Auto Insurance
What is an Insurance Declarations Page?
A declarations page, also sometimes referred to as a “dec page,” is a page from your insurance policy that sums up your policy coverage.
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Renters Insurance 101
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Landlords are responsible for insuring the house or apartment you rent. But their insurance won’t cover your belongings. Renters insurance will help you repair or replace your property in the event of a covered peril.
If you don’t own your home or apartment it can be easy to write off insurance as something your landlord needs. Renters don’t have to worry about purchasing homeowners insurance, but that doesn’t mean they can forget about insuring their property. Better yet, renters insurance is one of the cheapest types of insurance on the market and it can protect you from losing thousands of dollars in the event of a covered peril.
Your landlord is responsible for insuring the home you live in, whether that is a freestanding house or an apartment. Their insurance won’t cover your belongings, however, so you will need renters insurance to repair or replace your property in the event of a covered peril.
What is a covered peril? Your renters insurance typically protects your belongings in the event of:
Goosehead finds the best coverage and cost options to fit your needs.
A declarations page, also sometimes referred to as a “dec page,” is a page from your insurance policy that sums up your policy coverage.
While these coverages are often considered standard, each company and policy is different, so it is important to review a policy carefully before buying.
There are three parts to a renters insurance policy:
As a renter, you are responsible for tallying up the total value of your property and determining how much coverage you need to be fully protected. You will also be given the option to choose liability coverage levels, so it is important to know exactly how much coverage you need before purchasing a policy. Working with our experts at Goosehead Insurance is an excellent way to make sure you have exactly the right amount of coverage for your needs.
Homeowners insurance protects against the same things as a renters policy, but it includes coverage for the physical structure of the house and other structures on the property. Because of these added coverages, homeowners insurance is significantly more expensive than renters insurance.
Condo insurance usually covers some of the physical structure of a condo unit, whereas renters insurance doesn’t offer any dwelling coverage. Condo insurance is typically more affordable than homeowners insurance, while renters insurance is typically cheaper than both types of coverage.
Though there are some landlords who require you to carry renters insurance, the decision whether or not to purchase renters insurance is generally left to you. Some people choose to go without it, but think twice before choosing to be uninsured.
Renters insurance is generally very affordable, with monthly premiums that are often less than $30. It would replace everything you own in the event of a total loss and pays for medical costs for someone if they are injured in your home or bitten by your dog. It even pays for a temporary rental if you find yourself unable to live in your home because of a covered peril. These are all unexpected expenses that could leave you financially insecure, which means renters insurance protects you from potential financial devastation.
To determine exactly how much coverage you need, take an inventory of everything you own, including everything from your flat screen TV to your underwear. Many renters underestimate the financial value of their belongings. Itemizing your things will give you a good idea of how much insurance you need to be completely protected.
There are some things that could earn you a discount on your coverage. For example, many insurance companies offer discounts for safety features such as smoke alarms or deadbolt locks. You could also face higher rates if you live in an area with lots of theft or if you have a specific breed of dog, so consider these factors carefully when shopping for insurance. Our experts at Goosehead Insurance can help you find the best policy for your needs.
Renters insurance covers a lot of things you might not have thought about, including:
There are some things renters insurance doesn’t cover, including:
The contents of this article are meant as general information to help you understand personal lines insurance and not specific to a particular policy. Policies, coverages and discounts can vary by state and insurance carrier. To understand your coverage, you should speak directly with a licensed insurance agent or read your full policy contract. Call your agent or contact us at (833) 779-4090.
Navigating the world of personal property insurance can be overwhelming. How much insurance you really need depends on what assets you lease or own. At the very least, if you own or lease a car, you’ll need car insurance, and if you own a home, you’ll need homeowners insurance. Any other policies you may need to consider above those two are based on your location, assets, lifestyle, and risk tolerance. This guide will walk you through key types of insurance, helping you make informed decisions based on your circumstances.