Renting a home or apartment can be a smart choice. You may not have to worry about replacing a roof, repairing a furnace, or maintaining the building. But renting does not mean you have nothing to protect.
Your furniture, clothing, electronics, kitchen items, and other belongings can add up to thousands of dollars. You may also have a financial risk if a visitor is injured or you accidentally damage someone else’s property.
That is where Renters Insurance can help.
Thiel Insurance Group serves renters in Appleton, Kimberly, and communities throughout the Fox Valley. The agency has local offices in both Appleton and Kimberly and has served the Fox Valley since 1960. Its website says, “We ask questions, we listen, and we solve problems.”
What Is Renters Insurance?
Renters Insurance is designed for people who rent the home or apartment where they live.
Your landlord generally has insurance on the building. That policy is intended to protect the owner’s property. It generally does not provide the same protection for the things you own inside the building.
The Wisconsin Office of the Commissioner of Insurance explains that Renters Insurance can protect personal property against losses such as fire and theft. It can also provide Liability Insurance for certain injuries or property damage resulting from negligence.
For example, suppose a fire damages your apartment. The landlord’s policy may address damage to the building, depending on the circumstances. Your furniture, clothing, television, computer, and other belongings are a separate concern.
As the Wisconsin Office of the Commissioner of Insurance explains, “There is no coverage for the dwelling as that is the owner’s responsibility.”
Personal Property Coverage
Personal Property Coverage is one of the main reasons renters purchase insurance.
It may apply to belongings such as:
- Furniture
- Clothing
- Computers
- Televisions
- Kitchen items
- Bicycles
- Tools
- Sporting equipment
- Electronics
- Books and other household items
One common mistake is underestimating the value of these belongings.
Walk through your apartment and think about what it would cost to replace everything. Your television may cost $800. Your computer could cost $1,500. Then add your furniture, clothing, kitchen items and everything else.
The total can become surprisingly large.
The Wisconsin Office of the Commissioner of Insurance recommends considering the actual value of your belongings when deciding how much insurance to purchase.
Creating a home inventory can make this process easier. Take pictures or video of your belongings and keep receipts for expensive items when possible.
Liability Coverage
Renters Insurance can also include Personal Liability Coverage.
This coverage may help when you are legally responsible for bodily injury or property damage involving someone else, subject to the policy terms and limits.
For example, a guest could fall in your apartment and suffer an injury. Or you could accidentally cause damage to another apartment.
Whether your policy responds depends on the circumstances and the policy language, but Liability Coverage can provide an important layer of protection.
The Wisconsin Office of the Commissioner of Insurance lists Personal Liability as a possible part of Renters Insurance for bodily injury and property damage arising from negligence.
Medical Payments Coverage
Some Renters Insurance policies also include Medical Payments Coverage.
This coverage may help with certain medical expenses when another person is injured, depending on the circumstances and policy.
It is different from Liability Coverage because Medical Payments Coverage may apply without determining that you were at fault.
The limits are generally much smaller than Liability limits, so it should not be viewed as a replacement for Liability Insurance.
Additional Living Expenses
Imagine that a fire or another covered loss makes your apartment temporarily unlivable.
Depending on the policy, Additional Living Expenses Coverage may help with reasonable and necessary costs of living somewhere else while repairs are being made.
That could include temporary housing and certain additional daily expenses.
The Wisconsin Office of the Commissioner of Insurance lists Additional Living Expenses as a possible Renters Insurance coverage when a residence becomes temporarily unlivable because of a covered loss.
The key phrase is “covered loss.” Insurance policies have exclusions, conditions, limits and deductibles, so not every type of damage qualifies.
Expensive Belongings May Need Special Attention
Some types of property can have special limits under a standard Renters Insurance policy.
Jewelry, antiques, collectibles, artwork, and other valuable items are examples.
If you own something valuable, tell your insurance agent about it. Depending on the item and policy, additional or scheduled coverage may be available.
Do not assume that a $10,000 piece of jewelry automatically has $10,000 of coverage simply because your Personal Property limit is much higher.
What About Flood Damage?
Flood damage is another important question.
A standard Renters Insurance policy generally does not provide Flood Insurance for your personal belongings.
The Wisconsin Office of the Commissioner of Insurance advises that a separate Flood Insurance policy is needed to protect personal belongings against flood damage.
Other types of water damage can be handled differently, depending on the source of the water and the policy.
If you live near the Fox River, a creek or another area that could experience flooding, ask about this before a problem occurs.
What About Roommates?
Don’t assume your roommate’s Renters Insurance protects your belongings.
Coverage depends on who is listed on the policy and how the policy defines an insured person. Some situations may allow people to share a policy, while others may call for separate policies.
If you live with a roommate, partner or family member, tell your agent who lives in the home.
Renters Insurance and Auto Insurance
Many renters also own a car.
That makes it worth discussing bundling your Auto Insurance and renters insurance. Depending on the insurance company, putting multiple policies with the same carrier may qualify for a multi-policy discount.
Thiel Insurance Group offers both Auto Insurance and Renters Insurance and notes that bundling home-related insurance with Auto Insurance may save you money.
Price, however, should not be the only consideration. Limits, deductibles and exclusions can vary between policies.
Why Use an Independent Insurance Agency?
Renters have several ways to buy insurance. You can purchase a policy directly from an insurance company, work with a captive agency or use an independent insurance agency.
A captive agency generally represents one insurance company.
An independent agency can work with multiple insurance companies. Thiel Insurance Group identifies itself as an independent agency serving the Fox Valley and lists several insurance companies in its company directory.
That can give you more options to consider.
It does not mean an independent agency can guarantee the lowest price or that every carrier will accept every customer. Each insurance company has its own underwriting rules, rates, and coverage choices.
The advantage is having an agency help you compare options, rather than being limited to one company’s products.
Get a Renters Insurance Quote
If you rent an apartment, house, or other dwelling in Appleton, Kimberly, or the surrounding Fox Valley, Thiel Insurance Group can help you review your Renters Insurance options.
Thiel has offices at 620 N. Richmond St. in Appleton and 122 W. Kimberly Ave. in Kimberly. The agency can be reached at 920-739-6241 in Appleton or 920-788-4131 in Kimberly.
Local agents are available to listen to your concerns, answer questions and explain your choices. As an independent insurance agency, Thiel Insurance Group can consider options from multiple insurance companies instead of limiting you to one carrier.
Contact Thiel Insurance Group by phone, email or online form to request a Renters Insurance quote.
