Your landlord’s insurance likely only covers the property, not your belongings. This makes having your own renters insurance policy essential.

1. Frequently Asked Questions
RENTERS INSURANCE

2. My apartment is covered by my landlord’s policy, why
do I need renters insurance?
While the structure you live in and pay rent on is covered by your
landlord’s property insurance, renters insurance covers the contents
of your apartment as well as your personal liability. In the event of
theft or fire, for example, your renters insurance would help you re-
place your clothing, furniture, electronics, appliances, and more. In
the event that the building or neighboring apartments are damaged
by your actions or negligence, rental insurance offers liability pro-
tection. For example, if an unattended candle sparked a build-
ing-wide blaze, or you accidentally left the water in the tub running
and it ended up in your downstairs neighbor’s living room, then
you’d be protected financially.

3. I don’t own very much, it it still worth purchasing
renters insurance?
Absolutely. Even if you live a minimal lifestyle, you’d be surprised at
the replacement value of your possessions. An insurance agent can
help you assess the right level of coverage that corresponds with
your needs.

4. Money is tight. How
expensive is renters
insurance?
Renters insurance delivers great
value for the cost. Most policies cost
approximately $20 per month or
less. So, for less than the price of a
weekly coffee habit, you can enjoy
the peace of mind that renters in-
surance delivers.

5. Can I share a renters
insurance policy with my
roommates?
While some companies allow room-
mates to split the cost of a policy, it
may be wise to consider separate
policies. For approximately 50 cents
per day, renters insurance covers all
of your possessions and personal lia-
bility. In the grand scheme of things,
that’s a modest investment. Further-
more, with an individual policy you
don’t need to worry about false or
excessive claims on your account,
nor will you have to modify your
policy in the event that your room-
mate unexpectedly moves out
before the end of your lease.

6. Will renters insurance
cover the cost of
replacing my
computer?
If your computer, TV, or
other electronics were
damaged as a result of fire,
theft, or vandalism, then
your policy will cover it. If
your computer died after a
long and productive life, or
from negligence or misuse,
then your policy will not
cover the cost of replace-
ment.

7. What’s the difference
between actual value
and replacement value?
Actual cash value is the cost
of replacing your belongings,
less depreciation. So if your
computer cost $2000, but
you bought it 5 years ago, it
may only be worth about
$750 today. Replacement
value allows you to replace
your belongings with new
goods, up to a certain maxi-
mum dollar amount. Discuss
your options with your agent
to decide which is best for
you.

8. Need Renters Insurance?
Get a renters insurance quote from
Royce Williams Agency today!
GET A QUOTE