You don’t need to own your home to benefit from insurance.
Frequently Asked Rental Insurance Questions
Can I afford rental insurance?
The average rental insurance policy in the U.S. is only $190. This breaks down to a little more than $15 per month or the cost of three Grande Caramel Macchiatos. When you consider the alternative – paying out of pocket to replace all of your personal belongings (i.e., your jewelry, electronics, furniture, clothing, etc.) – you should really be asking yourself if you can truly afford NOT to purchase an insurance policy.
What does it cover?
Depending on the policy you choose, rental insurance may provide financial reimbursement for your lost or damaged possessions after your deductible has been met. It may also provide liability coverage for legal costs in the event you’re sued by someone who was hurt in your home. Additionally, if you can’t stay at your place after a covered incident, it can help pay for a hotel.
Covered incidents typically include fire, explosions, smoke, vandalism, theft, burglary, falling objects, freezing, hail, and damage caused by water not resulting from a flood. The true beauty of rental insurance is that it protects your possessions wherever they may be – whether they’re at home, in the trunk of your car or in your backup during a trip to Italy.
How much coverage do I need?
Taking inventory is a good way to determine how much coverage you need. This inventory lists your personal belongings including clothing, along with details about their age, purchase price or current value, as well as other identifying information. Document the items with receipts or pictures when possible. Once you’ve completed the inventory process, total the amounts to determine coverage, keeping a copy in a safe place.
Choose the Coverage That’s Right for You
The Insurance Information Institute (III) recommends getting quotes from at least three insurance companies to compare prices. Keep in mind, however, that not all policies are created equal. Never select a policy based solely on price. An independent insurance agent can compare prices from a number of different insurance companies to find the best possible value for you. For more information, including a free quote, visit us at www.hegarty-haynesinsurance.com or contact us at (480) 820-2297.