How much would it cost to replace all of your belongings? Even if you’re just starting out, it would likely cost thousands. And if you’re more established, it could cost you tens of thousands of dollars!
The primary reason you should invest in renter’s insurance is to protect against the risk of losing everything. If you are like most people, you are not in a position to replace everything all at once. But with renter’s insurance, you can! Additionally, many renter’s insurance policies provide help to pay for temporary housing while your rental home is being repaired or replaced.
Residents must provide insurance coverage for comprehensive liability insurance to protect the Resident against any damages or loss. Minimum limits of liability for bodily injury and property damage of a combined single limit of $300,000. “(Property Name) P.O. Box 3687 Coppell, TX 75019″ must be named as the interested party on your insurance policy. Proof of insurance is required at move in and at renewal time.
Although it is not mandatory, we strongly recommend residents also get coverage for their contents and personal property. The Landlord is not responsible for any damages to the personal property of a Resident, regardless of the cause of the damage or loss. Residents waives the right to sue for compensation from personal injuries for issues related to maintenance unless the Resident first informs the Landlord (in writing) of the conditions needing correction. Residents waive the right to sue for compensation on the grounds of improper care for any item if the Resident could have been aware of it but failed to first inform the Landlord in writing.
Failure to have renters insurance coverage is considered a lease violation and a monthly $20 fee will be charged to your account until proof of insurance is provided.
Buying renter’s insurance is easy! You can easily get a quote and purchase insurance online — or you can purchase renter’s insurance from your local insurance agent.
Not sure what insurance company to go with? You can obtain affordable coverage easily with Lindy’s preferred Insurance company, Resident Shield. You can get a quote and enroll by calling 1-800-566-1186 or go online at www.ResidentShield.com
Surprisingly, a basic renter’s insurance policy is around $240 per year (although renters who need larger liability coverage will likely pay more). Your own quote will depend on a number of factors, including your previous insurance history and where you live.
Consider the following to make sure you select a renter’s insurance policy that’s right for you:
- All insurance policies have a deductible. The lower the deductible, the higher the insurance premium. While you can lower your premium by having a higher deductible, be sure that you can afford the deductible should disaster strike!
- Insurance policies have exclusions that you need to be aware of! Basic policies do not generally insure you for natural disasters (such as floods or earthquakes) or the loss of certain items (such as jewelry or art). However, you can purchase additional coverage to insure against these potential losses.