Whether it’s a studio with a loft, a roomy flat, or a cozy walk-up, your rental is that warm place you come home to every day. And, we're here to help keep it that way. Just like an auto policy protects your vehicle, renters insurance takes care of protecting your belongings and personal liability. Even though your landlord has insurance on the building, it most likely doesn’t cover your personal belongings.
The best part? Renters' insurance is really affordable. In some cases, the discount actually offsets the price of the renter's insurance policy. The advantage of working with an independent agency like Peterson Insurance Group is that they have greater flexibility and better options to create coverage to suit every need.
Insuring your belongings is a smart decision because your building’s insurance policy generally doesn’t cover them. With a renters policy, you can keep your property safe with coverage for:
Worldwide personal property
Loss of Use which covers increased living expenses when a covered loss prevents you from staying in your home
Personal liability protection for bodily injury or property damage claims brought against you
Medical payment for someone hurt in an accident in your home
How to Get Renter’s Insurance
Here are six things to consider when you’re ready to purchase a renters insurance policy:
Estimate how much your belongings are worth. Many times, we underestimate the value of our belongings. Making an itemized list can help determine the amount of insurance you need.
Make sure you have a replacement cost loss settlement. Replacement cost reimburses you for the original value of the item (or one of similar kind and quality at today’s cost if the item is no longer available). If you don’t have replacement costs in your policy, then depreciation factors are in. For example, if you bought a new laptop five years ago for $1,000, you’d only be reimbursed for the laptop’s worth in today’s dollars minus depreciation. So if it’s only worth $500 today, that’s what you’d get. (Not available in NC.)
Consider earthquakes and other disasters. Depending on where you live, talk to your ERIE agent about extra coverages you can purchase for your renter's policy.
Choose a deductible. When you think about your deductible, think about a couple of questions: “How much premium savings do I want from choosing a higher deductible?” and “How much could I afford to pay out of pocket if I experience a covered loss?” This will help you determine what deductible is right for you and your living situation.
Think about extra protection for any valuables. ERIE offers coverage6 for theft of certain types of property. If you own expensive items like jewelry, firearms, furs or silverware, you will probably want to add an endorsement to your renter's insurance policy to make sure they’re fully covered.
Pick a liability limit. There are many ways that you could accidentally hurt someone. For example, if your dog bites another animal or person, you will be held responsible. This type of lawsuit can get costly if the injured person has any long-lasting physical scars or impairments. (If you are concerned about having enough liability protection, consider an umbrella policy.
Coverages That Come With Your Policy
Basically, built-in policy features include:
Theft of jewelry, watches or furs
Theft of firearms and related equipment
Theft, including forgery, or unauthorized use of a credit card
Refrigerator or freezer content loss from power outages or mechanical failure
Watercraft and trailers
Peterson Insurance Group will help you customize your plan, and even broaden the policy beyond its base features. When thinking about purchasing a renter’s insurance policy, here are a few concepts to consider and ask your agent about:
Actual cash vs. Replacement Cost Loss Settlement on apartment contents
Comprehensive Perils vs. Named Perils Coverage
Personal injury liability protection against things like slander, libel, and more
Coverage for business property on and off the premises
Permitted incidental Occupancies
Increased amounts for personal property with a special limit within the policy
Optional Extra Coverage:
Ask your Peterson Insurance agent about further customizing your renter's policy with features like:
Limited Water Backup and Sump Discharge or Overflow Coverage - covers damage to your property caused by backups through sewers, drains, and sump pumps
Identity Recovery Coverage - if someone steals your identity or you become a victim of fraud, help is just a phone call away
Scheduled Personal Property - covers stuff like sporting equipment, jewelry, or collectibles
Earthquake - this affordable add-on covers damage to your home or property caused by an earthquake
Flood - The renter’s insurance doesn’t cover flood damage but your Peterson Insurance agent can help you find the right flood policy
Still unsure whether you need to take extra measures to protect your personal belongings as a home renter? Your items are valuable to you and represent everything you've worked hard to obtain, it is not recommended to take a “wait and see” approach to property damage or theft. Here at Peterson Insurance, we get how important your living space is and we pledge to help you find the right renter’s insurance policy to fit your budget and needs.
Peterson Insurance Group is a family-owned and operated independent insurance agency representing multiple insurance companies located in Weaverville, NC. Founded in 2001, the company is owned by Eirene Peterson-Burnette, the successor to the founder, Stom Peterson. Together, with her team, Peterson Insurance provides exceptional, personal service guiding customers through the maze of insurance options. Visit us at 1 South Main Street Extension, Weaverville, NC 28787 or call 828-645-8777.