What Is Renters Insurance?
Renters insurance with the AARP® Homeowners Insurance Program from The Hartford offers home and apartment renters outstanding protection and value. Renters insurance is a policy that helps you protect the valuables you own – without breaking the bank. Get renters insurance for the things that matter to you. Then rest assured that The Hartford and AARP will be there to help you prevail if the unexpected happens.
Rental insurance offers peace of mind and in many states costs as little as your morning cup of coffee. If you have a car, motorcycle, or RV, you can get renters insurance discounts
and save money by having your renters insurance bundled with other insurance policies you have with The Hartford. To learn more get a free renters insurance quote today.
How Much Is Renters Insurance per Month for an Apartment?
Renters insurance is quite affordable for most people. The average premium in the U.S. in 2015 was about $15.66 a month, according to the Insurance Information Institute
One of the main factors that affect the monthly cost of renters insurance is location. Where you’re renting an apartment can have an impact on cost of your insurance premium.
A person renting an apartment in North Dakota, for example, paid $114 for renters insurance in 2015 – or $9.50 a month, according to the III. The average renters insurance for an apartment in Mississippi in the same year was $262 – or about $21.83 a month.
In addition to location, the amount of liability protection you choose and any riders or options that you add to your policy for personal property can affect your renters insurance quote.
How Much Is the Average Renters Insurance?
The average renters insurance policy costs about $188 a year, according to the III.
Location, rental size, and estimated value of personal items affect the cost of renters insurance. Your renters insurance premium may be higher if the apartment or home you’re renting is located in a neighborhood with a history of multiple claims. Or if you live in an area prone to severe weather like floods or tornadoes, that too can increase the cost of your renters insurance.
What Is a Good Amount for Renters Insurance?
Renters insurance is there to help you get your life back on track after a covered incident damages your rental unit and/or your possessions. How much renters insurance to get varies from person to person and depends on the value of what you choose to cover.
To help you understand how much coverage you may need, start by taking a look at what you currently own.
Do I Need Renters Insurance?
While your landlord or property owner may insure the structure of your rental apartment, condo, or home, it is up to you as the renter to protect its interior and your personal belongings against a possible loss, such as theft, fire, or other damage with renters insurance.
If you are looking for broader protection for your personal property, you may want to consider adding a personalized property coverage endorsement to your policy. For a nominal additional premium, you can get coverage for all risks other than those that are specifically excluded in a standard rental insurance policy.
Can I Tailor Renters Insurance to Fit My Needs and Budget?
Yes. You can customize coverage from The Hartford to protect your possessions and lifestyle at a cost that fits your budget. Select the renters insurance options and benefits that are right for you and take advantage of renters insurance savings and credits to lower your rates. Work with one of our specialists to analyze your renters insurance cost
and save even more through our AARP program and by bundling your renters and car insurance
coverage with The Hartford.
Some rental insurance policy features and benefits are not available in all states.
Does Renters Insurance Cover the Cost of Replacing My Possessions?
Yes. If anything happens to your covered contents, The Hartford wants to give you a fresh start. With our “New for Old” protection, we pay the actual cost of replacing your covered possessions – regardless of their age or condition – with new items of equal quality.
What Else Is Covered by Renters Insurance?
You will also be protecting your investment in built-in improvements, such as bookshelves or new wallpaper, for up to 10 percent of the policy amount. For example, if your policy includes $15,000 in personal property coverage, your improvements are covered for up to $1,500.
If you have to move into temporary lodging because of damage to your building, your additional living expenses, such as hotel or motel charges and the cost of dining out, are covered for up to an additional 30 percent of your personal property coverage.
If you are legally liable for accidental death or injuries to others on your premises or for the actions of family members or pets, your policy could cover these liability claims as well up to policy limits. Even if you are not legally liable, the legal costs of your defense are covered.
If a person is accidentally injured in your rental by a slip or fall or a pet, medical care payments are covered up to policy limits, regardless of liability.
In many cases, if you or a family member accidentally causes physical damage to someone else’s property, the damage is covered up to $1,000, regardless of liability.
What’s Not Covered by Renters Insurance?
In most cases, renters insurance policies do not cover damage caused by certain disasters such as floods or earthquakes. Like homeowners, renters must purchase renters flood insurance separately to be covered for damage from a flood event. However, in most cases, you will be covered if there is a water leak within your rental unit or a connected rental unit, which causes water damage to your personal property and belongings.
If you are concerned about whether you are adequately covered or what additional coverages you may need, call 1-888-413-8970
and speak to one of The Hartford’s rental insurance specialists.
Need to File a Renters Insurance Claim?
Our renters insurance claims process was designed with one thing in mind: to get your life back in order as quickly as possible after a claim. That is why our claims service is available 24/7 and operated by some of the most knowledgeable and caring specialists in the business.
More Answers to Frequently Asked Renters Insurance Questions