One requirement that all Robert Hancock & Company properties have is for all residents to have renters insurance. We get many questions about renters insurance and why it’s required. Here are some interesting facts regarding renters insurance and what it covers!
- Renter’s insurance covers your belongings in the event that they are stolen, lost or damaged (a landlord’s insurance policy will normally not cover those belongings in the event of a loss) and it also covers your liability in the event of property damage.
- You are able to set the amount of personal property coverage that you would like to have based on the value of the personal belongings that you have (most companies have a required minimum amount of personal property coverage).
- You may be eligible to save money on your car insurance by bundling it with your renter’s insurance policy! Many companies also provide discounts based on your job (full time student, military, etc.) and updates that the apartment building might have such as smoke detectors, fire sprinklers and age of the building.
- Renters insurance also covers items you might not necessarily think of such as cost of staying in a hotel during a natural disaster, injuries in your apartment, theft from a gym locker or your car, smoke damage, and break-ins.
- Renters insurance is much cheaper than most people think! On average it can cost you about $8-14/month depending on the amount of personal property coverage and what company you choose to go with.
Even if your apartment complex doesn’t require insurance it is definitely worth the price and peace of mind that it gives! Make sure you call your current insurance company or a local company and discuss getting a renters insurance policy as soon as possible!