People often don’t think about renters insurance, but it is a very valuable and inexpensive way to protect your belongings. We spoke with insurance expert Chris Huebener about renters insurance and he answered two popular questions: what does renters insurance cover and what does it cost?
What does renters insurance cover?
Basically, renters insurance covers all your “stuff,” from your clothes to your couches and TVs. This is important because your landlord’s insurance policy does not cover your belongings in the event of a fire or storm damage.
Renters insurance also covers loss of use. Let’s say there’s a fire and you have to live in a hotel for a couple weeks or even months. Your landlord is not responsible for providing alternate housing for you. But renters insurance will cover the cost of your hotel until you can move back into your leased home.
What does renters insurance cost?
Renters insurance is extremely affordable. It usually runs around $250 per year, so only about $20 per month.
Whether you are a tenant or a landlord, renters insurance is important. At Hover Girl Properties, we offer property management services. In our lease, we require renters to have renters insurance.