Whether you are leasing your first apartment, renting a house while you build a new home, or enjoying the low-maintenance costs that come with renting for the long term, you need renters insurance to help cover you against various losses and liabilities. To many, renters insurance is surprisingly affordable – especially considering the value of the coverage it can provide. At Long & Company, we help you shop and save on Wisconsin renters insurance, so you can have peace of mind knowing your belongings and financial future are protected against a wide range of events.
Why Renters Need Insurance
You do not own the place you call home, so why do you need insurance? Put simply; your landlord likely has insurance to cover damages to the structure of your apartment or rental house. The things inside it, however, are typically your responsibility to protect. If a fire destroys your apartment, a landlord’s policy is unlikely to compensate you for the loss of your belongings. Replacing your furniture, kitchenware, clothes, and electronics can prove very costly – a total out-of-pocket loss without renters insurance. At the end of the day, your landlord’s insurance protects the landlord, not the tenant.
Some landlords even require renters insurance per the terms of a lease agreement. You may need to provide proof of coverage before being allowed to move in. Even if your lease does not require renters coverage, purchasing a policy is still a good idea. It helps assure you can pick up the pieces and start again even if a burglary robs you of everything you own.
To get an idea of just how much your renter’s coverage can save you, consider taking inventory of your belongings. Write down every possession you own, from your paper towel holders to your cell phone. Then, calculate how much it would cost to replace all of those items in the event of a total loss. Could you afford to foot the cost? With renters insurance, you can minimize your out-of-pocket costs.
Understanding Your Coverage
Renters insurance mitigates your exposure to many different risks. Generally, these can include:
- Fire and smoke damage
- Explosions
- Wind and hail damage
- Theft and vandalism
- Falling objects
- And more
Personal Property Coverage
Protect the things you own with coverage that compensates you for the value of your belongings. Typically, renters insurance comes with one of two types of personal property coverage valuations – depreciated loss value and replacement value. Depreciated loss replacement compensates you for the depreciated value of your covered belongings minus the cost of your deductible. That means you may only receive a fraction of what you paid for your items. Replacement value coverage, on the other hand, compensates you for the full cost of replacing your covered items with similar ones, minus the cost of your deductible.
Temporary Living Costs and Displacement
Sometimes property damages are minor and do not require a tenant to find alternative shelter. Other times, the damages are more extensive, forcing the tenant to relocate. If you are displaced from your rental property due to a covered event, your renter’s insurance may help cover the excess costs you incur as you find a new permanent residence or wait for your apartment to become habitable again.
Liability
Imagine being sued after one of your guests is injured during a gathering at your home. Renters liability insurance can help protect you against expensive litigation costs, as well as liabilities if you lose your defense. In fact, renters liability insurance goes beyond the walls of your home to include a wide range of risks. With some exclusions, such as for car accidents, renters liability can have you covered when you or a member of your household – including your pet – causes third party injury or property damage.
Your policy may also cover guest medical payments. This type of coverage helps pay for necessary medical bills when a guest is injured in your home, regardless of negligence. Coverage is typically limited to only a few thousand dollars or less, but it may help deter a lawsuit.
Shopping for Renters Insurance in Wisconsin
If you are preparing to lease a space or already rent a home and need coverage, Long & Company can help you find a policy that fits your needs. We are an independent agency local to the Oconomowoc area. We understand the risks renters in our area face and the types of coverages you need to minimize your financial exposure. When you work with us, you have a friendly face to talk to right here in your own town – not someone on the end of a long-distance phone line. If you are in the market for Wisconsin renters insurance, we want to be here to provide ongoing support long after you choose your coverage.
We aim to help you save as much as possible on renters insurance without sacrificing the value of your coverage. That means shopping around and comparing policies from several different insurance companies to find coverage at competitive rates you can afford. We also look for additional ways to help you save, such as by switching to a higher deductible or qualifying for insurer discounts if you have a monitored home alarm system.
For less than the cost of a few fast-food lunches each month, you may be able to find greater peace of mind with a personalized renters insurance policy. For more information about Wisconsin renters insurance or to request your quotes, contact our office today. We look forward to helping you save.
