Anyone buying a house knows homeowner insurance is a must in protecting their most valuable investment. But when it comes to renters, a much smaller number view insurance as an important purchase. Often renters are young – college age or early career professionals – who don’t think they have the extra income for renters insurance in SC or that their second-hand furniture isn’t worth that much anyway.
So, is it truly worth the investment? Do you really need renters insurance in Charleston, SC? The short answer is “yes.”
Don’t assume your landlord’s insurance policy will cover you. The landlord’s policy will cover the physical structure, but not your personal belongings. That responsibility falls on you. In the event of fire or theft, you’ll be on the hook for replacing everything in your apartment or rental house.
The good news is that insuring your items isn’t going to be a huge cost. A policy isn’t as pricey as many people think. The average cost of a rental policy in SC is about $196 a year. If you have to replace clothing, furniture and a new TV, it’s going to cost significantly more than $196.
Charleston has a large number of college students, and rental properties in general are on the rise as people try to seek out affordable housing options in the growing region.
In many ways renters insurance in SC isn’t all that different from homeowners insurance. Policies vary but, for the most part, the policy covers your possessions in the event of damage from fire, smoke, theft, vandalism and any other disaster outlined in your policy. Like homeowners insurance, damage from flooding is not covered so you may want to get a quote on a separate flood policy, especially if you live in downtown Charleston or other areas of the Lowcountry at risk for flooding.
Be sure to find out if your policy also covers living expenses should you be displaced from your rental home or apartment. You’ll want a policy that will cover hotel bills and meals while your home is repaired or while you look for a new place to live.
Also ask about whether your policy has liability coverage. This will protect you against any damage done by you or a family member. It also provides medical coverage should a guest, delivery or repair person get injured in your home.
Typically, renters are single, but if you have roommates, make sure they have their own policies. One person’s insurance policy will not cover the belongings of the other roommates.
Even though more people are choosing to purchase a rental policy, the numbers still lag significantly behind those who have homeowners insurance.
A 2015 Insurance Information Institute poll found 95 percent of homeowners had homeowners insurance. But, among renters, only 40 percent said they had insurance.
As with any insurance policy, shop around for the best deal and the best coverage. Don’t automatically take the cheapest offer as it may not provide the coverage you need. Get at least three quotes. And if the company that provides your auto insurance has rental policies available, ask for a quote there too. Companies often give discounts to customers who have multiple policies.
It’s a relatively minor expense but the peace of mind is much greater knowing you’ll have some financial help should your clothing, electronics and furniture go up in smoke or out the window in a burglary.
Learn more about Manning Insurance Services Rental Insurance Policies.