Welcome to our Tucson, AZ Renters Insurance Guide. Arizona Renters Insurance isn’t hard to find, but it can be difficult to compare policies from different companies, or so it seems. Did you know that most insurance companies write their renters insurance policies on what amounts to the same policy form? There’s quite a bit most people don’t know about renters insurance, and that’s why Effective Coverage is on a mission to educate, in line with our core values.
Just forty-four percent of Americans have renters insurance. That’s far too low, and is leaving unprotected the people who need the coverage the most. Part of our mission for 2017 is to bring that number up to 40% by the end of the year, and then upwards from there. Did you know that most landlords require Tucson renters insurance of their residents? Most people aren’t aware of that, and they get a surprise when they go to pick up the keys to their new apartments.
Effective Coverage believes that life has enough surprises, renters insurance shouldn’t be one of them. Review the information we’ve laid out in this guide, and feel free to reach out to us if you still have questions. A friendly renters insurance expert will be happy to help you!
Tucson, AZ Renters Insurance
Why Do Landlords Require Tucson, AZ Renters Insurance?
There are a few reasons for this. The first might be that the actual owner of the property wants it to be required, and that’s reason enough for you to have the coverage. Beyond that, it protects the landlord because they’re loaning you a major investment. They expect normal wear and tear, but if you were to cause a fire or major water damage, they don’t want to be out that money,and rightfully so.
There’s a common misconception that the landlord is somehow responsible for your personal property, as well. By requiring Tucson renters insurance, it’s made perfectly clear that the resident’s property is the resident’s responsibility. This prevents issues with that misunderstanding far more effectively than having a tenant sign a release would, especially since those releases are rarely read before they’re signed.
It’s also important to note that when everyone in the community has coverage, the community operates much more smoothly. If one resident negligently causes property damage to another, there’s no question of whether the responsible party is going to make the aggrieved party whole. The latter just files a liability claim, and is made whole by the person’s renters insurance liability coverage. That helps keep everyone happy and make sure that no one suffers due to the negligence of someone who can’t afford to cover the loss.
What Happens If I Don’t Have Renters Insurance In Tucson?
Well, that depends. If you haven’t had a loss, and it’s just a case of your landlord requiring the coverage, one of several things could happen. They could choose to enforce the terms of the lease in the way any other term would be enforced, and you could be looking for a new home. On the other hand, they could enroll you in a waiver program that only protects you from liability to them. They could also simply charge you a monthly fee – $25 a month is common. That’s more than the cost of renters insurance and doesn’t provide any coverage!
If you have a loss, then worse things happen. First of all, you’re responsible for the damage done by a fire or other negligence. That means you’re responsible for the damage done to anyone who is affected by it, not just to the property itself. This could result in a judgment following you around for the rest of your life. That loss also makes it very difficult for you to pay to replace the personal property that needs to be replaced because of the loss.
Without Tucson renters insurance, you’re in a bad financial position in either of those situations. Even if you just end up paying the $25 a month fee your landlord could charge you under the lease, you actually lose ten dollars per month as a result, as opposed to if you had just purchased the renters insurance in the first place!
How Much Does Tucson Renters Insurance Cost?
By this point, most of you have probably done the math. If paying $25 a month causes you to lose $10 a month, that means Tucson renters insurance costs about $15 a month. That’s the same as Scottsdale Renters Insurance, and a bit less than San Francisco Renters Insurance might cost you. It work out to around $180 a year, though you can often save a bit by paying in full for the year.
Renters insurance in Tucson is not expensive, and as you saw above, the cost of not having it is much higher than the cost of having it. This will nearly always be the case, which is why the insurance equation works at all. You pay a nominal amount of money for the carrier to assume a specific amount of risk in certain situations. Even if there’s a loss, all you’re on the hook for is the premium you’ve agreed to pay.
Your financial condition is substantially better when you have renters insurance, even though you’re paying every month, because the cost of a loss could be the start of the road to bankruptcy.
Are Flash Floods Covered By Renters Insurance In Tucson?
No. Flash floods are not covered, nor are other floods. This isn’t specific to Tucson renters insurance, this is applicable to renters insurance anywhere in the country. Flood insurance is an entirely separate product which is not part of any renters or homeowners policy anywhere in the country.
On the flip side, please don’t be confused by this. Water damage is covered, from a broken pipe, for example. Your liability coverage still covers your bathtub overflowing and running down the wall and damaging your downstairs neighbor’s property, as well.
Floods are excluded, but floods are narrowly defined as water moving along the ground. That would be a river that overflowed its banks, or water moving along the ground because the water wasn’t able to absorb the rain from a recent storm. Those are, of course, different from “water damage.”
It’s also important to remember that continual leakage is not covered. If you notice a leak, call the apartment maintenance, and they fix it, damage could be covered. If you ignore it and allow the leak to continue for days or weeks, coverage could be denied because you should have mitigated the loss and kept it from getting worse.
Can I Add Additional Coverage To My Tucson, AZ Renters Insurance?
There are many types of additional coverage you could add to your renters insurance in Tucson. You can add an endorsement for jewelry up to a certain value. Above that value, you can add a personal articles floater policy to cover it, as well. You can add umbrella liability coverage, to give you additional liability. You could add water backup coverage. You could add coverage for items in a secondary residence in some limited circumstances. The list goes on and on.
The best way to find out what coverage you can add, and if you need to add it, is to work with the insurance experts for renters at Effective Coverage.
Renting In Tucson, AZ
Tucson, AZ is a city of over half a million people, nearly all living in an urban environment, which has grown over seven percent since 2000. The median gross rent is only $719, so it’s a popular place to rent, although the price to purchase a home is also low, hovering around $125,000. The entire Tucson metropolitan area is estimated to have a population of around a million people as of the last census. It’s the second larges city in Arizona behind Phoenix. At 108 miles away from Phoenix, it’s hardly a suburb, but a city in its own right.
One of the major industries in Tucson, AZ is optics and optoelectronics, which has earned the city the nickname “Optics Valley”. Many other industries contribute to the local economy, but optics is the tech industry for which Tucson is most known.
Tucson has easy access to major roads and the border, as well as a major airport, which helps make it a transportation hub that many people and significant goods travel through each year. With the University of Arizona located downtown, additional research and tech work is coming out of Tucson every day. The University is also one of the city’s major employers. As part of an environmental initiative, Tucson has made great strides in making downtown bicycle friendly.
Tucson is a friendly place to live. Once you’ve found your new home, make sure to protect it with Tucson, AZ renters insurance from Effective Coverage.