Germantown, Wisconsin is a great place to live with good schools and lower than average unemployment and crime. There’s also a variety of activities available in the area ranging from the Archery Range to the Sila Lydia Bast Museum to the Germantown Public Library. But no matter how good things look on the surface, there is always a chance that something could go wrong. That’s why carrying the right insurance policies is so important, and that includes renter’s insurance.
What is Renter’s Insurance, and What Does It Cover?
Renter’s insurance is designed to cover a renter’s personal belongings as well as many of their responsibilities as a renter.
What Can Go Wrong
Many people are pinching pennies when they are renting and think that renter’s insurance is an expense they can skip, especially when they live in a relatively safe community like Germantown, Menonomee Falls, or any of the surrounding Wisconsin cities. But too much confidence can be a mistake.
Bad things can happen to good people in good places, and for renters many factors are beyond their control. They might be in a security building, but that doesn’t mean someone else in the building won’t let someone in. They can’t control if someone leaves their stove on or doesn’t properly extinguish candles or cigarettes.
Even the most careful and conscientious renters might leave the water running when rushing to answer the phone or tend to a child causing overflow and damage not only to their own rental unit but to their neighbors below them. In many cases, renters are not only responsible for their own damages, but they can be charged for damage done to their neighbors as well.
The Little Things Add Up
Overall, Germantown is a little more affluent than other areas in Wisconsin and for many it is easy to look at their own belongings and think that they don’t have much, but often they have more than they think. One insurance provider indicates that a typical two-bedroom apartment houses $30,000 worth of stuff. Some things are so ingrained into modern life, such as basic furniture, laptop computers, televisions and cell phones, that is easy to forget how much these things are worth. But even the small things like dishes, clothes and books can be costly to replace. Often those who take the time to take an inventory of what they have are surprised by how much they really do have.
What is Covered?
Exactly how much is covered on a renter’s insurance policy can vary, but in Wisconsin policies could cover
- $25,000 or more of personal liability for injuries or property damage caused by the policy owner’s negligence
- $1000 or more in medical payments due to injuries in the home, regardless of fault
- Injuries outside the home caused by someone in the household
- Reasonable and necessary living expenses if the policy owner is displaced due to damages
- Some of the damage to your property when it is outside the home if covered by the policy
Levels of Coverage
Like most insurance policies, those who buy renter’s insurance can buy varying amounts of coverage depending on what suits their needs or their budgets. The lowest price coverage pays for items based on their actual value, which is less than what it would cost to replace the items. Other policies will cover replacement value for a higher premium.
Choosing Renter’s Insurance
There are several different insurance providers that offer renter’s insurance, and even those individual providers may have several different options and rates available based on what is covered and where the policyholder lives or other factors. Many of these insurers are household names, and it is easy to call the company directly or head to their website, but what is most popular isn’t always the best.
There are many things to consider when choosing coverage. It is good to have all possible options available and to have an unbiased, independent insurance agent who is knowledgeable about insurance products, such as Frydach Insurance Agency. Frydach has access to a wide variety of insurance providers from the biggest names to some that aren’t as popular. As a small agency, we are able to provide personalized attention, so our customers always know who they are talking to and can get straight and consistent answers to their questions. Renter’s insurance is among the most affordable types of insurance there is, contact us today and let us help you stay protected.