Renters insurance provides you with peace of mind knowing that your personal belongings are covered in the event of unforeseeable circumstances. We believe it’s essential that we require our residents to carry it while they live in our homes. But, like with most insurance, it can be confusing and difficult to understand. Here we cover the basics of renters insurance so you can find the coverage you need a little easier.
You might be thinking, doesn’t the homeowner have the house insured? Absolutely, but the homeowner’s insurance does not cover the personal belongings you have in the home. Renters insurance is insurance for your personal belongings and typically also covers you for liability and additional living expenses if the home you’re renting becomes uninhabitable for some reason. Renters’ insurance can minimize your financial impact if something like a fire or burglary occurs.
Before we get started, we believe it’s so important to have renters insurance that we require our residents to have it. If you choose not to purchase renters insurance, you will be charged a monthly penalty of $14.95, which will not provide you with any insurance coverage.
Be sure your renters’ insurance policy lists “GTR Brokerage” as an additional interest and references this address: 3588 Hwy 138 SE Box 365 Stockbridge, GA 30281. All residents on the lease must be listed on the policy, and your policy must have at least $100,000 of liability coverage.
There are usually three parts to renters insurance; personal property, liability, and additional living expenses.
There are usually three parts to renters insurance; personal property, liability, and additional living expenses.
Personal property coverage is a standard part of a renters insurance policy. It may help cover the cost of replacing your belongings in the event they’re unexpectedly damaged. The policy typically applies to specific events like fires or storm damage. These events may also include:
When you purchase a renters insurance policy, you’ll want to set coverage limits for personal property that are right for your situation. You don’t necessarily want to pay for more coverage than you’ll need, but you also want to pay attention to your coverage. Consider creating an inventory list of your belongings and estimate the value of those items to help you figure out how much personal property coverage you’ll need.
You’ll also need to decide if you want to purchase a policy that covers the current market value of your belongings or the replacement costs, which may help you replace your items at their retail value.
Please keep in mind personal property coverage may only help protect some of what you own, and certain belongings, like jewelry or coin collections, may have limited coverage under a standard policy. We highly recommend working with an insurance agent to help you determine the best policy for you and help you work through all the details.
Unfortunately, accidents happen all the time. Liability coverage as part of your renter’s insurance may help protect you from having to pay certain out-of-pocket costs for damage or injury to others for which you are responsible.
For example, if someone slips or trips over something in your home and is injured, you could be held responsible for their medical bills. Another example would be if your child hits a baseball through a neighbor’s window, you could be held accountable for the damage and any injury.
If an accident results in a lawsuit, renters insurance generally covers the cost of legal representation and any damages awarded to the other party. Again, an insurance agent can help you determine the amount of coverage that makes the most sense for you.
GTR Brokerage requires at least $100,000 of liability coverage.
If something drastic happens to your home and it’s uninhabitable, you’ll have to make temporary living arrangements. Renters insurance may help cover the costs of your temporary living arrangements, including hotel and food costs above your average spend and other expenses. Your coverage amount for additional living expenses will depend on your situation, so please consult with an insurance agent.
Only some things are covered in a renters insurance policy. Renters’ insurance will likely not pay for damage due to earthquakes or floods. Those events generally require separate policies or must be added as an endorsement or rider to a renters insurance policy.
Renters’ insurance usually does not cover accidents like spilling coffee on your laptop or dropping and breaking furniture or decorations. Renters insurance protects you against other people’s actions, but not your own actions. So, while your insurance does not cover your laptop, someone else dropping your computer may be covered by their renters’ insurance policy.
Please read your insurance policy and chat with your insurance agent to ensure you know what is and isn’t covered by your renters’ insurance policy.
Remember, before renters insurance starts to help pay for your losses, you’ll have to meet the deductible outlined in your policy. As a general rule, the lower your monthly premium, the higher your deductible, and vice versa. Your insurance agent can discuss your options and help you make the best decision.
Also, keep in mind any upcoming life changes and discuss them with your insurance agent. If you’re planning on purchasing new furniture, or other large purchases, you can work with your agent to ensure you have the ideal coverage amounts.
There are so many options for insurance coverage. It may be worth getting quotes from a few different insurance companies.
Please email a copy of your insurance policy to customercare@gtrbrokerage.com, and make sure it includes the following:
Again, renters insurance is so important that we require our residents to have it. If you choose not to purchase renters insurance, you will be charged a monthly penalty of $14.95, which will not provide you with any insurance coverage.
If you have any questions, don’t hesitate to get in touch with us at 678.304.6473 or customercare@gtrbrokerage.co