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Common Questions About Renters Insurance

If you own a vehicle, you know that auto insurance is a must. If you run a business, you know that you’d better have commercial insurance. While most types of insurance are a given, many people who rent their home or apartment overlook renters insurance, either because they don’t understand it or think they don’t need it.

What Is Renters Insurance?

Renters insurance offers protection should something happen to the place you live in. Policies also offer you liability protection, in case you have a guest over who injures him or herself, then tries to sue you. If something happens to your apartment or house and you can’t live there for a period of time, your insurance policy will pay for you to stay elsewhere.

Doesn’t the Landlord’s Property Insurance Protect Me?

Your landlord has property insurance that covers the building itself,  not the items you bring inside it. If you don’t have a renters insurance policy and your apartment building burns to the ground, your landlord isn’t responsible for replacing your possessions.

What’s the Average Cost?

Most renters policies are relatively affordable. Paying the premium on a policy is considerably less expensive than paying to replace all of your stuff if it’s lost, damaged or stolen. The average policy costs between $15 and $30 each month, according to the National Association of Insurance Commissioners. The exact cost of the premium depends on the size of your rental and how much stuff you own. 

Whether you have questions about commercial insurance, property insurance, including renters insurance, or auto insurance, contact Floyd Insurance Group in Idaho Falls, Idaho, today.