We’d like to give the apartment renters of Connecticut some facts about Renter’s Insurance, and address some common misconceptions on the subject. A recent survey conducted in 2014 revealed that more than half of renters between the ages of 23 and 35 did not have a renter’s insurance policy. One of the perceived advantages of renting is the assumption that liability for damage, theft or personal injury falls on the landlord. Many of the surveyed respondents believed that personal property replacement from theft or damage would total $5,000, yet assumed a Renter’s Insurance policy obtained to recover losses from theft or damage to be cost prohibitive.
A Renter’s insurance policy will offer coverage for more than possessions, though. The policy may offer liability protection for injuries sustained at your residence from a fall or a dog bite, even for belongings stolen while you are traveling.
Your average young adult apartment renter will not be likely to look into obtaining a Renter’s Insurance policy until something happens to his personal property or until a guest is injured at his apartment due to accident or negligence. When looking into liabilities it is always important to read the fine print in your renter’s agreement, determine what will be covered by your landlord, and the conditions under which property damage and personal injury are your responsibility. For instance, water flowing from your tub, washing machine or faulty water heater that floods your neighbors’ apartments and damages his property may be your responsibility.
The Insurance Store of CT provides renter and condo insurance policies based on the personal property within your home and coverage from risk of personal injury sustained by visitors. Though the cost for Connecticut Renter’s Insurance is surprisingly affordable, several policy options may lower your renter’s insurance policy premium. The amount of your deductible and the options chosen for replacement value coverage affect your premiums. You will want to choose the highest deductible you can afford, which may lower your premium but you will be paying more out of pocket should you have a claim. Discounts may be offered for multiple policy holders, for existing smoke detectors or security systems, even a high credit score, for example.
When you choose to purchase a Renter’s Insurance Policy with The Insurance Store of CT, rest assured that Sheri Wilson and her staff will work hard to find you the best coverage at the best rates in Connecticut. Stop into our Manchester office or give us a call today at (860) 645-1960 for a consultation.