One of the most common mistakes that most renters make is believing that their personal belongings are covered under their landlord’s insurance policy in the event of damage or loss. It doesn’t. While we hope that none of our tenants would ever have to experience loss or damage to their personal property, we understand that sometimes things just happen and we want to ensure that you are protected. Having renters insurance can mean the difference between getting back to normal after a catastrophe or going into debt replacing what you’ve lost.
As most home owners know, insurance is often required if you have a mortgage. But since renters are not legally required to carry insurance in Wisconsin, many tenants choose to go without coverage. Most renters insurance plans average between $15-30 per month, according to the National Association of Insurance Commissioners. Consider for a moment exactly how much it would cost to replace everything you own. Or even just the “valuable” items, such as your computer, television, or gaming system. For many, replacing even one of those items could place a serious strain on the budget.
Renters insurance policies can also cover much more than just your electronics. Did you know that some policies cover your luggage while traveling? If your bags are lost or stolen while you’re lying on a beach halfway across the world, your renters insurance can kick in to reimburse you for the loss. It can also cover theft from your car, belongings held off-site in a storage unit or in mom’s basement, dog bites, guest injuries, and much more.
Because we want to be sure that you are protected from unexpected loss, our tenants are required to carry renters insurance, as outlined in all leases. If you have questions or concerns about your coverage, please contact us and we would be happy to help.