Renters Insurance is quickly becoming a fad – but rightly so. You must be thinking this sounds like another money-making gimmick because Rihanna and Taylor Swift have their legs insured, but hear us out because Renters Insurance is a pretty cool thing.
According to recent observations, Renters Insurances is becoming a very popular thing amongst tenants and even landlords. What’s the big deal, you ask? Well, we’ve got a great guide on the estimate of renters insurance and why you need it – so read on!
So What Is Renters Insurance?
Well, it’s kind of self explanatory, but Renters Insurance protects you and your assets in the event of a catastrophe. It also helps to cover things like living expenses and asset recovery if you lose your property after a fire or a similar incident.
You can usually get your Renters Insurance at an actual cash value policy where the insurer covers the cash value of the assets, or you can get the replacement cost value policy, which covers repairing and/or replacing the assets at their current price.
What Does Renter’s Insurance Really Cover?
As explained before, Renters Insurance covers material damage and helps you in an event where you’re rendered homeless because of a catastrophic event. However, the following should give you an idea of events covered by Renters Insurance:
- Fire and Lightening
- Windstorms and Hail
- Riots or Civil Commotion
- Damage caused by an aircraft flying overhead
- Damage caused to property by vehicles
- Smoke damage
- Vandalism and malicious Mischief
- Theft or robbery
- Damage because of volcanic eruptions
- A falling object
- Damage because of the weight of snow, ice or sleet
- Accidental damage via water (overflow or discharge) and steam (arising from plumbing, heating, air conditioning, fire-protective or at-home contraptions)
- Sudden or accidental tearing, burning, cracking, or bulging of a steam generating system, hot water system, an air conditioning system or an automatic fire-protectant system and household appliances
- Sudden or accidental damage caused by artificially generated current.
In other words, Renters Insurance covers events that render your property unsafe or hazardous to live in because of the extent of damage and danger to life.
What Does Renters Insurance Not Cover?
Like other insurances, Renters Insurance also has its limitations. Your property and you will not be covered following the events listed below:
- Flood damage
So assuming your hometown is prone to natural disasters like these, you may need to get a more fortified form of insurance for your safety.
What’s The “Liability” Bit In Renters Insurance?
Besides covering your possessions in an event that’s descriptive of those listed above, Renters Insurance comes with a liability component that protects you if someone is injured in your property because of your negligence.
For example, your friend comes over and while you’re fixing the cheese plate in the kitchen, your hyper dog takes a big bite out of her arm while they’re playing toss. Your friend gets mad and threatens legal ramifications while your budget is on a pretty tight leash. What do you do? If you’ve got Renters Insurance, your insurance agent will crosscheck your puppy’s breed with their coverage protocol and when that checks out, he’ll cover Sally for the damage on your behalf.
How Much Does Renters Insurance Cost In CT?
On average, Renters Insurance in Connecticut costs between $280 and $330 per year. However, this is the lower bound estimate, considering the annual average rate of $182 based on a Value Penguin study.
Looking at the range, it’s a pretty great cost, which covers your possessions in the events highlighted above.
How Much Renters Insurance Do I Really Need?
This actually depends on how much you’re willing to shell out per annum for the said insurance. Many individuals are asked by their landlords to buy a Renters Insurance policy prior to moving in, especially if they have a pet.
You can also decide to purchase a policy that covers liability and content insurance, which is available for purchase separately. So, really, it depends on how strongly you need your assets covered and how vulnerable your city is to these damages. Of course, the more coverage you look into, the costlier your policy becomes.
Can My Roommate Be On My Renters Insurance Policy?
This question is usually asked in lieu of roommates looking to save up, and whether one individual’s Renters Insurance can cover their roommate because of shared assets and property.
Again, it depends on your insurance company’s policies. Some policies don’t allow you to add your roommate because the policy isn’t priced as steeply. However, some policies allow you to add other individuals to your policy, but it’s a very ill-advised move.
Complications like untimely filing of claims or splitting from the same home can become a problem. If one roommate files a claim, then the policyholder is held liable. In other words, it can become problematic to add your roommate to your insurance policy.
Is Renters Insurance Required In CT?
In the majority of the cases, landlords do expect their tenants to have Renters Insurance before moving in. After all, it pays for the damage of property and loss of assets via theft.
If you have a pet or are choosing a property in an area where there is a high chance of mishaps like fires, theft and other natural calamities (like those listed above), be prepared to have a Renters Insurance policy.
In other words, yes – you are required to have a Renters Insurance policy or are expected to buy one while living in CT. Besides, it’s for your own safety.
If you’re looking for professional advice about buying Renters Insurance in CT and discussing policies that are well suited for you, click here to get a free and personalized estimate from the pros of insurance.
It’s better to be safe than sorry.
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