Striking out on your own for the first time can be exciting and overwhelming all at once. In addition to furnishing and decorating your new apartment, protecting the space and belongings with renters insurance is a must. Here’s some basic information about this type of coverage to help you make sense of the options.

What You Should Know About Renters Insurance

Do I need renters insurance?

Renters are not required to carry this type of policy, unlike auto or homeowners insurance. However, it can be very beneficial for renters who may otherwise have trouble replacing their belongings after a disaster, theft, or vandalism. For example, if there’s a fire and your couch and other furnishings are destroyed, the policy may cover enough for you to replace these essential items. 

What does it cover?

Renters insurance doesn’t cover the building itself. Instead, it covers the items that you own inside. This may include furniture, appliances, and any small valuables you own.

Each policy is different, so make sure to discuss specifics with the provider. In some cases, you may want policies specifically for valuable or important items, like a computer.

Am I covered by my landlord’s insurance?

Your landlord probably has an insurance policy that covers the structure of the building. However, this almost certainly doesn’t cover your belongings. If you wouldn’t easily be able to replace everything if the contents of your home are destroyed, a renters policy would help you cover it.

How much does it cost?

Each individual policy differs based on what a particular renter owns and wants covered. For example, those who own a lot of expensive jewelry may need to purchase extra coverage or a rider policy to insure the full value of those pieces. However, since it doesn’t cover the structure of the home or the permanent fixtures, renters insurance tends to be less expensive than many other types of coverage.

If you need renters insurance, contact Action Auto Insurance Agency in New London, CT. The company can help you with a wide array of policy options, from auto to business insurance. With more than 20 years of experience, the agency is well-equipped to provide customers with affordable policy options and friendly and knowledgeable service. To book an appointment, contact the team online or call (860) 444-7224.