Renters Insurance in Philadelphia, PA
Experts break down renters insurance costs, coverages, companies, and more.
Whether you are an executive renting a condo in Rittenhouse Square, a student living in an apartment near the Temple University campus, or a new parent leasing a house in West Mount Airy, you can benefit from having a good renters insurance policy.
Independent agents in Philadelphia are available to help you find the best and most affordable coverage. These agents work for you, not for an insurance company, so they are free to shop around to find you a reliable renters insurance policy at a competitive price. Find an independent insurance agent near you to learn more.
Is Renters Insurance Required in Philadelphia, PA?
On occasion, landlords may require you to carry renters insurance as one of the terms of your lease. In most cases, however, the decision about whether to carry a renters insurance policy is entirely up to you.
Though optional, this coverage is highly recommended. A good policy can prove invaluable if a disaster strikes and damages your personal property or displaces you from your home. It can even protect you if you end up on the wrong end of a liability lawsuit.
How Much Does Renters Insurance Cost in Philadelphia, PA?
The cost of living in Philadelphia is already high enough, which is why many people don’t want to add to their housing expenses by purchasing an optional renters insurance policy. However, this coverage is surprisingly affordable, and many Philly residents find that the value far outweighs the cost.
The average renters insurance policy in Pennsylvania is just $158 a year. That is only around $13 a month. Factors that can make your actual cost a bit higher or lower than this average amount include:
- The amount of personal property (contents) coverage you want to purchase
- The amount of liability insurance you want to purchase
- The crime rate and weather risks where your home is located
- Your claims history and credit score
- The size of your deductible
- Whether you are bundling your renters insurance with another policy like car insurance
By taking the time to compare quotes from a few different insurance companies, you can be sure that you are buying your policy at a competitive price. Independent agents make comparison shopping easy.
What Kinds of Damaging Risks Does Renters Insurance Cover against in Philadelphia, PA?
Your renters insurance is designed to cover repair or replacement costs if your personal property is lost or damaged by a covered event. Covered hazards include:
- Property crimes, including burglary and vandalism
- Fires, including damage caused by flames, smoke, and firefighting efforts
- Severe weather, including thunderstorms, windstorms, hail, blizzards, and prolonged freezing temperatures
When you purchase your contents coverage, you will need to choose between actual value and replacement cost coverage:
- Actual value contents coverage
- Pro: This is more affordable than replacement cost coverage.
- Con: This can only reimburse you for the actual, depreciated value of your property, so you will only have enough compensation to cover the cost of second-hand replacement items.
- Replacement cost coverage
- Pro: This reimburses you for the cost of a new item comparable to the one you lost. Therefore, if your 5-year-old laptop computer is damaged in a fire, you will be compensated with enough funding to purchase a brand-new computer.
- Con: This costs more than actual value coverage.
When deciding between actual value and replacement cost coverage, it may help to review customized quotes for each option before making a choice.
How Does Loss of Use Coverage Help Renters in Philadelphia, PA?
If the home you are renting is severely damaged by a covered event like a structure fire or a severe storm, it may be necessary for you to seek alternate living arrangements while your landlord makes repairs and brings it back up to code so it is safe for habitation.
The good news is that your renters insurance includes loss of use insurance. If you must seek alternate accommodations because of a covered event, your loss of use insurance can cover your extra living expenses, including:
- Hotel or temporary rental home costs
- Moving and storage fees
- Pet boarding, if needed
- A meal allowance if your accommodations do not include a kitchen
- Mileage reimbursement if you must drive further to get to and from work
Your loss of use coverage can continue until you are able to move back into your home or have found a new rental home to move into.
Does Renters Insurance in Philadelphia, PA Cover against Liability Risks?
Your renters insurance policy also includes liability coverage. Renters liability insurance is designed to shield you from large financial losses if you are unintentionally responsible for someone else experiencing injuries, property damage, financial losses, or other harm.
Renters liability insurance can cover:
- Legal advice and representation
- Court costs
- Mediation costs
- Other related expenses
Talk to your insurance agent to learn more about what your liability insurance coverage can do for you.
How High Is the Risk of Burglary in Philadelphia, PA?
The burglary rate in Pennsylvania is lower than the national average rate. However, in Philadelphia, the risk is higher. Residents of this city report more than 6,400 burglaries a year.
- Number of burglaries per 1,000 people in the US: 3.76
- Number of burglaries per 1,000 people in PA: 2.12
- Number of burglaries per 1,000 people in Philadelphia: 4.09
It can be very stressful to be the victim of a property crime. If you discover that your rental home has been burglarized, you may find some measure of relief in knowing that your renters insurance can compensate you for your stolen and damaged property.
You will need a copy of the police report when you file your claim.
What Isn't Covered by Renters Insurance in Philadelphia, PA?
Renters insurance covers against most of the risks you are likely to face as a renter in Philadelphia, but it doesn’t protect you against everything. Your policy is likely to exclude coverage for:
- Flood damage: Most rental homes in Philadelphia are safe from the risk of flood damage. However, if you rent a ground-floor apartment or a house in a flood-prone area, you may want to supplement your renters insurance with a contents-only flood insurance policy.
- Pest infestations: If pests like rodents or bed bugs infest your home, your renters insurance will not cover extermination costs or any resultant property losses (such as if you have to get rid of your mattress). In most cases, your landlord will be responsible for covering remediation costs.
- Damage to your vehicle: Renters insurance covers your personal property, but this does not include your vehicle. If your car is damaged while parked in your building’s garage or parking lot, repair costs can be covered by your car insurance as long as your policy includes comprehensive coverage.
When you are purchasing your renters insurance policy, your agent can go over everything that it does and doesn't cover so that you do not face any unanticipated surprises later.
Why Work with an Independent Insurance Agent in Philadelphia, PA?
When you are looking for great coverage, a local independent agent can help. These agents can request customized quotes from some of the best renters insurance companies in Philadelphia, PA as they work to find you a reliable policy at a competitive price.
It doesn’t cost anything to consult an independent agent. Arrange an obligation-free meeting with an independent insurance agent near you to get more information.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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