What About Renter’s Insurance?

AWS Insurance Louisiana New Orleans Home Insurance

What About Renter’s Insurance?

More and more people are choosing to rent than ever before. In fact, according to a study conducted by Akura Robinson, New Orleans is a renter-majority city with an astounding 54% of people renting in the New Orleans Metro area. With more people renting, it would make sense that people are protecting their “valuables” by purchasing renter’s insurance, right? Actually, it is quite the opposite. According to a 2014 Insurance Institute Information poll, only 37% of renters have purchased a renter’s insurance coverage policy.

Why Renter’s Insurance Is Important

Most renters are under the assumption renter’s insurance is not needed and the landlord’s homeowner’s insurance will cover any damages or theft while they are renting. Again, this is not the case. Most homeowner’s insurance will only cover damages to the interior or the exterior of the building, not the renter’s belongings inside of the residence. For example, if the home you are renting floods (by no fault of your own) and ruins your furniture as well as your television, the landlord will only be responsible for fixing the flood damage to the home, not your furniture nor your television. If you had purchased renter’s insurance, your policy may have replaced those belongings.

What Exactly Can Renter’s Insurance Cover?

While every policy is different, there are a few policy coverage standards.

Personal Property

Most policies will cover your belongings in cases of theft, power surges, fire, and other events out of your control. Examples of items covered include furniture, clothing, jewelry, and electronics. When purchasing a policy, you will be required to document the value of items you own. Even if you do not own much, items can quickly add up. Most insurance companies offer additional policy coverage for events such as flooding, earthquakes, mudslides, or nuclear hazards.

Loss Of Use

Many policies will cover living expenses, such as food, hotel, and clothing, if your residence becomes unlivable after an accident. Most people will never have to use this portion of their policy, but will be thankful they have it in the case they do need to use it.

Liability

This portion of coverage pays for bodily injury or property damage caused by negligence. If someone is injured on the property you are renting and the renter is determined to be at fault, many policies will cover medical expenses associated with that injury. However, policies will not cover negligence caused by intentional or expected bodily injury.

How To Get A Renter’s Insurance Coverage Policy

If you live in the greater New Orleans area, contact an experienced renter’s insurance agent at AWS Insurance. We’ll help you set up a custom policy tailored to your needs, including helping to determine the type of Personal Property Coverage that is best for you. Call today for a free consultation.

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Melinda Martin

Account Executive

Melinda began her insurance career in 1985 with Alexander & Alexander where she received her Property & Casualty and Life & Health license. Since then she has worked at various agencies in the New Orleans area and in California as a senior account manager for Employee Benefit Plans.  While in California, she was also the Membership Director for the Burbank Chamber of Commerce. Melinda joined the AWS team in July of 2015.

Michael A. Seeling

Vice President

Graduated from the University of Louisiana at Lafayette with a B.A. in Insurance Risk Management and is a graduate of Archbishop Rummel High School in New Orleans. He joined AWS in October of 2008 and has been awarded the Patient Protection and Affordable Care Act Certification (PPACA). Additionally, he is working towards his Certified Insurance Counselor (CIC), Registered Health Underwriter (RHU), and Registered Employee Benefits Consultant (REBC) designations. He is also a member of the National Association of Health Underwriters (NAHU), National Association of Insurance Financial Advisors (NAIFA), and is an active member of the Fore!Kids foundation.