More than 70 percent of renters in Alabama lack the coverage they need to protect their property. Renters insurance can cover the cost of replacing your furniture, appliances, clothing, electronics and other belongings due to theft, destruction by fire or other covered events. You can get quotes on renters insurance locally to suit your needs and budget. A renters insurance policy can also give you liability coverage to help protect you from the costs of a legal claim against you. Don't wait until disaster strikes to look for the coverage you need.
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Renter Statistics in Alabama
- The median rent in AL is $689, nearly $200 less than the U.S. national median rent.
- Most renters in AL spend 19 percent of their income on rent.
- 31 percent of AL residents rent their homes, which is a much lower rate than the national rate of 36 percent.
According to ABC News, less than one-third of renters in the U.S. carry renters insurance. Many tenants assume that if a fire, burglary or tornado occurs, the landlord is responsible for the damage. However, a landlord's financial responsibility extends only to the structure itself and any appliances kept on-site that belong to the landlord. Your own belongings are your financial responsibility. Many renters find out too late that they must pay the cost of replacing furniture, baby gear, clothing, computers and other stolen or damaged items.
What Does Renters Insurance Cover?
Renters insurance provides liability and property coverage to protect you from some of the cost of a legal claim or covered loss. Most renters keep about $20,000 in personal property in the home. Your own property may be worth less or more, so it's important to discuss your coverage needs with a qualified insurance agent. Your renters policy may include the following coverage:
- Liability: If you are responsible for a guest's injury or property damage, your liability coverage can cover the cost of a court settlement and your legal defense up to your policy limits.
- Contents: This can cover actual cash value or the replacement cost of your furniture, electronics, clothing and other items in the home. If you have collectibles, jewelry or other valuable items to insure, you may need to purchase special endorsements to keep them covered. This coverage can protect you from the cost of theft or damage due to fire, smoke, wind, debris, and lightning.
- Temporary housing: If a disaster makes your rental home uninhabitable, this coverage can help with the cost of relocating or renting temporary housing while your home undergoes repairs.
Please note that renters insurance does not cover natural flooding, like storm surge, excess rainfall, and river runoff. However, you can purchase a flood insurance policy through the National Flood Insurance Program if your community participates in the program.
How Much Does Renters Insurance Cost?
Many renters shy away from researching renters insurance quotes assuming the cost will be similar to homeowners insurance premiums. On the contrary, renters insurance is very affordable in most cases. The landlord bears the lion's share of the responsibility and must pay to insure the structure itself, as well as the land it sits on. Renters need only insure their own belongings and personal liability. The average cost is only $185 for the whole year, or $15 per month. That isn't much compared to the peace of mind you get from knowing you will be able to recover financially should a burglary or fire occur.
How To Get the Best Price on Renters Insurance
Personalized quotes on renters insurance are easy to get when you work with a local, independent agent. Trusted Choice® agents are independent agents who can shop many different insurance companies to find the right policy and price for you.
Contact an independent insurance agent in your neighborhood for more information on getting quotes and getting coverage that suits your budget.