Renters Insurance

A big misconception among many people who rent their homes is that they assume their landlord’s homeowners insurance will cover their personal property in case of a fire, or burglary or some other disaster. No matter where you live in Washington, if you are renting a place to live you need to know the real facts about renter’s insurance. This could save you a lot of money and heartache down the road if you are ever the unfortunate victim of theft, fire, or other weather-related damage.

Why You Need Renters Insurance in Washington
Wildfires in Texas and Arizona, flooding along the Missouri River, and hurricanes in the southeastern United States and along the eastern seaboard. If you live in Washington, the headlines alone should be enough to make you realize the importance of renter’s insurance coverage. Tornadoes, floods, and other natural disasters can damage or destroy your personal possessions. A kitchen fire or even a broken pipe in a nearby apartment can put you at risk unless you have adequate renter’s insurance protection.

On average, a renter’s insurance policy costs between $200 and $300 for an annual premium. This breaks down to around $18-$25 per month, depending on the value of an individual’s personal belongings, where the rental property is located, and other factors. In the scheme of things, this is really a bargain. For this price you can normally get $30,000 of personal property coverage against theft, fire and natural disasters along with $100,000 of liability coverage.

As a general rule, a typical renter’s insurance policy does not cover loss or damage due to earthquakes or floods. If you live in an area which is prone to these types of natural disasters, you should inform your agent of this when writing up your personal renter’s insurance coverage. For an additional cost, protection from these disasters can be added to your policy.

Many people mistakenly think that when they rent a place to live, they don’t need renter’s insurance. Often people assume that the landlord is responsible for all insurance coverage. It is true that the landlord or property owner is required to carry homeowner’s insurance on the property. But this only covers the actual structure (building) itself and the land on which it is built. The personal property which is inside the apartment or rental home is strictly the responsibility of the renter. Because of this fact, many landlords and leasing companies today require all tenants to provide proof of renter’s insurance before they can lease and move into a property.

Liability coverage should also be included in your renter’s insurance policy. Unfortunately, accidents do happen. If a visitor is injured in your home, you could be sued and found liable for damages in a court of law. Losing a lawsuit such as this could put your current income, savings, personal property, and future earnings at risk. It makes sense to protect yourself and your belongings with a comprehensive and affordable renter’s insurance policy.

Putting together a policy is not as complicated as it sounds. First, you should make a detailed inventory of everything you own. This includes all the big items such as furniture, appliances, electronics, etc. Then include the smaller items- dishes, glassware, CDs, DVDs, jewelry, carpets, and clothing. You will probably be amazed at the number of things you own. Then imagine having to replace all of these items out-of-pocket at today’s prices. That is exactly what you will be faced with if your personal property is lost or damaged due to theft, fire, or weather-related issues. Now you can begin to understand the importance of having an adequate renter’s insurance policy and the peace of mind which it brings.

Smart Ways To Save
As you’ve already discovered, Washington renter’s insurance is very affordable. Here are more ways to save on an annual renter’s insurance premium:

  1. Choose a higher deductible. Just like car insurance, the higher the deductible, the lower the price. Alternatively, a low deductible will be more expensive.
  2. If your rental property doesn’t already have them, install smoke alarms, deadbolt locks and a security system in your rental property. Having these safety features will generally give you a discounted price on your annual premium.
  3. If you qualify, ask about discounts for seniors (55+), AAA membership, or other organizational discounts.
  4. Some insurance companies offer savings to non-smokers. Find out about this possibility.
  5. Bundle your insurance policies such as life, auto and renter’s, together with one company. Most companies give a significant discount for this.

Act Now
Our trained agents are available 24 hours a day to assist you in finding the best Washington renter’s insurance policy for the money. No one likes to think about losing their possessions to theft or fire or some other disaster. We can help you navigate through the many plans and options available so that you get the coverage you deserve at a fair price. Start enjoying the peace of mind that comes from knowing that your personal property is protected by renter’s insurance coverage. Contact us today!