You have chosen to rent a condo, apartment or dorm room in one of West Virginia's great neighborhoods. The appeal of renting is not having to worry about burst pipes, mowing the lawn or fixing the electrical wiring. However, you need renters insurance to protect yourself from accidents or damage that occurs in your rental unit. Before you look at quotes for a policy that fits your needs and lifestyle, you should know what to look for to make it most suitable for yourself.
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What Is Renters Insurance?
If you rent your home, having insurance protection for yourself and your possessions is still important. Similar to home insurance, renters insurance protects you in situations that everyone can face: fire, theft, water damage and other unforeseen circumstances your landlord's policy doesn't cover.
Every year, fire and other natural disasters displace hundreds of West Virginia tenants. Renters who do not carry insurance not only find that they have lost their belongings but that they are also without the means to replace them.
What Does Renters Insurance Cover?
If you rent your West Virginia home, having insurance protection for yourself and your possessions is still important. Similar to home insurance, renters insurance protects you in situations that anyone might face: fire, theft, water damage and other unforeseen circumstances your landlord's policy doesn't cover.
Renters insurance typically provides coverage, up to the limits you select, for specified items and situations, including these:
- Personal property (furniture, electronics, computer equipment, clothing, etc.)
- Personal liability if someone is hurt, whether in your home or away from it
- Damage to your apartment or home caused by a covered loss
Building fires and damage can happen anytime, anywhere, but if you have good renters insurance, your coverage will protect you under any of the following situations:
- Smoke damage
- Collapse of the building due to weather
- Water leakage or overflow
- Freezing of plumbing, air conditioning and more
Renters insurance will protect you from incidents that occur while you're at home, too, such as an electronic device catching fire or a friend slipping and falling while visiting you. Renters insurance provides coverage for your own items, and it provides coverage for other people's injuries or damage in situations for which you're liable.
You can't rely on your landlord's insurance to cover your valuables as landlord insurance only covers the building structure and not your personal property.
How Much Coverage Do You Need?
The type of renters insurance policy you choose while searching for quotes depends on the value of your personal belongings and how much liability coverage you choose.
It's a good idea to take a personal inventory of your possessions. Calculate how much you spent on those high-ticket items and how much it would cost you to replace them in the event of a disaster. Pay special attention to the following items:
- Flat screen TVs
- Computers, tablets and other electronic devices
- Furniture and any appliances you own
- Expensive jewelry or art
If you own a number of high value-items, a more comprehensive policy may be right for you. If you live in a high-crime area in a city such as Charleston or Huntington, a policy that includes comprehensive coverage that protects against theft may also be a good idea.
How Much Does Renters Insurance Cost in WV?
In West Virginia, renters insurance usually costs under $15 per month, and it can save you thousands in the event of fire, robbery and more.
For as little as $200 a year, renters insurance can save you $10,000 in the event of a fire, more than $2,000 in the event of a burglary and tens of thousands of dollars in the event someone sues you for any injuries that occur in your home.
While searching for your quotes, find out if the companies also offer automobile or other types of insurance you may want to carry. Companies often offer discounts to consumers who buy multiple policies from them.
Find Your Next Renters Insurance Policy
Protecting your West Virginia apartment, condo or rental home is as easy as a click of the mouse or phone call. A knowledgeable Trusted Choice® independent insurance agent can help you find reliable quotes from several insurance companies.
Contact your local agent for more information.