Renters Insurance

If you’re renting, it might not be your first thought to insure your personal property. Most rental homes usually do not require renters insurance to move in. People often do not mention it during the application or lease signing.

“Nationwide, only about 1/3 of the apartment and rental property tenants have renters insurance.”

Renting a property does not eliminate the possibility of maintenance issues arising. Burglaries, burst pipes, bad weather, fires, guest injuries, and other problems can happen at home. You need to be ready for these situations.

Luckily, getting renters insurance that covers your belongings and protects you from lawsuits is much easier than you think.

At Chastain Otis, we educate you on the various coverages that are available with renters insurance. As an independent agent, we research to find the best renters insurance for you in the Omaha area. We get you multiple quotes for free to find your options.

Why do you Need Rental Insurance, and What Does it Cover?

Most renters insurance policies include three base coverages:

Your personal property
Liability protection for bodily injury and property damage lawsuits
Loss of Use

Personal Property

When asked, many people do not know how much it would cost to replace all their things. This includes clothing, furniture, electronics, and appliances. Would you be able to pay for everything you own if you had to replace it all?

Rental insurance will cover most of your personal belongings. Renters insurance will cover most of your personal belongings. However, restrictions exist on certain items, most notably jewelry and guns. But coverage is typically still available for these.

A good insurance agent can help you understand the policy language. They will make sure to properly cover your personal property.

Knowing that tenant insurance does not cover all types of damage to your personal property is important. Renters insurance policies typically do not cover floods, earthquakes, and wear and tear. Some things not covered by a standard policy might still be eligible for coverage. Again, this is something that our insurance agents in Omaha can help you sort through.

So, if you think your belongings are worth $20,000, get a plan that covers $20,000 in personal property. Are your belongings worth more than that?

Not sure? Let us know, and we’ll help you come up with a proper amount. The insurance agents at Chastain Otis make sure your rental insurance is the perfect plan for you.

You Are Liable

Anyone who has ever been sued knows the importance of having good liability insurance.

Even if a lawsuit is silly, you may still face high attorney fees to defend yourself. Most renters policies include Personal Liability protection. This protection helps pay for your legal defense. It also covers any judgment against you.

This applies to lawsuits claiming you hurt someone or damaged their property. However, renters policies do not include motor vehicle liability. You need auto, boat, or motorcycle insurance for those claims.

Typical renters insurance policies in the Omaha area will cover anywhere from $100,000 to $500,000 in liability claims. Higher limits are available through Personal Umbrella policies.

Loss of Use

If someone damages your apartment or rental home, you will face extra costs. You may need to move temporarily while repairs happen. You might also have to find a new place to live permanently. Loss of Use coverage in renters policies helps cover these costs.