Renters, listen up: if you haven’t yet thought about renters insurance, you should. After all, it offers significant financial protection for you, because without it, you’re on the hook for the costs of replacing your belongings should anything happen.
And when a whopping 35% of housing units in the U.S. are occupied by renters, it’s time to clear up any doubts around HO4 renters insurance.
Let’s dig into it.
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Spilling a can of paint all over the floor and furniture isn’t covered, we’re sad to report. But the good news is that HO4 insurance is fairly robust in its coverage. It comes with 16 covered perils, meaning that if these events occur and damage your belongings, they will be replaced up to your coverage limits.
These perils include:
If one of these events happens and damages your belongings, you would submit a claim to your insurance provider. You will likely need to pay a deductible before a claim is paid out. It’s best to submit a claim as soon as possible and document as much proof as you can, to increase the likelihood of your claim being approved.
Remember that can of paint? Well, there’s even more exclusions to your coverage. These are the same exclusions that most homeowners insurance policies have too, so you’re in good company.
You won’t be covered for the following perils:
We reckon you’ll have bigger problems if a mudslide hits your apartment, rather than worrying about your t-shirts and pots and pans.
However, you can beef up your policy with endorsements, or riders, that give you added coverage. This might be flood insurance if you live in an area that’s prone to them, or scheduled personal property if you have a particularly valuable item.
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Many people forego renters insurance because they think they can’t afford it. But the truth is that renters insurance is one of the most affordable policy types out there. Your individual premium will depend on a number of factors (more on that next), but these figures might surprise you:
For renters, that works out to less than $15 per month. What you pay will depend on a few factors, such as your zip code, the size of your policy, your claim history, your deductible, and more.
But you don’t have to guess. Go ahead and get access to fast, free quotes by clicking here.
Homeowner’s insurance can be required if you have a mortgage, and HO4 renters insurance can also be required by landlords (more on that here) in almost every state. Whether or not your landlord requires it or not is another story, but be prepared to encounter this requirement to rent an apartment or home.
But look at the positives: even if you’re required to have HO4 insurance, it’s affordable and offers you great protection. Should a fire happen or someone breaks in, starting over is tough. You deserve the peace of mind that your belongings will be replaced and you’ll have alternate living arrangements if you need it.
Plus, renters insurance even covers your belongings in your vehicle or in your hotel room while traveling. And if you have roommates, you still need your own renters insurance. Find out more here.
Even if you’re not required to have renters insurance, it’s always a smart idea. Still have doubts? You might be falling for an old myth about renters insurance. Click here to see them debunked.
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Once you’ve decided to make the decision to protect yourself, getting the coverage is the easy part. Your first step is to compare multiple quotes to make sure you’re getting the best deal; renters insurance is affordable compared to other insurance policies, but it still pays to put in some time to make sure you’re getting the best quote possible.
While getting quotes, you’re going to need to decide how much coverage you want. It’s a good idea to do an inventory of all your belongings and what it would cost to replace them to decide on the minimum amount of coverage you need. From there, you can choose to add any riders, choose your deductible, and then you’re in business.
You can get access to free quotes fast here or contact your insurance agent. Once you’ve chosen the policy for you, all that’s left is to sign on the dotted line and pay your first premium. Usually coverage starts once your first premium is paid, so you can be covered within hours or days.
To recap, HO4 renters insurance protects your belongings (in both your apartment and vehicle), your liability, and living expenses if your unit is being repaired. It’s one of the most affordable policies out there and it’s easy to get.
Some landlords may require renters insurance, but even if they don’t, it’s a wise idea for renters everywhere. Your stuff matters, and you deserve protection. Your landlord might have insurance for the building, but it doesn’t extend to your unit and your personal property.
You don’t have to overthink it. Get access to free quotes fast here and you’ll be on the way to affordable coverage for your belongings. It can be that easy.
We’ve got you covered.
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Hollay Ghadery Hollay Ghadery is a writer and editor who is passionate about financial literacy as a means to personal fulfillment. Hollay has over 18 years of experience creating content about a range of topics related to personal finance, including insurance, investing, banking, and credit cards. When Hollay isn't writing, she's spending time with her four children, two dogs, and three goats.
