Renters have many options when it comes to choosing a home. Whether you choose an apartment, duplex, townhome, or house, make sure you and your belongings are sufficiently protected. Here at Gary Ellis Insurance, we make searching for renters insurance easy with one-stop-shopping from a local, trusted agent. Our goal is to find the coverage you need at very low rates you can easily afford – a small cost to pay compared to how much you could otherwise stand to lose.
Renters Insurance FAQs
For your convenience, we’ve listed answers to a couple of our most frequently asked questions about renters insurance:
Does my landlord’s insurance provide me with any protection?
This is a common question renters have, and many wrongly assume that a landlord’s insurance will protect against losses. The truth is your landlord’s policy does not cover you in any way – only the property that you are renting. If a fire wipes out everything you own, you would be responsible for starting over from scratch out of your own pocket if you don’t have renters insurance.
Do I really need renters insurance if I don’t own very much?
Some tenants risk going without renters insurance because they believe the total value of their belongings is not enough to purchase coverage for. If you take time to add up everything you own, however, including furniture, décor, kitchen items, electronics, and all of your clothing and jewelry, you may find that the value if much more than you can afford to replace on your own. Not to mention, renters insurance also provides liability protection that shields you from lawsuits if someone is accidentally injured in your home or by a member of your household.
Wisconsin Renters Insurance Coverage
Gary Ellis Insurance will work hard to compare policies and find coverage that meets your needs. As an independent agency, we work with several different insurers to compare rates and coverage on behalf of our customers. Though policy details vary between insurance companies, most offer certain types of coverage that are considered standard in an insurance policy. They include:
Personal Belongings Protection
Personal belongings protection is insurance for the things you own. They are typically protected against a wide range of perils, such as explosions, fires, smoke, burst pipes, wind damage, lightning, and theft. You may also be able to choose between replacement value and actual cash value coverage for your belongings. The first – replacement value – covers the loss of your belongings based on their value if you were to purchase them new. The latter – actual cash value – considers the new value of an item minus its depreciation loss.
Loss of Use Protection
If damage to your apartment or rental unit makes it uninhabitable, you will need temporary lodging until you can return home. Loss of use coverage helps pay for your hotel, restaurant meals, and laundry expenses while your bedroom, kitchen, and laundry room are out of commission.
If you host people in your home, you could be held responsible if they get hurt. You can also be sued for incidents occurring outside of your home as a result of you, your pet, or a family member in your household. Fortunately, renters insurance can help cover guest medical payments, as well as legal defense fees and liability judgments against you. This is especially important if you have any assets, savings, or have many years of earnings potential in the future that could be seized in a lawsuit.
Extra Renters Insurance Coverage Options
In addition to standard renters insurance coverage, we can also offer a wide range of special coverage types that may be included in your policy. Examples include:
- Increased coverage limits for jewelry and watches
- Increased coverage limits for high-appraisal value items
- Coverage for business inventory stored in your home
- Umbrella insurance if you have high-value assets or income to protect
Madison Renters Insurance Quotes
If you are renting a property or planning to sign a lease in the future, make sure that renters insurance is a part of your risk management plan. Contact our office to find out more about coverage options and request your free quote. We look forward to serving you soon.