- (770) 776-6033
- ezquote@ezinsurancega.com
- 650 Hillcrest Rd NW, Suite 500 Lilburn, GA 30047
Renter’s Insurance provides coverage for a policy holder’s belongings as well as liability within the rental property. Renter’s insurance applies to people renting or subletting a single family home, apartment, duplex, condo, studio, loft or townhome. Your landlord or condo association may have insurance, but it only protects the building structure, not your personal items.
Imagine losing all your furniture, clothes and other belongings in a fire or other disaster. Renter’s insurance, like homeowner’s insurance, is meant to rescue you at these times of disaster. Yet only 37 percent of renters have insurance, according to the Insurance Information Institute.
It is important to understand the two ways your belongings may be replaced in the event of a covered loss. These two ways are Actual Cash Value and Replacement Cost.
Actual Cash Value (ACV) coverage will pay only for what your property was worth at the time it was damaged or stolen. So, if you bought a couch five years ago for $1,500, it would be worth significantly less today. While you’d still need to spend about $1,500 to buy a new one, your insurance company will pay only for what the old couch is worth, minus your deductible.
Replacement cost coverage, on the other hand, will pay what it actually costs to replace the items you lost (minus the deductible). Replacement cost coverage will cost you more in premiums, but it will also pay out more if you ever need to file a claim. Let your agent know about any particularly valuable items you have.
If you rent out property/properties that you own, Landlord’s insurance protects you against damage or loss to your property. Residential Landlords insurance covers many of the same dangers that ordinary home insurance does, like fire, theft and floods for any single property and more. Rent protection can be added to you policy if desired and once added the policy will pay you for lost rent due to a covered peril. Liability insurance is another coverage you could add to your policy to give that extra peace of mind.
If you rent out commercial property (or a mixture of commercial/Residential) you’ll need commercial Landlords insurance, Landlord insurance also protects you against damage or problems your rental property may sustain, such as:
Call Us: (770) 776 6033
Contact us: ezquote@ezinsurancega.com
