Renters Insurance

Many people mistakenly think that if they are renting a place to live, they don’t need renter’s insurance. If you live in Connecticut and are leasing your place of residence, you should learn about the value of renter’s insurance and the coverage it provides for your personal belongings and cherished possessions.

Why You Need Renters Insurance in Connecticut
Given the current state of the housing market, more people than ever are choosing to rent rather than buy. But as the number of renters continues to increase, the number of people actually purchasing renter’s insurance is not. It is estimated that only 43% of people who rent carry renter’s insurance. Insurance experts agree that there are many reasons why people don’t have renter’s insurance. Some misguided explanations are:

  1. They think renter’s insurance coverage will be too expensive.
  2. They think their landlord’s coverage will pay for their personal losses or damage.
  3. They think they don’t own enough personal property to make it worthwhile.
  4. They greatly underestimate the value of their belongings.

If you live in Connecticut and are currently renting a place to live, you should know the facts about renter’s insurance and why it’s so important to have adequate coverage for your personal property and cherished possessions.Your landlord’s homeowner coverage does protect the actual building you are renting and also the land it is built on. But all the items you have inside of your apartment or rental home are your responsibility. Without proper renter’s insurance, this means that you alone will have to replace the lost or damaged items. Just imagine having to buy everything at today’s market value. This is probably the most compelling reason why people make the smart decision to purchase and carry renter’s insurance.

The Cost of Renters Insurance
An average rental insurance annual premium will generally cost between $200 and $300. The actual amount you will pay depends on many factors, such as:

  1. Where the property is located.
  2. The estimated value of your personal property.
  3. The type of dwelling you live in.
  4. What type of coverage you select.
  5. Which deductible amount you choose.
  6. Your credit history/credit score.

Generally, there are two types of coverage offered to renters. One is Actual Cash Value which pays you the amount an item is worth at the time it is stolen or damaged (depreciated amount). Replacement coverage actually pays you the amount needed to replace the item at the current market price. Replacement coverage will normally cost about 25% more than Actual Cash Value coverage.

Insurance experts estimate that the average cost of renter’s insurance is about $15 per month. For this price an individual can get $30,000 worth of personal property coverage and $100,000 worth of liability protection.

Our friendly, highly-trained agents are available 24/7 to help you find the best possible Connecticut renter’s insurance at a reasonable price. From the comfort of your home or office, you can quickly and easily compare policies and get quotes from several different companies. You can then choose the policy which offers you great protection coverage at a price you can afford.