Renters insurance is not necessarily something that renters know much about. Only about 41% of renters have renters insurance. More importantly, 59% of renters don’t have insurance and will lose everything they own if their unit suffers catastrophic damage. At Wise Insurance Agency in Ft. Wayne, IN we want to help our customers who are renters to understand the risk they are taking and show them the options they have when choosing renters’ insurance.
Doesn’t my landlord have insurance?
Yes, undoubtedly they do, but it protects their building, not your possessions. Even the nicest landlord in the world isn’t going to be taking care of the contents of your rental.
What is the difference between renters insurance and home insurance?
Renters insurance and home insurance are very similar and cover many of the same things. The main difference is that home insurance includes insurance on the structure and renters insurance does not.
Is renters insurance required?
No, renters insurance is not mandated by the state, but it is not unusual for landlords to require that tenants have renter insurance before they can sign the lease.
What types of content insurance is available?
Renters insurance offers two types of content coverage. Actual cash value renters insurance will pay you based on the current value of an item. A five-year-old TV is worth much less today than when it was purchased. Replacement cost renters insurance will pay you what it costs to replace the item today.
What coverage does renters insurance offer?
Renters insurance covers the contents of your rental, provides liability coverage for medical payments and personal liability, and also loss of use coverage if you can’t live in your damaged rental.
If you are a renter who is ready to think about getting renters insurance, Wise Insurance Agency Ft. in Wayne, IN is here to answer any questions you may have.