You Probably Missing from a Renters Insurance

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Knowledgeable persons say renters insurance may be beneficial (Don’t believe me? Go on and search for “renters insurance” in Google News. I’ll be here.). Despite this, most people do not have renters insurance policies. Specifically, only 40% of renters have insurance. Compare this to 95% of homeowners who are insured.

Congratulations on getting this far. You’re acting like a total adult. Way to go.

So why don’t more renters have insurance? Maybe it is because renters are young, hip and lead exciting lives. Insurance is not young or hip. Buying insurance is not exciting. It is boring.

Worry not though, that’s what Bungalow is here for. Well, we can’t make insurance exciting, but we can make it so easy everyone will be buying it… or so we hope.

What is renters insurance? What does it cover?
Renters insurance is like homeowners’ insurance, except it doesn’t need to protect the dwelling you live in since you don’t own it. In practice, renters insurance protects you with 4 main coverages. Let’s break down each one for you.

4 Benefits of renters insurance

  • Personal Property Coverage – This protects your belongings from theft, loss, fire and other forms of destruction. This protection applies anywhere in the world, not just inside your apartment. And yes, this covers you when your bike was stolen. We’ve been hearing a whole lot about gangs of marauding cycle thieves.
  • Personal Liability Insurance – This protects you from lawsuits should anyone be hurt on your apartment or in the event you damage someone else’s property.
  • Medical Insurance – This covers medical expenses if someone is certainly injured in your apartment, no matter whose fault it could be.
  • Lack of Use Coverage – This will pay for bills (like hotel and food) for anyone who is unable to reside in your apartment.

If some of those coverages above sound fine to have, you should look at renters’ insurance. Actually, with the average rate of $15-$25 monthly, renters insurance provides a large amount of protection for a (comparatively) small amount.

4 Things to search for when buying renters insurance

Deductible – Here is the amount of loss you spend of pocket before the insurance plan kicks on. You can adjust this sum along to your liking.
LG replacement cost – Should you have a claim, substitute cost pays you the total amount to get your possessions once more. The alternative is “cash value” which subjects the value of your assets to depreciation. Bungalow policies have replacement cost protection because it’s better.

Exclusions – Renters insurance typically covers lost property from 16 perils: fire/lightning, wind/hail, explosion, riot, aircraft, vehicles, smoke, vandalism, theft, falling objects, excess weight of ice/snow/sleet, accidental discharge or overflow of water/steam, accidental tearing/cracking/burning/bulging, freezing, damages from electrical surges, and volcanoes. Yes, renters insurance covers against volcanoes. However, that does mean that renters insurance does not protect against losses from occasions such as floods, earthquakes, landslides, sinkholes, neglect, war, and nuclear hazard. For a full breakdown of what is and isn’t covered by renters insurance, consult your policy documents.

Sub-limits – Something to keep in mind when choosing the quantity of personal property coverage you would like is that there are sub-limits within that amount for specific items like jewelry, instruments, antiques et cetera. Therefore if you have a lot of jewelry or a vintage gramophone, b therefore, we can get you the safety you need. To find out more about personal property sub-limits,

5 Common misconceptions about renters insurance

It’s expensive
The average renter’s insurance policy is $15-$25 per month. That’s like 3 Starbucks Frappuccinos a month or one meal at Shake Shack.

My landlord has insurance so I’m covered
We hear this one pretty often. However, the service insurance only covers the building your home is in. It won’t go over your premises or any damage you might cause. That is certainly why you will need renters insurance.

My roommate has it, therefore, I don’t need it
That depends. Some renters’ plans don’t allow roommates to get added unless they certainly are a “spouse”. Bungalow permits one roommate to be posted as yet another insured party.

If you opt to split renters insurance costs together with your roommate(s), try to make sure many people are listed as yet another insured get together and that the non-public property coverage amount will do to cover your entire collective possessions.

If the price is reasonable, it may be smart to get your own insurance plan to cover your possessions. General pitfalls of posting renters insurance incorporate your roommate’s insurance promises going on your own insurance record and difficulties when one roommate movements out. So, since you’re a grown-up and getting renters insurance, probably go completely and get your own insurance plan. It’s the adult move to make.

I don’t have that many stuff
You probably have significantly more stuff than you imagine. Consider how much it could cost to displace your laptop, bed, pieces of furniture, kitchenware and gadgets and all your clothes. People also occasionally forget about items they may have of value like an SLR camera for taking photos of cappuccino foam, a musical instrument, or that marble bust of Marcus Aurelius your grandparents gave you.

Getting renters insurance is usually hard or complicated
This one may actually be generally true. But that is why we produced Bungalow, to make insurance easy. Give us a try today and see if you agree.

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