Renter’s Insurance

Thanks for taking the time to read this important information.

You will be required to obtain and show proof of your renter’s insurance policy within (14) days of your lease start date.

What is renter’s insurance?(1)

When you rent a home or an apartment, the landlord is responsible for carrying insurance on the property to protect against damages caused by fire and other disasters. But, their policy doesn’t cover your personal property. Here’s a rundown of what is generally covered by renters insurance:

1. Personal property coverage. Think of everything you own, and now try giving a a dollar value to everything.  A renters insurance policy offers you coverage for theft, loss or destruction of your personal belongings in the event of a fire, storm or other covered event. This would help you you replace the items you use on a day-to-day basis, from clothing to appliances to furniture—as well as your more expensive items. Having a renters insurance policy can even cover your personal belongings when they’re not inside your home—like if you take your laptop or tablet with you on a trip and it is damaged or stolen.

2. Liability coverage. Life is risk, but that doesn’t mean you have to dig deep into your pockets or drain your savings account every time something goes wrong. The liability insurance that comes as a part of your standard renters insurance policy can help protect you if you are sued by a guest injured in your home. Say someone comes over to your house and trips down the stairs, injuring themselves seriously enough to warrant medical attention. If you are found somehow responsible for the accident, your renters insurance liability coverage can help pay for your legal expenses and their medical bills and other damages. When buying renters insurance, it pays to think long and hard about having enough coverage to guard against any eventuality. Liability coverage can even pay for damages caused accidentally by you or your family members. For example, if your child accidentally throws a baseball through your neighbor’s living room window, your liability insurance plan could cover the damages.

3. Additional living expenses. People rarely think about where they’d go or how they’d pay for it if a fire or disaster were to render their rental home unlivable. With a renters insurance policy, you can rest easily because this coverage will help pay for your temporary living expenses. This can include things like hotel bills to restaurants to other living expenses you normally wouldn’t incur. With a renters insurance policy, you don’t have to worry that a damaged roof will force you to share a house with your in-laws. For that alone, it’s a priceless investment.

 

How to obtain coverage:

There are many companies that offer renters insurance.  We can enroll you through Assurant Point of Lease program through our Property Management collective , which does not require an additional credit check, and collect your payments as part of your rent.  Or you can speak with any insurance agent that provides insurance valid in Montana.

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(1) Information provided by https://www.allstate.com/tools-and-resources/renters-insurance/what-does-renters-insurance-cover.aspx