Purchasing a house in the heart of Brew City can be expensive, but to some, the lifestyle of city living is worth the price tag. To others, there’s another solution that comes with less hassle: just rent. When you rent an apartment, townhouse, condo, or single family home, there are many benefits. Lease terms can range from month-to-month, to several years, some even allowing you to lock in special rates. This is great for someone who isn’t sure how permanent a move will be. Others don’t want to deal with the trouble of constant maintenance. Whatever you reason for renting, make sure you purchase Milwaukee, WI renters insurance, to protect yourself from financial loss.
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2011 Milwaukee Rental Statistics
- 47% of city residents rent.
- There were 178,961 renter-occupied units.
- The city had an occupancy rate of 97.7%.
- Rent went up, on average, 2.9%.
- Average rent was $628 per month.
Milwaukee Renters Insurance: What Isn’t Covered?
One of the main reasons for securing an insurance policy is to protect your personal belongings, but even this comes with certain limitations. High value items like jewelry, art, collectibles, furs, and physical money may have individual exclusions. For example, you can insure your wedding ring, but if the stone falls from the casing, the loss may not be covered. If you have valuable items you would like to insure, you may be able to purchase separate endorsements for them, as part of your renters policy.
Additionally, Milwaukee renters insurance won’t cover damage from floods or earthquakes. Milwaukee experienced heavy flooding in 2010, and it could happen again. However, you can purchase flood insurance through the National Flood Insurance Program, to protect yourself from flood-related losses.
What Is Covered?
Most renters keep an average of $20,000 in personal property in the home. This can include:
- Small appliances
- Kitchen ware
If your rented home is subjected to a covered event, such as a fire, tornado, lighting, indoor flooding from broken pipes, burglary, or vandalism, renters insurance would pay to replace the lost or damaged items. This can make it much easier to get back on your feet after a disaster.
Another Important Aspect: Liability
While Wisconsin requires that all vehicle owners purchase liability insurance, it will only cover accidents you cause behind the wheel. The reality is that accidents can happen anytime, anywhere. With a normal homeowners policy, the mortgage company will typically require liability insurance. There are no legal requirements to purchase renters insurance, so most tenants are left without liability protection, to cover settlement costs and legal defense.
The beauty of renters liability coverage is that it follows you. If someone is injured in your home, liability coverage will help pay for medical expenses. If you’re sued while traveling overseas, liability insurance will still help pay for legal fees. Did your dog bite someone while you were vacationing in another state? You’re covered. Milwaukee renters insurance is a very affordable product, but it can pay off big, if you are ever sued.
Working with an Independent Agent
As a renter, you may have several concerns about the best way to insure your property and yourself. A Trusted Choice® agent can walk you through the process of selecting the right coverage for your situation, and will take the time to compare policies and illustrate why one is better than the other.
Often, you can find an independent agent right in your ZIP code, which means your member agent understands the local risks you face. To get accurate Milwaukee renters insurance quotes and reliable policies, contact a local agent today.