If you rent or lease in WA, ID, OR, or MT, you need renters insurance to protect your personal property and your lifestyle.
What does a WA, ID, OR, or MT renters insurance policy do?
There are three parts to renters insurance. The first is coverage for your personal belongings, the second is liability coverage, and the third is loss of use coverage. All of these play an important role in protecting you as a renter since your landlord’s insurance on the property will not cover those risks specific to you.
Are your personal belongings protected?
When you rent or lease in the Inland Northwest, your landlord’s insurance usually only protects the building itself—not your personal belongings. Renters insurance is the only way to protect your valuables, and it’s much more cost-effective than you’d think! The amount of insurance you need will depend on the value of your possessions should they need to be replaced. It’s important to know that certain events might be covered, while things like earthquakes and flooding are typically not. Here are some of the most common covered events in a renters policy:
- Burst Pipe
- Fire/Smoke
- Lightning
- Theft
- Vandalism
- Water Back-Up
- Wind
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Personal Property
Risk Factor
Unpredictable losses can occur to your property due to burglary, fire, water damage, storm, and more.
Solution
Personal property, such as furniture, rugs, TVs, stereos, clothes, and more may be covered under your basic insurance policy. However, items like jewelry, furs, silverware, antiques, collectibles, and other valuables should likely be insured separately.
Limits and Exclusions
Risk Factor
Some types of personal property are subject to limits of coverage under renters insurance policies. These limits vary by the type of property and by what caused the loss or damage. For example, jewelry, bicycles, collectible cards, and coins may have limited coverage or may not be covered.
Solution
Obtain a personal floater or schedule your valuable possessions to ensure you’ll have the money to replace them.
Additional Living Expense
Risk Factor
If the building you live in has a loss from a covered peril under your renters insurance policy that makes your apartment or home uninhabitable, you will need to find somewhere else to live while the repairs are undertaken. This can be expensive and inconvenient.
Solution
Be sure your insurance policy includes additional living expense coverage. If you need to move out and rent another location, this coverage provides for the increase in living expenses–such as moving costs, increased food costs, and other expenses.
Liability
Risk Factor
You are responsible if you or a guest in your unit trips and falls or sustains an injury while on your property.
Solution
Be sure that you have adequate liability insurance to protect for claims made against you for bodily injury or property damage – such as a slip and fall or other allegation. Liability coverage also provides protection should you become legally liable for unintentional bodily injury or property damage anywhere in the world.
Medical Expenses
Risk Factor
You're responsible if a guest is injured while on your property and you may be required to pay their medical expenses.
Solution
Ensure your insurance policy covers this risk. In the event a person is injured in your unit, he or she can submit medical bills to your insurance company. Medical expenses are usually paid without a liability claim being filed against you, with typical limits ranging from $1,000 to $5,000.
Landlord
Risk Factor
You may not be able to rent the apartment or home if your landlord or property manager requires renters insurance and you do not have it.
Solution
Having a renters insurance policy allows you to provide a certificate of insurance to the landlord or property manager showing that you have the coverage required to rent the apartment or home.
Improvements or Betterments
Risk Factor
Any improvements or betterments that you have made to your unit are subject to damage.
Solution
Be sure to obtain coverage for improvements or betterments that you have installed in your apartment or home.
Contents Away from Home
Risk Factor
You may take your valuable property outside of your unit. For example, what happens if your laptop or golf clubs get damaged or stolen while traveling?
Solution
Be sure to add off premises theft coverage to your policy to cover your personal property while your belongings are away from your home. Auto insurance does not usually cover personal property stolen from your car.
Premises Liability
Risk Factor
You may be responsible for damage to your apartment or dwelling should you, for example, have a leaking sink or accidentally start a fire.
Solution
Be sure your policy has liability coverage that includes tenants legal liability or premises liability. Your landlord may require that you to have this type of insurance protection in place as a requirement before renting the property to you.
How does liability coverage protect you while renting?
Liability coverage helps protect you if someone is injured in your rental or if you accidentally cause property damage—helping cover legal and medical costs. You can also add no-fault medical coverage so guests’ minor injuries are taken care of quickly. Just be sure to choose limits that fit your needs, as policies include both per-claim and total coverage caps.
Get coverage for additional living expenses.
If your rental in the Inland Northwest (WA, ID, OR, or MT) is damaged or becomes unlivable after a covered event, renters insurance can help cover your additional living expenses. This support helps you land on your feet by paying for hotel stays, temporary housing, meals, and other out-of-pocket costs.
Exceptions of renters insurance.
There are a few things that are not typically covered in a renters insurance policy. For example, if you park a vehicle at the rental property itself and it is stolen or damaged, your car usually won’t be covered by renters insurance. Floods or earthquakes require separate coverage that you would need to add to your policy. Also, if you have roommates who are not listed on the renters insurance policy, their personal belongings would not be covered.
Whether you rent a home or a studio in the Inland Northwest (WA, ID, OR, or MT), renters insurance is a simple, smart way to protect yourself. Contact Inland Northwest Insurance and we’ll help find the coverage you need!
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