Less than 30 percent of U.S. renters have renters insurance, and tenants in Wyoming are no different. Quotes for renters insurance are easy to find, and a renters insurance policy can save you tens of thousands of dollars in the event of a major storm, fire, burglary or lawsuit. Many tenants believe that if the apartment or house they rent burns to the ground, the landlord's coverage will pay to replace their belongings, but this is usually not the case. As a tenant, you are responsible for insuring the property that belongs to you and covering your own liability risks.
The average renter owns about $20,000 in personal property. Most people underestimate the value of their belongings, and you may have property worth more or less than the average. Even if you purchase all of your furniture and appliances secondhand, if you add up the cost of sofas, dining sets, beds, kitchenware, TVs, computers, phones, clothing and tools, the total can be much higher than you might expect. Can you afford to replace your important items after a fire or burglary?
Some landlords require proof of renters insurance before leasing to renters, but most landlords leave that decision up to their tenants. Your landlord's insurance policy covers the structure of your home, including the walls, roof, windows, garage and outbuildings. However, it does not cover the items you bring into the home. The landlord's insurance may compensate you if the damage caused to your property is due to the landlord's negligence such as broken locks that lead to a break-in or faulty plumbing that causes an indoor flood. But if the damage is due to a fire, storm, accident or crime that was outside the landlord's control, you will likely be responsible for covering the cost to replace your own property.
The two major components of renters insurance are contents coverage and liability coverage. Contents coverage covers your personal belongings against property damage from covered events such as these:
Renters insurance can cover most of the items you keep in the home, like furniture, electronics, clothing, kitchenware and tools. However, if you have expensive items like musical instruments, artwork or collections, you may need to purchase a separate endorsement to cover them. You can insure your property at actual cash value or pay a little more for replacement cost value, which can pay the cost of new items to replace the damaged ones.
Special weather disasters like natural flooding and wildfires usually require separate coverage. Your community may participate in the National Flood Insurance Program. If so, you can usually get an inexpensive flood insurance policy for renters.
Liability coverage provides a way to protect your finances against unexpected legal claims. This can cover situations like the following:
A serious claim against you can cost hundreds of thousands in settlement costs, court fees and your legal defense. If you cannot pay the settlement out of your savings, you may have to pay it out of your assets and future earnings. The liability coverage in your renters insurance can help pay the costs of a claim against you, up to the limits on your policy.
Finally, your renters coverage can help with the cost of temporary housing or relocation if your rental home sustains damage due to a covered event.
Quotes can vary widely, but the average renters policy in the U.S. is very inexpensive: around $185 per year or $15 per month. Your quotes will depend on where you live, how much you own and what special liability risks you face. You may be able to get discounts on your renters insurance by bundling coverage with other policies like auto insurance, business insurance and snowmobile insurance.
Independent agents are the perfect way to get a great deal on renters insurance. Independent agents in the Trusted Choice® network can help you bundle all of your policies to maximize discounts, and they can advocate for you if you have to file a claim.
Contact a Trusted Choice agent in your neighborhood to find the renters insurance you need at a price you can afford.