Renters Insurance

Anyone buying a house knows homeowner insurance is a must in protecting their most valuable investment. But when it comes to renters, a much smaller number view insurance as an important purchase. Often renters are young – college age or early career professionals – who don’t think they have the extra income for renters insurance in SC or that their second-hand furniture isn’t worth that much anyway.

So, is it truly worth the investment? Do you really need renters insurance in Charleston, SC? The short answer is “yes.”

Don’t assume your landlord’s insurance policy will cover you. The landlord’s policy will cover the physical structure, but not your personal belongings. That responsibility falls on you. In the event of fire or theft, you’ll be on the hook for replacing everything in your apartment or rental house.

The good news is that insuring your items isn’t going to be a huge cost. A policy isn’t as pricey as many people think. The average cost of a rental policy in SC is about $196 a year. If you have to replace clothing, furniture and a new TV, it’s going to cost significantly more than $196.

 

Charleston has a large number of college students, and rental properties in general are on the rise as people try to seek out affordable housing options in the growing region.

In many ways renters insurance in SC isn’t all that different from homeowners insurance. Policies vary but, for the most part, the policy covers your possessions in the event of damage from fire, smoke, theft, vandalism and any other disaster outlined in your policy. Like homeowners insurance, damage from flooding is not covered so you may want to get a quote on a separate flood policy, especially if you live in downtown Charleston or other areas of the Lowcountry at risk for flooding.

Be sure to find out if your policy also covers living expenses should you be displaced from your rental home or apartment. You’ll want a policy that will cover hotel bills and meals while your home is repaired or while you look for a new place to live.

Also ask about whether your policy has liability coverage. This will protect you against any damage done by you or a family member. It also provides medical coverage should a guest, delivery or repair person get injured in your home.

Typically, renters are single, but if you have roommates, make sure they have their own policies. One person’s insurance policy will not cover the belongings of the other roommates.

Even though more people are choosing to purchase a rental policy, the numbers still lag significantly behind those who have homeowners insurance.

A 2015 Insurance Information Institute poll found 95 percent of homeowners had homeowners insurance. But, among renters, only 40 percent said they had insurance.

As with any insurance policy, shop around for the best deal and the best coverage. Don’t automatically take the cheapest offer as it may not provide the coverage you need. Get at least three quotes. And if the company that provides your auto insurance has rental policies available, ask for a quote there too. Companies often give discounts to customers who have multiple policies.

It’s a relatively minor expense but the peace of mind is much greater knowing you’ll have some financial help should your clothing, electronics and furniture go up in smoke or out the window in a burglary.

Learn more about Manning Insurance Services Rental Insurance Policies.

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.

1. 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.
2. 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.
3. 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.
4. 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.

5. 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.