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Renters Insurance

Renters Insurance

Parker's Story

A Dream Come True Until...

Parker enjoyed living in his apartment. It was definitely not the biggest, but it fit all of his needs. He loved the location and especially loved the balcony that overlooked the city. He had only lived there for a few months but it already felt like home. So when a wildfire damaged half of the complex, including his apartment, Parker was understandably upset. 

Thankfully Parker had thought ahead and gone to Insurance Maestro to get the very best policy for renters insurance. All he had lost in the fire was covered! Parker is now patiently waiting for the apartments to be renovated so he can move back in.

A Quick Guide to Renters Insurance

At Insurance Maestro, we understand you want to find the best Renters Insurance possible. It needs to strike the right  balance between affordable and comprehensive. Our friendly team of insurance experts are here to support you, and we’re always happy to answer any questions you might have.

Frequently Asked Questions
about Renters Insurance

Is it best to buy replacement cost or actual cash value coverage with renter’s insurance?

When you buy renters insurance, you’ll be given two options to choose from; and knowing the difference between the two is key. Actual cash value will pay out for items based on their present-day value. So, if you have a computer that cost $2,000 five years ago, the amount you will receive will be significantly less than the original cost of purchase. Using the same scenario, with the replacement cost option, you will receive a like-for-like replacement, so you can buy a new computer of a similar spec to the original product. 

As you can imagine, choosing the replacement cost option will cost you more, but if you need to make a claim, then you can easily replace your contents, without having to worry about too much of a price differential.

Who should buy Renters Insurance?

In some situations, your landlord might insist you buy this coverage as part of your lease agreement. However, even if they don’t, think about how easy it would be to replace all of the contents of your property? Compared to the cost of having to replace everything, not to mention the hassle of it all, the affordability of this coverage often makes it an easy choice.

Is there any way you can get a discount on Renters Insurance?

Most insurers give discounts when you buy several policies from them. So, if you have other insurance in place, often having all your policies with the same company can give you a reduction in your premiums. A higher deductible can also reduce your premium, along with implementing security measures, such as deadbolts locks and security systems.

How much Renters Insurance do you need to buy?

While lots of insurers offer a set amount of coverage as standard, it’s important to work out the approximate value of your belongings before you get a quote. If you decide to create an inventory of your items, try to get their serial or model numbers on the way. Just make sure you also factor in the low value items too, as these all add-up.

We're Here For You

We want to help you find the best Renters Insurance for your individual needs. If you contact us directly, our friendly team of experts will be happy to talk to you and offer guidance about the different types of coverage you’re weighing up.

Thinking about buying Renters Insurance?

Read this first.

Insurance-Maestro-Renters-Insurance

At Insurance Maestro, we care about making the process of buying Renters Insurance as easy as possible. Our team of personal insurance experts are here to answer any questions about Renters Insurance that you may have. To get things started, we’ve put together a quick guide to your options, and covered some of the most typical questions our team are asked.

Quick Guide to Renters Insurance

If you rent a property, buying renters insurance is a must-have. Your landlord’s insurance will not usually cover any of your personal possessions, and if the property you rent becomes uninhabitable, you might find yourself having to pay out for alternative accommodation. 

On average, a renters insurance monthly premium in the U.S. is $27. This is based on a $1k deductible, $40k worth of property, and $100k in liability coverage. Considering this is probably less than your monthly TV or Gym subscription, it’s a small price to pay. 

What is covered by Renters Insurance?

Also known as HO-4, Renters insurance will compensate you for the cost of your household content up to the policy limit. A standard policy will typically cover up to 16 different types of events, but make sure you double-check the terms before buying as some insurers will vary their coverage depending on the region or the underwriters they use. 

Typically, these events will be covered by Renters Insurance:

  • Lightning, fire, smoke, hail, or windstorm
  • Civil unrest or rioting 
  • Damages caused by vehicles, aircraft, or falling objects
  • Explosion 
  • The weight of ice, sleet, or snow
  • Vandalism or malicious mischief
  • Theft
  • Volcanic eruptions
  • Sudden or accidental damage from an artificially generated electric current
  • Frozen plumbing, AC, or heating system
  • Sudden or accidental bulging, cracking, burning or tearing apart of AC, hot water, or auto fire protectant systems

As we’ve mentioned, you can also get additional expense coverage as part of your renter’s insurance. If you suffer from a covered event, then your Renters Insurance can also pay for extra living expenses you might incur, such as:

  • Hotel bills
  • Meals
  • Other related costs you incur while you wait for your property to be repaired

Liability Insurance for Renters
The final element of Renters Insurance is the coverage you’ll get if somebody is injured while on your property. Most of our insurers will also provide coverage up to a specific amount; and if you have a pet at home, you will find that many renters insurance policies include coverage in the event that your pet bites a visitor to your property as well

Got a question? We’ve got answers.

Our team of Personal Insurance experts will be happy to chat with you about your unique needs. Contact us today and we’ll happily talk through the options with you.

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