Category: Renters Insurance

People who buy a home with a home loan are typically required by their mortgage lender to get homeowners insurance. Homeowners who drop their homeowner’s insurance may be forced to purchase insurance through their mortgage lender. But, if you’re renting an apartment, are you required to get renter’s insurance? 

The professionals at Southern Risk Associates, servicing Foley, AL, are here to answer your questions about renters’ insurance. If you’re shopping for a renter’s insurance policy, we can also help you find the right policy for your needs. Here’s what you need to know about getting a renter’s insurance policy for your home. 

Most Apartment Renters Are Not Required to Get Renters Insurance

Apartment renters don’t have a mortgage company telling them what to do, so many people who rent an apartment aren’t required to get renter’s insurance. However, landlords sometimes require renters to get a renter’s insurance policy.

If renter’s insurance is required, it will be in the lease you sign to get the apartment. If you’re currently shopping for an apartment, check with the landlord to see if this will be required for the property you’re considering.  

Benefits of Renters Insurance

Many benefits of renter’s insurance may lead you to want this type of insurance for yourself. 

• Reduced financial liability if a covered event occurs. Your renter’s insurance policy can pay to repair damages in the event of a covered event, which reduces your financial liability. 
• Peace of mind. Renter’s insurance can help you feel more comfortable knowing that you have some financial protection when a covered event occurs. 

Need Renters Insurance? Contact Us Today

At Southern Risk Associates, servicing Foley, AL, we can help you get renter’s insurance. Call today to make an appointment and learn more about our renter’s insurance policies.

If you rent a home, it’s a good idea to purchase a renters insurance policy. At Southern Risk Associates, we offer renters insurance policies in Foley, AL.

The following are four features of renters insurance that you should know about:

Renters insurance can cover the costs of living expenses after an accident.

Living expense coverage is one of the best things about renters insurance. This type of coverage will pay for you to stay in a hotel or in some other alternative lodging after an accident that damages your rental unit and makes it uninhabitable. 

Living expense coverage is important because it can be expensive to pay for another place to live in an emergency situation after an accident in your rental unit. 

Renters insurance covers items in your vehicle.

Some consumers don’t realize that renters insurance doesn’t only cover belongings within one’s rental unit. Renters insurance also covers belongings in the policyholder’s vehicle. 

Renters insurance protects you from liability expenses.

Renters should have renters insurance so that they don’t have to pay out of pocket for liability expenses. If you get sued because of an injury that occurs in your rented home, your renters insurance will pay the resulting costs after your deductible amount. 

Renters insurance may cover possessions that you keep in an off-site storage unit. 

Many renters keep belongings in a storage unit at an off-site facility. If you have renters insurance, your renters insurance policy might offer coverage for items that you decide to keep in a storage unit. 

Need More Information?

When you’re looking for renters insurance in Foley, AL, you can call us at Southern Risk Associates to learn more about renters insurance policy features. You can also get in touch with us to get a quote on a renters insurance policy. 

Many people choose to rent their homes because of the financial advantages it gives them. Renters enjoy having maintenance and taxes taken care of by a landlord as well as most insurance costs. However, renters should be aware that not all insurance protection will be paid for by a landlord. To be fully covered, you should consider purchasing renter’s insurance. At Southern Risk Associates serving Foley, AL, we can help you better understand this important insurance product.

Renter’s Insurance FAQs

What Does Renter’s Insurance Provide?

Renter’s insurance is a type of insurance product that provides protection for the personal belongings inside rental property. Your landlord will have property insurance to cover the property and will be paid in the event that the property is damaged by fire, natural disaster, or burglary. This type of policy, however, does nothing to protect your personal belongings. If your personal belongings are lost, stolen, or damaged, you will be responsible for repairs or replacement out of pocket. This could be a huge financial burden without renter’s insurance. 

What Will Renter’s Insurance Cover?

A renter’s insurance policy will cover the cost of repair or replacement of your personal belongings up to a certain amount specified in the policy. This can include the cost of furniture, electronics, jewelry, collectibles, vehicles, clothing, or anything you deem valuable.

How Much Coverage Do I Need?

You will need to sit down with an insurance representative to help you determine the value of your personal belongings. This will obviously vary greatly from person to person, but this professional is trained to help you evaluate your things and set an appropriate amount of coverage. 

If you would like to learn more about renter’s insurance or any of our other insurance products, please contact us at Southern Risk Associates serving Foley, AL and the surrounding areas.