Even if you don’t own your home or the land that it rests on, you own the valuable personal property that’s housed within it. Whether you rent a house, apartment, or any other dwelling space, renters insurance is vital to protecting your assets in case of theft or a natural disaster. With decades of experience helping businesses and individuals protect their livelihoods from unforeseen disasters, Carrollton insurance agent, Jeff Van Matre, helps clarify the importance of renters insurance by answering a few commonly-asked questions about the policy.
Do I need renters insurance to rent an apartment?
In most cases, an apartment complex may require you have at least a minimal requirement of renters insurance before moving into their property. Individual landlords may differ, though any time you rent a property, you should consider insuring the belongings you’re moving in with.
Doesn’t my landlord’s insurance policy cover my apartment?
A landlord’s property insurance will cover the home and property, protecting the landlord. However, it does not extend to the renter or the renter’s personal belongings.
If I have roommates, should we each get separate renters insurance?
Your renters insurance plan should cover you and your spouse or domestic partner; however, if you have one or more roommates who aren’t family (and in some cases, even if they are), Jeff advises seeking separate policies to insure your belongings.
According to my renters insurance policy, how much is my property worth?
The value of your stuff, which is gauged by how much you’re entitled to if your stuff is damaged or stolen, is determined by the specifics of your policy. If your insurance benefits cover the actual cash value of your property, then you’ll be reimbursed for the original cost of the item minus the appropriate depreciation (loss of value) for the years you’ve owned it. On the other hand, replacement coverage could reimburse you for the cost of replacing the item at its current value.
ABOUT YOUR CARROLLTON INSURANCE AGENCY:
With over 20 years of experience in the insurance industry, Jeff Van Matre Insurance Agency can help you choose the right coverage plan to protect your personal and business assets and put your mind at ease. To learn more, visit us online or call our office today at 972-492-8500.