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Your Guide to Renters Insurance: What it Covers, What It Costs and Who It Protects

During the tumult of the pandemic, renting has been a more viable option than home ownership for many individuals and families across the U.S.

Homeowners insurance isn’t the only option for those on the market for a new residence. When looking for a new apartment it is incredibly important that you find a renter’s policy that can protect you in the event of any accidents or damages.

Whether you are an experienced apartment hunter or a fresh out of school looking for your first flat, this guide will break down what you need to know about renters insurance for your new apartment.

What Renters Insurance Covers

Renters insurance covers you for damage or theft to your personal property, personal liability damages, medical expenses for guests, and other living expenses if you have to temporarily relocate. Your insurer won't reimburse you for all events related to these coverages. Only certain "perils" or events will be eligible for reimbursement.

Even if you have a short-term lease, many landlords require renters insurance to consider you as a tenant. It is best practice to get renters insurance before you start searching for apartments because it protects both you and your landlord. It creates an element of protection and trust that gives you more apartment options to choose from on the renters market.

Affordable Renters Insurance Policies

Rental insurance policies differ from state to state, but your monthly renters insurance is more affordable than you think. A policy should be tailored to you and your needs- offering you protection and peace of mind that you’re getting the right price.

You can get in touch with our team to find a renters insurance policy that will fit your budget and give you adequate coverage. Many of our policy options cost less than a streaming subscription.

Richard Dean Insurance can create a specific policy for renters insurance in Sarasota, FL and renters insurance in Lakewood, FL. Our team will make sure your insurance policies comply with Florida renting guidelines.

Renters Insurance for College Students

While your college might not require you to have a renters insurance policy if you live in a dorm, it’s worth checking with your parents or guardians to see if you are covered under their insurance policy.

It’s important to check not only your family’s renters insurance policy but what their coverage limits are. Personal property coverage can protect and reimburse you if any of your belongings are stolen or damaged on campus.

The limits of your family’s personal property coverage are key when determining how much other rental insurance you’ll need. For example: if your parents' policy provides $100,000 worth of coverage for belongings but limits that coverage to 10 percent for items that are off-premises, it would provide up to $10,000 for items away from their home, including belongings you bring to school.

It’s advised to speak with an insurance agent to make sure that your belongings and apartment are fully protected between any family and personal insurance policies you may have. If you book a session with Richard Dean Insurance, our team can help adjust or bundle insurance policies you and your family already have.

Renters insurance is just as important as homeowners insurance. Renters often forego purchasing a policy and end up regretting the money and time wasted after damages, theft or accidents. It’s better to be safe than sorry, and renters insurance is much more accessible than you might think.

With offices in Sarasota, FL and Lakewood, FL, Richard Dean Insurance is here to serve the Southwest Florida community. Book an appointment with our team at RDI today for a policy bespoke to your rental requirements.



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