Do You Need Renters Insurance For A Single Family Home? (Img Progress)
Many people who are looking for a great place to raise a family choose Arizona, and for a variety of reasons they choose to rent a single family home instead of an apartment. Whether its the overall experience, traffic, convenience, a yard, or something else, Americans are drawn to single family homes and there are many companies that make them available for rent in Arizona, such as Progress Residential.
You probably know that nearly every apartment community in the city with more than three or four units requires you to have Chandler Renters Insurance. But do you need a policy for something other than an apartment that you rent, such as a single family home? Find out below our Video Guide to Arizona Renters Insurance,
There’s a reason that it’s called renters insurance and not apartment insurance. You can buy renters insurance online for nearly any residence that you don’t own – whether you’re staying with someone, living in an apartment, renting a single family home, or some other variation on the theme. But should you? Do you need renters insurance for a home that doesn’t share walls with anyone else?
Do You Need Renters Insurance For A Single Family Home?
Yes, you absolutely need renters insurance for a single family home! First of all, the company that owns the home is likely to require you to have at least $100,000 of personal liability coverage to protect them from damages to the property caused by your negligence. That’s typical and normal, and you should expect it. By far the most common way to acquire personal liability insurance is as part of a renters insurance policy, because it’s bundled with other coverage you need and because it’s comparatively difficult to find a policy that just covers your liability.
The reason personal liability insurance is required for nearly every single family home rental in Arizona and across the country is that the owner knows that negligence happens when people live somewhere and spend the majority of their time there. That’s not because of bad tenant selection, it’s just a function of people being human. The owner wants to know that a fire caused by your poorly wired holiday decorations won’t deprive them of anything at all, including their deductible. Their insurance company wants to know that there is a policy in place that they can recover against if they have to pay a claim for that fire.
But do you need all of that other coverage that comes with it? After all, renters insurance is a bundled policy. Is it like cable, where they bundle in things you don’t need so they can jack up the price?
Do You Need All Of The Coverage On Renters Insurance When You Rent A Single Family Home, Or Is Liability Enough?
Insurance is not like cable. The coverage that gets bundled into a renters insurance policy is not like the home phone service the cable company tries to sell you. That, you really don’t need even as part of a package. When you rent a single family home, your renters insurance gives you several types of coverage that are very important in specific situations.
Chandler Renters Insurance generally includes the following:
Personal Property to protect the things you’ve worked hard to purchase from fire, theft, vandalism, and many other common perils that are listed in the policy. You can also endorse the policy for a very small cost to cover open perils, or any kind of direct physical loss to the covered property which isn’t excluded. The exclusions are things like nuclear hazard, which you’re highly unlikely to run into.
Liability protects you against the costs of bodily injury or property damage caused by the negligence of an insured. This could be something like a fire caused by your cooking, but it could also include if someone fell in your home and was injured. That someone could be one of your child’s friends, for instance. Don’t forget that when you rent a single family home you’re likely to have a yard which invites additional risk and hazard. This is the coverage your landlord is requiring you to have.
Medical Payments To Others coverage is a small, no-fault payment made to someone who suffers a minor injury on your premises. It makes those minor injuries go away quickly without turning into a large liability claim, and it does so with no admission or discussion of who is at fault.
Loss Of Use/Additional Living Expenses coverage is there to help your maintain your standard of living if there’s a fire or other covered loss. If you’re used to living in a single family home, cramming everyone into a single room at the cheapest available local motel is probably not a good solution.
If you rent a single family home, you need all of those types of coverage. The good news is, however, that renters insurance in Arizona is generally very inexpensive.
The national average price of renters insurance is just $187.00, according to the III. That works out to as little as fifteen dollars per month. The vast majority of families can budget renters insurance easily at those prices.
Additionally, it's important to note that renters are at a significantly higher risk of experiencing loss than homeowners. Renters occupy roughly one third of total housing stock in the country, and yet they are fully fifty percent more likely to experience theft than homeowners, according to the Bureau of Justice Statistics.
It only costs a few dollars a month to protect your family, and this cheap renters insurance is a great way to mitigate the additional risks that come with being a renter.
To find out more about what else is included in renters insurance for a single family home, or to get covered, just reach out to Effective Coverage. Sixty seconds can get you covered online! Just call (800)892-4308 or click to get covered - whether you need Chandler renters insurance quotes online or coverage anywhere else!
Effective Coverage offers the nation's only completely mobile platform to quote and purchase renters insurance right from your phone or tablet in just one minute. Get an online renters insurance quote today and protect your family.
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