Insurance 101: What is Renters Insurance and Do You Need It?

Written by Utica National Personal Lines Team | Aug 14, 2024 7:55:08 PM

Renters insurance policies are often overlooked but can provide valuable protection that goes beyond what a landlord’s policy covers. Read on to learn more about Renters insurance and important factors to consider when buying it.

What is Renters Insurance?

Renters insurance is a type of insurance policy designed to help protect tenants from financial losses related to their personal property and liability. It generally includes three main types of coverage:

Things to Consider:

When considering whether to purchase a Renters policy, there are a few factors that should weigh into your decision.

Assess your belongings: Take inventory of your personal property and estimate its value to help determine the amount of coverage you will need.
Understand the exclusions: Read your policy carefully to understand what is and isn’t covered. Common exclusions include natural disasters like floods and earthquakes, which may require additional coverage.
Compare policies: Not all Renters insurance policies are created equal. Compare coverage options, limits, and costs from different providers, and look for discounts that may apply, such as bundling with an auto insurance policy.

Renters insurance isn’t a necessity, but it is a practical safeguard that can help offer financial protection. Being sure to evaluate your circumstances and understanding what Renters insurance is will set you up to make an informed decision that is best for you.

This information is provided solely as an insurance risk management tool. It is provided with the understanding that the member insurance companies of the Utica National Insurance Group are not providing legal advice, or any other professional services or advice. Utica shall have no liability to any person or entity with respect to any loss or damages alleged to have been caused, directly or indirectly, by the use of this information. You are encouraged to consult an attorney or other professional for advice on these issues.

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