At some point you upgrade from milk crate tables and a futon bed to actual wood furniture and a mattress. You don’t want to lose your hard-earned furniture and belongings in a disaster simply because you neglected to secure a renters insurance policy.
Whether you’re renting an apartment, house or condo, it’s important to protect your personal items from theft, damage or disaster. Here are five things you need to know about renters insurance SC.
- The landlord’s insurance policy will not cover you.The landlord will have a policy to take care of the physical structure but that insurance doesn’t take care of your personal property. For example, if a fire were to destroy or significantly damage the building, the landlord would be covered for those losses, but all your clothing, furniture and electronics would go up in flames and you’d be left with nothing. The same goes for theft. Should someone break into your apartment, you’re not covered unless you have renters insurance.
- Renters insurance SC isn’t as expensive as you might think. You’re not paying for a physical structure so that keeps your costs down. The average cost of renters insurance in South Carolinais $16.33 a month or $196 per year – that’s much less than purchasing all new furniture, clothing and personal items.
- Each roommate should have a separate policy.Your policy covers your belongings only, so if you have roommates, they need to secure individual policies in their own names. And don’t think you’ll be able to scam the insurance agency by claiming a roommate’s items are actually yours. You’d be charged with fraud, and insurance companies do their homework, checking receipts or resorting to legal depositions in a claim.
- Make sure you understand what’s covered by the policy.You can choose between two types of renters insurance SC – replacement or cash value. A cash value policy will give you the depreciated value of your items when the incident occurs. You may not get as much as you feel the items are worth, but the overall policy costs you less. You may want to consider a separate “floater” policy to cover items of significant value, such as jewelry or artwork.
If the apartment is significantly damaged and you have to move – even temporarily – ask if those costs are covered by your policy.
Make sure you inquire about coverage in the event of a flood or earthquake. Similar to homeowners insurance, renters insurance most likely won’t cover flood damage, so if you live in a flood-prone or hurricane-prone area like Charleston, you’ll want to understand the specifics of your policy.
- Don’t miss out on price breaks.As with any insurance, you’ll want to shop around for quotes and ask questions about possible discounts. You may be eligible for a discount by having safety features, such as a fire extinguisher or alarm system, in your apartment or rental unit.
Insurance companies often give discounts for bundled policies, so check with the company where you have your car insurance to see if you can add a renters insurance policy.
So whether you still have that milk crate coffee table or upgraded to actual wood, you don’t want to leave your possessions to chance. Check out renters insurance in SC and secure invaluable peace of mind.
Learn more about Manning Insurance Services Renters Insurance Policies.