2090 Gause Blvd. W., Slidell, La 70460
Many uninsured renters are under the mistaken impression that their landlord’s policy covers their possessions. A landlord does not provide insurance for a tenants personal property. An exception to this can occur if the landlord was aware of a prior hazardous condition, failed to correct it in a reasonable time frame, and as a result your property was damaged.
To protect yourself and your belongings, renters should consider purchasing renters insurance, also known as "tenants insurance".
What is Renter's Insurance?
Renters insurance, also known as tenants insurance, is a type of policy offered by most major New York insurers. These policies provide contents coverage and liability protection in the event someone becomes injured at your residence.
Renter’s insurance is generally less expensive than many people realize: a basic policy costs about $300 a year for around $50,000 worth of property protection.
Coverage generally provided under a Renter's Policy includes:
Renter's insurance typically covers loss or damaged caused by:
Important Note: Renters insurance often protects your belongings even when you're away from home. So, if your laptop is stolen from your car or your bike gets taken from the rack at work, your renters insurance may pay to replace them.
Things to Remember
Before purchasing a renters policy, conduct a complete inventory of all your personal belongings, taking photos or a video of things like furniture, jewelry and expensive electronics items. Calculate the replacement costs for these items and double check with your insurance agent to make certain you are fully protected against any type of loss.
Choose the coverage according to your property. If you have a lot of electronics, choosing a policy that provides replacement cost coverage instead of actual cash value coverage might be the best option for you.
Like they do for homeowners, most insurance companies offer discounts to a rental policyholder to lower the cost of premiums. They may offer discounts for smoke detectors, dead bolts, etc.
Make sure that the policy has liability coverage. The best renters insurance policies will also include liability coverage for medical and legal costs if someone gets hurt in your residence.
The best renters insurance policies will also include emergency living expenses. This means that if you have to vacate the property due to damage, the insurance company will pay for you to live somewhere else.
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