With all the stress and hassle of moving into a new apartment, insurance is probably the last thing on your mind. And if your new landlord doesn’t require it… well, why bother? That kind of thinking is why only 37% of renters carry Renters Insurance. Unfortunately, it also exposes 63% of renters to unnecessary liability risks and the possibility of losing some or all of their possessions without help to replace them.
Parts of the Policy
The coverages in a basic Renters Insurance policy can be divided into three parts: Property, Liability, and Loss of Use.
- Property=your stuff. Covered losses: fire, theft, wind and hail, smoke. Not all causes of loss are covered – talk to your agent about adding earthquake, flood, water/sewer backup, or equipment failure endorsements to broaden your coverage.
- Liability: damages you may cause to other people or their property. Injuries to visitors. Accidents involving bikes, skateboards, roller-blades, and other activities with non-motorized sports equipment. This is the section that is usually required by your landlord, and where you will find dog bite liability if it’s offered for your breed of dog.
- Loss of use: a place to stay after a covered loss. This coverage provides funds for a hotel, apartment, and even extra travel expenses up to the limits of the policy when you’re unable to live in your rented home due to a covered loss.
Read our Renters Insurance article for an in-depth look at coverages and options.
Easy to Get, Easy to Keep
Getting a Renters Insurance policy is quick and easy, and in the state of Missouri, the average cost for Renters Insurance in 2024 was $167 per year. The minimum limit on Property is $10,000 or $15,000, depending on the company. To chose an amount of coverage, think about the total cost to replace all of your possessions: not just furniture and clothes, but household items, dishes, electronics, books, paintings, rugs, and all appliances not owned by the landlord. Certain high-value items, like jewelry, guns, and collectibles, can be scheduled just like on a Homeowners policy.
For Liability, Landlords usually require a minimum of $100,000 liability coverage, and Loss of Use is included as set percentage of your Property limit. You can always opt for higher limits and increase your coverages. Then just pick a deductible (most renters choose $500), sign your application, make your down payment, and you are good to go!
Adding Renters insurance may get you a multi-policy discount with your Auto insurance, too, so make sure your agent knows to look at your whole insurance package.
So, do you really need Renters Insurance? The better question is, do you really want to be without it?
Insure with the People you Trust
Every time you plan a move, change a vehicle, or make a big purchase, do yourself a favor and call your favorite Kasmann Insurance Agent at 573-442-1105. We’ll run some quotes, endorse your policies, and double-check that you have the coverage you need at the best possible price. Insurance is supposed to make your life simpler, and that’s what we try to do for you every day!