Don’t Leave Anything to Chance: Coverage Limits for Renters Insurance
Posted by Chelsea England on February 16, 2018
So you are renting a home or apartment, and you know that renters insurance is important for protecting your property. Maybe your landlord requires you to have it.
What should you shop for?
The first question to ask is what your landlord requires. Do they prefer a certain limit?
The lowest coverage limit available is $10,000, though most carriers offer a discount if you carry auto insurance and renters insurance with a limit of $25,000 or more. Taking an inventory of your home will help determine the limits you need. By adding up furniture, electronics, and more, you may find that you own more than you realize. This is a good list to keep in the event you need to report a claim.
You also want protection that won’t break the budget. What can you afford?
Rest assured, most common limits are inexpensive. The IIABA (Independent Insurance Agents and Brokers of America) reports an average of $12/month for renters insurance for up to $30,000 in coverage.
It is often possible to take out this higher coverage and take advantage of the discount for around the same price that you would spend on a lower limit, so make sure to ask about bundling your policies.
Another advantage of renters insurance comes from the liability coverage. The average policy covers a minimum of $100,000 if you were to injure another person or damage their property. This includes damage to your landlord’s property, which could prove valuable in case of harm to the common areas surrounding your rental. Liability protects you even if you are at a party at someone else’s house and cause damage to their property.