Renters insurance is similar in many ways to a homeowners insurance policy. The main difference, however, is that it does not typically cover the dwelling or structure. You see, a landlord’s building insurance policy typically covers the building in the event of a fire or other structural damage; but, the policy may not cover a tenant’s personal belongings. Leaving you and your property open to the costs of a loss. This is where a renters insurance policy becomes essential: it offers protection if something were to happen to your belongings as a result of robbery, fire or another circumstance.
A typical renters policy is relatively affordable at $15 to $40 per a month. It costs as little as a dollar per day and it can be bundled with auto insurance and umbrella insurance policies if you are considering some extra savings. Our agents at our Associated Insurance Agency offices in Danbury or Watertown Connecticut would be happy to evaluate your needs and match you with a renters insurance policy that properly covers you and your belongings.
Not all renters policies are equal, but renters insurance typically covers:
- Personal property
- Personal liability
- Medical payments
- Additional living expenses
Some hazards and incidents require additional coverage as they may not be covered.
- Insurance riders
- Drain & Sewer backups
- Collectable items
A handful of the factors that go into renters insurance premiums.
- Status of security system
- Credit score
- Deductible options