Many Wisconsin residents rent apartments, townhouses, condos, and single family homes. However, the majority of renters do not keep any kind of renters insurance to protect themselves from the cost of a fire, major storm, or burglary. Wisconsin renters insurance can provide liability coverage and property coverage, at rates much lower than most homeowners policies.
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- In 2011, the median rent was $622 per month.
- WI rental vacancy rate was 5.17%.
- Rent for 2011 took up of an average of 14.81% of take home income.
- 32.15% of households were renters.
Do I Need Wisconsin Renters Insurance?
Although the landlord’s insurance policy will cover the structure of the building, your personal belongings aren’t covered under the main policy. If a heavy snow causes a branch to fall through your window or a fire damages everything on the first floor, replacing all your damaged property would come out of your own pocket, unless you have a renters insurance policy.
Renters insurance pays to replace a set dollar amount of the property you own. Most renters keep an average of $20,000 in personal property, which can be a substantial financial burden to shoulder, after a burglary or major storm.
Renters insurance also provides liability coverage, to cover your settlement costs and legal defense, if someone makes a bodily injury claim against you for an injury suffered in your home. It can also cover property damage claims. This coverage has a set limit, and once that limit is reached, any additional settlement amount must come from your assets and future earnings. Since lawsuits can easily spiral into tens and hundreds of thousands of dollars, it can pay off to set your liability limits as high as you can afford.
Covering Personal Property
With Wisconsin renters insurance, your personal property is protected. But how do you know how much coverage you really need? A local agent can help you tally up the value of your property. Your renters policy can cover the following:
- Small appliances
If you have valuable artwork, collections, or jewelry, these items may be limited to a certain dollar amount in coverage. However, you may be able to purchase separate endorsements for them individually, and add them into your renters insurance.
Renters insurance generally covers events such as fire, wind, hail, lightning, burglary, vandalism, theft, and indoor flooding from broken pipes. It does not cover natural floods, such as excess rain, river overflows, or storm surge. For flood coverage, check into flood insurance through the National Flood Insurance Program.
The Right Policy for You
A Trusted Choice® agent can help you find a policy that meets your needs. Independent agents in the Trusted Choice network can compare multiple Wisconsin renters insurance quotes to find a policy that won’t break the bank. To get the information you need, contact a Trusted Choice member agent today.
Captive agents are locked into one insurance company and one quote. Independent agents in the Trusted Choice network have the ability to source information and Wisconsin renters insurance quotes from many different companies. This enables local agents to find a comprehensive plan at an affordable price. Contact an independent agent for personalized assistance.