In much of the country, real estate values have swung so violently that they’ve turned quite a few people who wanted to be homeowners into renters. Values are either out of control, and out of reach, or so low that they’ve done damage to homeowners. In both cases, this creates more renters than ever before, and the trend is not expected to change drastically in the near future. The American dream still includes a white picket fence, but often that fence is in the yard of an apartment or rental home. There’s nothing wrong with this, it’s a fairly typical economic swing, but it does give us something to think about: How to protect all those newly minted renters from risks they may not even know they have?
As part of developing the first renters insurance program designed around the needs of tenants, we’ve done extensive research into what renters need and want out of their renters insurance. We know that, as a tenant, you have specific needs that are different from homeowners or condo owners. That means you need a specific insurance policy designed to cover those needs, without extras that don’t benefit you. As a company of renters insurance experts, Effective Coverage was built from day one to provide renters insurance coverage to the people that need it most at a price they can afford.
Who is Effective Coverage? Why is Effective Coverage so committed to helping to secure the interests of renters nationwide? Learn more from our founder Eric Narcisco.
Why Do I Need Renters Insurance If I Don’t Own My Home?
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?
Why Isn’t A Cookie Cutter Renters Insurance Policy Enough?
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.
Can My Landlord Require Me To Have Renters Insurance? Doesn’t He Have Renters Insurance Already?
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.
Renters Insurance Questions
There are many common questions that come up frequently. Effective Coverage is the premier provider of nationwide renters insurance, and we’ve heard all those questions many, many times. So we’ve put together a site designed to educate renters on the need for renters insurance, how to cover themselves, and what exactly they’re covering, among other topics. Please feel free to browse around the site, and then call Effective Coverage at (800)892-4308 or click above for a free instant renters insurance quote. Effective Coverage is a provider of renters insurance, not just a lead generation site for random insurance agents. We exist to provide renters insurance, educate renters, and mitigate renters’ risks.
After an accident or a loss, regardless of fault, the cost of replacing your personal belongings adds up quickly.
The Effective Coverage 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.
Start your quote now by completing the information above, and you will be on your way to saving money on a quality renters insurance policy. You can also call us at (800)892-4308 and speak with a friendly renters insurance expert.
Our renters insurance policies can cover damages to:
- Furniture, clothing and other personal items
- Your personal belongings, whether they’re in your home or elsewhere
- Personal liability for another’s injury or their property, if damaged
You can also select renters insurance policy enhancements and add-ons such as valuable items coverage or extra coverage for your belongings for full replacement cost regardless of depreciation.
Renters Insurance Endorsements And Options: Where To Start?
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.