Compared to ownership, renting a home typically comes with much less maintenance and stress. If something happens to the property you live in, your losses are likely contained to your own belongings – not the structure itself. In other words, it’s still important to purchase insurance, but your coverage needs are different than a homeowner’s. At Anton Insurance, we make it easy to find a renter’s insurance policy that is adapted to fit your unique risks – all at an affordable and competitive rate from one of Wisconsin’s leading renter insurers.
Selecting Coverage for Your Policy
When you purchase your renter’s insurance policy, an agent will help you understand the various coverage options available to you and perhaps make recommendations based on your individual circumstances and risk exposures. Our team can show you where your landlord’s coverage ends and where your coverage should begin. We can help you set deductibles, choose limits, and select endorsements that may provide additional beneficial coverage as necessary. Our goal is to provide you peace of mind knowing that you and your belongings are covered against a wide range of loss and liabilities.
Your renter’s insurance policy may include coverage for:
The personal property section of your renter’s insurance policy outlines coverage for the things you own when they are damaged, destroyed, or stolen due to a covered event. This includes the items kept in your home, as well as the items you take elsewhere, such as to work or on vacation. The types of losses covered may be limited to specific events, such as fire and high winds, or your policy may allow for broader coverage with exceptions for only named exclusions, such as floods and earthquakes.
When you complete a claim for damaged or stolen property, the loss will be subject to your deductible. This is the amount you agree to pay toward the cost of the claim. The insurer then reimburses you for the remaining damages up to the limits of your policy. The value of your loss is contingent on whether you purchase actual cash value (ACV) or replacement value coverage. ACV coverage reimburses losses based on the depreciated value of belongings, whereas replacement value coverage reimburses losses based on the cost of purchasing the items new.
We typically recommend choosing high limits for your personal property, as a total loss could result in tens of thousands of dollars or more in damages to your furniture, apparel, decor, electronics, kitchenware, and other belongings. A home inventory can help you better understand the total value of your belongings and how much coverage you may need. Keep in mind that certain categories of items, such as fine jewelry, may be subject to additional limitations in a standard renter’s insurance policy. Talk with your agent about scheduling additional coverage for high-value belongings.
If a tornado destroys your duplex or a tree falls through the middle of your apartment, you may need to find somewhere else to live while the property is repaired. Renters insurance can help cover the cost of temporary displacement, paying for extra living expenses like a hotel room or the cost of doing your laundry at a laundromat until you can return home.
Renters have liability risks despite not owning the properties they call home. If someone sues you for accidental property damages or an injury, renter’s liability insurance can help cover the cost of defending yourself in court or paying for judgments against you. This coverage typically extends to the other members of your household for which you are responsible, such as a child or even a pet.
Although certain types of incidents may be excluded, such as damages caused by a car accident, renters liability coverage offers broad protection for incidents in your home, as well as those that happen elsewhere, such as work or school.
Keep in mind that any damages in excess of your coverage limits are still your responsibility to pay, whether now or from future income. Consider choosing the high liability limits that will protect your savings, assets, and the income you expect in the years to come.
Making the Most of Your Renters Coverage
At Anton Insurance, we uncomplicate renter’s insurance for our clients. As an independent agency, we work for you – not the insurance company. Affordable Wisconsin renter’s insurance does not have to come at the expense of your coverage. Instead of giving up the protection you want and need for a lower rate, we can shop and compare policies from multiple companies until we find the coverage and price that is right for you.
We can also offer tips for maximizing your savings, such as by increasing your deductible or by applying certain types of discounts. These vary from insurer to insurer, but some companies offer savings for customers who:
- Have no recent insurance claims
- Install a monitored central home alarm system
- Purchase car insurance from the same carrier
- Set up automatic policy payments and renewals
- Pay policy premiums in full
- And more
If you are renting a home or plan to rent in the near future, do not go without the valuable protection a renter’s insurance policy can offer. Average monthly premiums often cost less than the price of going to dinner, yet it could save you thousands of dollars in losses. For more information about renter’s insurance or to find out how affordable it can really be, contact our office to request your free quote. We look forward to serving you soon.