An introduction to renters insurance

If you rent your home or apartment in Ashland, KY, you may not have considered purchasing insurance because you are not the homeowner. Sharp Insurance & Financial Services wants you to understand the value of renters or tenant insurance though. Renters insurance makes a smart financial investment to protect the contents of your home. 

Homeowners Policy vs Renters Policy

The homeowners or landlord insurance your landlord holds does not protect the contents of the dwelling. That means if a fire destroys the apartment complex in which you live, the building owner’s policy covers the structure and the complex owner will receive the repair or rebuilding funds. Your belongings are not covered.

Renters insurance covers only the contents of your apartment. If you have a policy, you can replace your Beanie Babies from grade school and your house guest’s guitar. It also provides liability coverage for your home, so if your guest falls down the steps and injures themselves, the policy will cover their medical care.

You can obtain a renters insurance policy that covers the value of the contents of your home. These aren’t cookie-cutter policies, but the customization does not cost extra.

An Inventory

Make a list of all the items in your home that you would need to replace if lost or destroyed. This includes furniture, professional wardrobes, jewelry, musical instruments, hobby equipment, electronics, computers, and cell phones, etc. List the specific description and what it would cost to replace it, not what you paid for it. Total the replacement cost column. This is the amount of renters insurance you will need.

Currently, less than 25 percent of Kentucky renters carry renters insurance, according to the National Association of Insurance Commissioners. Let Sharp Insurance & Financial Services help you obtain adequate coverage for your Ashland, KY home. Our agents will review your inventory list with you, ask questions, and help you choose the right policy coverage. Let us help you protect your assets and answer your questions right away. Reach out to our offices to learn more.