apartment, you need to have renter or tenant insurance. Your landlord will have insurance to cover the building, but that does not include your personal possessions, liability protection for you or your family, or additional living expenses (ALE) coverage. To properly protect your personal property, sign up for renters insurance.
What does Renters Insurance cover?
This is what most people think when discussing renters insurance: protecting your personal belongings from damage from fire, smoke, vandalism, water, theft, explosion, windstorm, and other disasters. Policies can cover either the actual cash value or the replacement cost of your possessions. A home inventory of all your possessions is a simple way to help you determine estimated value for this coverage. Note that you may need additional coverage for personal items of value (jewelry, furs, collectibles), ATVs, vehicles, and personal watercraft.
Additional Living Expenses
If your rental is damaged or destroyed, you will need to live elsewhere while it is repaired or rebuilt. The additional costs associated with this new living arrangement – including hotel bills, meals, and a temporary rental – is paid by renters insurance through Additional Living Expenses (ALE) coverage.
In addition to covering your possessions and living expenses, renters insurance provide liability protection for you, your family members, and pets cause property damage or injure others. If a visitor is injured in your home, the insurance company will cover a portion of their medical bills. Renters insurance can also cover the legal expenses and court awards if you are sued.
Request a No Obligation Quote for Renters Insurance
Contact one of our insurance agents to learn more about coverage options and what plan works best for you. With two offices in Lancaster County (New Holland and Lancaster) and a team of agents ready to help you, choose Community Insurance for your renters insurance needs.