Renter’s Insurance

We require renter’s insurance for tenants. Renter’s insurance is relatively inexpensive, and it covers a tenant’s personal belongings in the event something happens to them. Proof of the renter’s insurance must be provided before a tenant receives the keys to the property and is permitted to move it.

Bluewater Property Management LLC wants to make sure your belongings are protected against fire or theft during the time you are residing in a home we manage.  The insurance the owner has on the building covers only the building itself against fire.  The insurance does not cover your property in the event of fire or burglary.  In the event of a fire, do you know all your furniture, clothing and other possessions probably add up to tens of thousands of dollars?

Depending on the coverage, renter’s insurance will cover all or a portion of a loss to such items as your furniture, electronic equipment, CD/DVD collection, computer, clothes, jewelry and other personal items.  Renter’s insurance is relatively inexpensive.  The average cost of renter’s insurance begins about $10 a month for around $30,000 worth of property coverage and $100,000 worth of liability coverage (rates and coverages vary).

If you already have auto insurance, adding renter’s insurance through the same company might cost you very little more. Most insurance companies offer a multiple policy discount if you add renter’s insurance to your current policy, which will save you some money.

Get Free Rental Insurance Quotes from Quote Guardian!

Not all renter’s insurance policies are the same. Some offer replacement value and some offer current value. We recommend replacement value for your belongings, because typically the value of personal belongings is far below the replacement value. For example: a 10 year old couch might be worth $50; however, it could cost as much as $500 or more to replace a couch.

Also, some renter’s insurance policies cover liability protection and some do not. We require the renter’s insurance policy includes a minimum of $100,000 liability protection.

You can receive a free quote from Quote Guardian or contact your automobile and/or life insurance company to check if they offer renter’s insurance. We recommend you receive multiple quotes, so you can receive the best rate possible.

Here is some useful information from GEICO’s website:

Why Buy Renters Insurance?
If you’re a renter, you may not think you need insurance at all. (Your landlord already has insurance on the building, right?) But you may not realize that your landlord’s policy doesn’t cover any of your personal property. What would happen if:
– Your apartment building burned down?
– A thief broke into your town house?
– A guest slipped and injured himself in your kitchen?
– The home you’re renting suffered water damage?

Without renter’s insurance, you’ve got no coverage for personal property loss or damage. Fortunately, you can get affordable renter’s insurance (also called apartment insurance) to help protect you in situations like these.

Renter’s Insurance Protects Your Belongings
Too often, people think they don’t have enough property to make a renter’s insurance policy worthwhile. But take a minute to think about what you own, and what you’ve got to lose, including:
– Clothing
– Furniture
– A television or entertainment system
– A computer
– An iPod
– Musical or sporting equipment
– Jewelry

When Does Renter’s Insurance Apply to You?
Your renter’s policy will state exactly what you’re insured against. In the insurance world, it’s known as “named peril” coverage.

The named perils in your renters policy may include:
– Fire or Lightning
– Windstorm
– Smoke
– Vandalism or Malicious Mischief
– Theft
– Accidental Discharge of Water
– Nine other common loss types

Your coverage will also include liability protection, which covers injury to another person on your property. If necessary, your policy can even pay for your legal defense in these circumstances.

Additionally, your policy will include medical payments coverage that pays for medical expenses of people who don’t live with you, but who are injured on your property.