Life has a knack for changing in an instant. From theft to fire, nobody is exempt from the potential damage these unplanned events can cause. We require all residents to maintain renters insurance to ensure personal property can be replaced and liability coverage is maintained.
Tenants are required to carry $100,000 liability coverage. You may obtain your own coverage or you may elect to participate in our group policy.
Who is Responsible?
Some renters assume that the landlord’s insurance policy will cover them in the event of property damage. In actuality, the landlord is responsible for the building itself and not the personal possessions of residents.
Personal Property Coverage
When obtaining renters insurance, make sure to carefully estimate the worth of your personal possessions. The value of items like furniture, electronics and kitchen gadgets quickly adds up. Renters insurance provides peace of mind that you can easily replace these items in the event of property damage.
If a guest in your rental space sustains an injury, you could be held personally liable and face legal implications. If you or a family member cause damage to a neighboring rental unit, you may also be held liable for damages. Renters insurance helps with costly legal expenses from a lawsuit as well as potential medical expenses incurred.
Renters Insurance Cost
Renters insurance is inexpensive and can be purchased for a minimal monthly cost. Prices fluctuate depending on the reimbursement policy for claims filed. Some policies use “actual cash value” and others use “replacement cost value” methods for reimbursing damaged possessions. Call an insurance company like State Farm, The General or Progressive to get a quote for exact rates.
Cost to participate in our group policy is *$11.00 per month. Contact us to get added to our coverage plan.
If you haven’t purchased renters insurance, it is worth the investment of time to understand your coverage options. Call your local insurance agent to get more information.
*$11.00 per month fee only includes $100,000 tenant liability for damages to the property and does not include the renter’s contents. You are encourage to get your own renter’s insurance to adequately insure your personal possessions.