Whether you rent a townhome in Hartford or an apartment unit in Manchester, you have probably filled your rental home with things you value such as your flat-screen TV, computer, furniture, jewelry and books. The average renter has $20,000 to $30,000 worth of personal belongings. Only a renters insurance policy can protect you from having to use savings to replace all of your belongings in the event of a disaster. Before you search for quotes on renters insurance policies, however, there are a few things to consider.
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Many Choose the Perks of Renting in Connecticut
Connecticut has a lot of appealing attributes for such a small state. The population density (ranked 4th in the nation) and the lack of square miles (ranked 48th) make renting in the Nutmeg State more popular than elsewhere. More than 30 percent of CT households rent their home, condo or dorm room.
The average CT tenant pays little more than $1,000 a month in rent, about 18 percent of their annual income. That makes renting here more affordable than in most places. However, too few renters take advantage of a renters insurance policy, making those cost savings disappear in the event of a catastrophe.
Why Is Renters Insurance Important?
Your landlord more than likely carries an insurance policy on the building itself, but not on the personal belongings of renters. If a storm or fire strikes your rental home, you could lose everything. If you don't have the protection of renters insurance, a disaster could leave you without clothing and furniture, and with no recourse to replace them.
Connecticut is also at risk of nor'easters and hurricanes, which can destroy a home's contents and completely wipe the structure off the map. A comprehensive renters insurance policy would help pay for other living arrangements until your apartment or townhome is rebuilt.
What Does Renters Insurance Cover?
A renters insurance policy that covers contents will replace or repair items damaged from these perils:
- Windstorm or hail
- Falling objects
- Weight of snow, ice or sleet
- Water - caused by plumbing failure, appliance failure, fire sprinklers or other accidental discharges of water (You can purchase flood insurance as a separate rider to your renters insurance policy.)
- Electrical surges
- ...and more
Your Connecticut insurance company will most likely give you quotes based on one of two types of contents coverage:
- Actual cash value replacement: This insurance will pay a claim for the current value of the item. For example, a pipe could burst in the ceiling of your bedroom ruining your 10-year-old mattress. The insurance company will pay what it would cost to purchase a 10-year-old mattress.
- Replacement cost: This insurance will pay the cost to purchase a new item. That 10-year-old mattress? You'd get a brand new one.
Renters insurance can not only protect your personal belongings, but it can protect your personal finances as well. A policy with liability coverage can save you the cost of court and legal fees should someone sue you in the event a guest or delivery person suffers injuries while in your rental unit, your dog or cat attacks the neighbor, or you cause damage to another person's property while the property is in your home.
What Does Renters Insurance Cost?
Despite renters insurance costing less than $200 per year on average, fewer than half of Connecticut tenants opt for renters insurance. It's unclear why so many choose to forgo these important protections, but after disaster strikes, most regret not having a comprehensive renters insurance policy.
The Connecticut insurance company you choose to purchase a policy from will consider the following when determining your insurance premium costs:
- The amount of coverage you need: Someone with an expensive art collection will need more contents insurance than someone who collects pet rocks.
- The type of coverage you choose: If you add liability coverage to your renters insurance policy, the premium will be a bit more.
- The deductible you choose: Some people choose a high deductible because they pay less per month on their premiums. However, some find that they cannot meet the deductible in the event of damage to their contents. Be sure the deductible you choose is affordable.
- The location of your rented home or apartment: If you live in an area at higher risk of property crimes such as burglary and vandalism, your premium will be slightly higher.
Find Affordable Renters Insurance Today
When searching for renters insurance policy quotes, it's a good idea to gather at least three samples from various insurance companies. That can take a lot of effort and research. A knowledgeable, independent insurance agent in the Trusted Choice® network can do that work for you.
Contact one of our experienced agents to find out how they can help you find the perfect renters insurance policy to meet your needs, lifestyle and budget.