January 13, 2020
You might think you don’t own enough valuable items to warrant paying for a renter’s insurance policy. But regardless of how much your belongings are worth, renter’s insurance is still a good idea. The insurance most property management companies can purchase only protects the building’s structure whereas renter’s insurance protects you and your belongings.
WHAT IS RENTER’S INSURANCE
Renter’s insurance is meant to cover unexpected costs as well as replace damaged or lost items due to an unfortunate event, accident or disaster. Depending on your policy, your personal belongings could be replaced with brand new versions of the same quality. It can also cover legal and medical expenses which can add up quickly.
WHAT DOES IT COVER?
Like other insurance policies, renter’s insurance coverage varies depending on the options you choose. Renter’s insurance coverage is flexible and can cover everything from your belongings to the building itself against certain events listed in the policy. The more common events include fire, smoke, water damage, windstorms, lightning, theft and vandalism.
Here is a list of what renter’s insurance policies can cover should you wish to include them in your policy:
WHAT DOES IT COST?
As with all insurance policies, the cost will vary and is based on multiple factors. Even Simpson’s requirements vary from $100,000 personal liability coverage at our garden-style communities to $300,000 personal liability coverage at our mid- and high-rise communities. And for our affordable communities, specific rules will apply. Although Simpson doesn’t require our resident’s policies to include personal property coverage, we highly recommend it.
HOW DO I PURCHASE A POLICY?
Simpson requires personal liability coverage in all our residents’ renter’s insurance policies as part of the lease agreement. Not only does it protect you as a resident, but it protects all our residents. Simpson partners with ResidentShield which is a third-party insurance company that provides coverage for our residents. However, residents can also purchase coverage with another carrier if they desire.
WHAT ARE THE BENEFITS?
Just like any other insurance policy, the main benefit is peace of mind. However, the added benefit is protection against unexpected accidents, events and disasters. During these situations, renter’s insurance can cover medical and legal expenses as well as replace any stolen, lost or damaged personal belongings. Depending on your policy, renter’s insurance can cover items in your car or even accidental property damage caused by you or your family.