Renters Insurance
Coverage
If you are a renter, it is important to know that your landlord’s insurance only covers the building structure. Coverage for everything inside the walls of the structure is your responsibility. In addition to covering your belongings and valuables, renters insurance fills other gaps by covering liability if someone gets injured in your rental and providing coverage for temporary relocation costs if your home becomes uninhabitable due to a covered event. It’s an affordable way to safeguard your finances, protect your possessions, and reduce financial stress.
Considerations
How much are your personal belongings worth?
Do you live alone, with a roomate or your family?
What additional living expenses do you have if your rental becomes uninhabitable?
Premium Basis
Coverage amount for personal belongings
Deductible amount
Location and associated risks (e.g., crime rate, weather)
Additional coverage for high-value items
Policy riders or customization options
These are just some of the many factors used to determine the best policy for your renters insurance needs.
Renters Insurance Coverages
Whether you’re renting an apartment, house, or condominium, renters insurance is typically very affordable and provides the following protections.
Personal Property
Protects your belongings, including furniture, electronics, clothing, and more, from risks like theft, fire, and water damage. This means that if unexpected events occur, you won’t have to worry about replacing essential items out of pocket.
Liabilty
Covers you if someone is injured while visiting your rental or if you accidentally cause damage to someone else’s property. Liability coverage helps cover medical expenses, legal fees, and other related costs, ensuring you are financially protected.
Loss-of-Use
If your rental becomes uninhabitable due to a covered event, we cover the cost of temporary housing and related expenses. This ensures you have a safe place to stay without bearing the financial burden of finding temporary accommodations.
Add-On
COVERAGES
Enhance your protection by extending your coverage options.
Scheduled Personal Property
Ensure your high-value possessions are insured for their full appraised value.
Increased Water Damage
Extend coverage for sudden bursts or breaks in pipes to include water damage caused by sewer backups or overflows.
Umbrella
Provides an extra layer of liability coverage beyond the limits of your standard renters’ insurance policy.
Flood
If your area is prone to flooding, you may consider purchasing a separate flood insurance policy.
Special Event
Temporary additional liability coverage for special events held at your rental property, such as parties or gatherings
Earthquake
Cover damage caused by earthquakes.
Why Renters Insurance Matters
At TIS Insurance, our Renters Insurance policies provide:
Financial Protection
Renters insurance provides essential financial protection by covering the cost of personal property damage or loss due to events like theft, fire, or water damage. It also protects against liability claims for accidents that may occur in your rented space, ensuring you aren’t financially burdened by unexpected events. Secure your belongings and avoid hefty out-of-pocket expenses.
Risk
Management
Renting a home or apartment involves certain risks, including theft or accidental damage. Renters insurance is a key part of a comprehensive risk management plan, helping to cover financial losses from such incidents. It allows you to focus on enjoying your living space, knowing your personal items are protected.
Peace
of Mind
Life can be unpredictable, but with renters insurance, you can rest easy knowing your possessions are safeguarded. Whether it’s protecting your electronics, furniture, or clothing, having renters insurance ensures you’re prepared for the unexpected. With the right coverage, you can face challenges with confidence, knowing you’re covered.
Renters Insurance
FAQs
Do I need renters insurance?
While not mandatory by law, many landlords require renters to have renters insurance. Even if not required, protecting your belongings and yourself financially is highly recommended.
Can I adjust my renters insurance policy after purchasing it?
How much does renters insurance cost?
The cost of renters insurance in Knoxville varies depending on several factors, including:
- The value of your belongings
- Your deductible (the amount you pay out of pocket before insurance kicks in)
- Your location (crime rates, etc.)
- Your claims history
- Your credit score (some companies consider this). However, renters insurance is typically very affordable, often costing less than your monthly phone bill.
Does renters insurance cover liability if my pet causes damage or injury?
What if I have a roommate?
You can share a renters insurance policy with your roommate(s). Just ensure the policy covers the total value of all your combined belongings.
What happens if my roommate cancels their renters insurance?
Can I add additional coverage to my renters insurance policy?
Yes, many renters insurance policies offer optional add-on coverages, such as:
- Flood insurance
- Earthquake coverage
- Increased jewelry or valuables coverage
- Pet liability coverage
How do I file a renters insurance claim?
Contact your insurance provider immediately after a covered event. They will guide you through the claims process, which typically involves filing a claim report, providing documentation of the damage or loss, and working with an adjuster to determine the value of your claim.
Does renters insurance cover damage caused by natural disasters?
Renters insurance commonly covers damages caused by perils such as fire, smoke, theft, vandalism, and certain weather events like windstorms. Coverage for natural disasters such as earthquakes and floods may require separate policies or endorsements.
Can I bundle renters insurance with other policies?
Yes, bundling renters insurance with other policies (such as auto insurance) can often result in discounts from insurers.
Do you have more questions?
Please reach out to our agents (all contact information below). We’re here to assist you in understanding your Renters Insurance options and finding the coverage that best meets your needs.
Get a Quote
- Provide us with a little information about yourself and your needs.
- A TIS Team Member will reach out to gather additional information needed to provide an innovative, accurate quote.
- Get the coverage you need.
Meet our
Renters insurance Team
kshires@TISIns.com
ssitton@TISIns.com
