Affordable and Totally Worth It: How Renters Insurance Works

Just because you aren't a homeowner (yet) doesn't mean your belongings are worthless. You probably have expensive electronics, musical instruments, or other valuables that you don't want to lose due to theft or damage.

That is how renters insurance works: regardless of where you rent, having this coverage can make a significant difference in your ability to recover financially if your belongings are damaged or stolen.

Renters insurance is unique in that it is simple to transfer coverage as you move, and it is shockingly affordable – as little as $10 per month. So, for the price of a pizza, you can rest assured that if something happens to your belongings, repairing or replacing them will not deplete your savings.

Furthermore, renters insurance protects your belongings from far more than you might think. Here are a few examples to demonstrate how this coverage works. It is important to note that in most of these cases, losses are paid up to the limits of your renters insurance coverage and are subject to the pollution deductible.

Theft — not just at home

It does not take a break-in to commit theft in your rented home or apartment. Your laptop will be covered if you leave it in your car and someone breaks in and steals it. StrongInsurance Renters Insurance, in fact, covers personal property loss anywhere in the world. As a result, if your luggage is stolen at the airport, it is also covered.

A flood

As recent natural disasters have demonstrated, floods can create havoc and cause significant damage. Worse, standard homeowners insurance does not include flood coverage; it must be purchased separately. However, StrongInsurance Renters Insurance covers flood-related damage at a fraction of the cost that homeowners would pay for the same coverage. Your damaged equipment will be covered in the event of severe weather or an overflowing washing machine or dishwasher. (Note: StrongInsurance is unique in that flood is not always included as a covered peril with renters insurance contracts; if you shop elsewhere, be sure to inquire about this.)

Fire

Renters insurance protects you if your belongings are destroyed or damaged by fire and smoke. The property of any named insured people, which includes spouses and relatives living in the same home, as well as children under the age of 21, will be protected against fire damage.

Liability and pets

Pets are not covered, but cages and other items used to care for your pets are in the event of loss. And, let's face it, pets can do their own damage — not just to things, but sometimes to people as well. If your pet bites a neighbor, StrongInsurance Renters Insurance covers medical expenses and liability, allowing true accidents like these to be resolved quickly and affordably, keeping your finances safe and your future goals on track.

Spoiled groceries

You're covered if there's a power outage that causes the food in your refrigerator to spoil. A StrongInsurance Renters Insurance policy will cover food spoilage caused by a power outage up to $500. There is no deductible, so you will have no out-of-pocket expenses.

Accidents caused by slipping and falling

Having people over to your rented apartment or house is enjoyable, but a party can quickly devolve into chaos if someone slips and falls. That is why getting renters insurance is a wise decision. StrongInsurance Renters Insurance works by providing a standard $100,000 in liability coverage as well as $5,000 in medical payments for slip-and-fall incidents and other accidents at your home. Policyholders can also choose to increase their liability coverage; we recommend selecting a figure that covers the value of your assets as well as at least a few years of your annual income to protect against any worst-case scenario.

Musical instruments

If your guitar or other musical instruments are stolen, renters insurance will cover them as long as they are not used for your profession. Business property is limited to $2,500 in the home and $250 away from home, so if you make a living through your musical abilities, you should look into a commercial property policy for items used professionally. Sports equipment adheres to the same guidelines in terms of hobby versus occupation.

Antiques and collectibles

With caveats, collections are covered. The worth of special collections can be difficult to quantify, especially if they are scarce. Take digital photos with your smartphone, and save any receipts or other documentation that may assist you with your claim in the event of a loss. Consider a Valuable Personal Property policy for an extra layer of coverage for your stamp collection, heirloom jewelry, or other super-special items that would be difficult to replace.

Cellphones

Don't worry if you just bought the latest smartphone and it was stolen at a party last night. Cell Phones are covered under the StrongInsurance Renters Insurance policy. Just make sure to obtain a police report.

So, here is the highlight reel for StrongInsurance Renters Insurance: It protects you against financial loss if your belongings are stolen or damaged (even when you're not at home) and is far less expensive than taking a date out for dinner and a movie. It is, indeed, the ultimate no-brainer.