Did you know that nearly 36% of American households are renters, a number that continues to climb? It is becoming more common to rent instead of buying a home. The American dream still includes a white picket fence, but sometimes that fence is in the yard of an apartment or rental home. Which begs the question- How do we protect renters from risks they may not even know they have?
We have done extensive research on what renters need from their insurance providers. As the first renters insurance program designed around the tenant, we know that you have specific requirements that are different from homeowners or condo owners. With a team of insurance experts, Effective Coverage was built to provide renters insurance coverage to those who need it most at a price they can afford.
Why is Effective Coverage so committed to helping secure renters’ interests nationwide? Learn more from our founder Eric Narcisco.
Many people get an apartment and think they don’t need insurance because they don’t own the place, but they couldn’t be more wrong! Renters insurance is designed to protect against the risks faced specifically by renters.
Some people think they don’t own enough items of value to warrant getting a renters insurance policy. But what happens if you accidentally cause a kitchen fire, and burn down not only your apartment, but that of your neighbors as well? Would you have enough money to replace all of their property as well as cover for a temporary place to live?
A renters insurance policy is essentially just a homeowners policy without direct coverage for the structure itself. A standard cookie cutter policy is usually something like $15,000 of personal property, $100,000 of liability, and a few other types of coverage. But that’s not enough for most people. Effective Coverage works to customize your renters insurance policy with the coverage you and your family need.
Are you in a luxury rental residence? Do you have a few hundred thousand in your 401(k)? Are you a high-earner? If so, then the standard cookie-cutter policy is not going to work for you. You need higher liability limits and maybe even an umbrella policy or endorsement to protect everything you’ve worked so hard for. Do you have no assets on your balance sheet, but a collection of rare paintings of meerkats from the Seventeenth Century? You need appropriate personal property limits and appropriate endorsements for that, as well. You’ve earned the things you have, and you’ve also earned the right and the responsibility to protect them with renters insurance.
Sure, your landlord can require you to have renters insurance. It’s in the lease you sign, and that’s all there is to it. And yes, your landlord has or should have insurance on the building. But he might have a $25,000 or more deductible on that commercial insurance policy, and that $25,000 of risk he’s retaining isn’t just going to come out of his pocket if you negligently start a fire. He’ll look to you to pay that, as will the other tenants who are harmed by the fire. That’s where your liability coverage comes in. You’re not insuring the building, but one small segment of what liability coverage can do for you is that it can respond to an accidental fire like this example so you’re not making the landlord and your neighbors whole out of your own pocket.
There are many options and endorsements available on a renters insurance policy, so it’s important to work with a provider who will take the time to understand your needs and create a personalized renters insurance policy that meets those needs. Do you have jewelry? Do you need extra renters insurance liability protection? Could you save money by bundling insurance products together? Effective Coverage has the answers and believes in making sure that people understand the insurance product they’re purchasing.
Effective Coverage is the premier provider of nationwide renters insurance. Our team will help you obtain the right amount of renters insurance coverage at a great price, so you know the things important to you are protected.