Renters insurance is coverage that protects your belongings against theft and damage due to covered events. It can also protect you and the members of your household against claims of negligence. Many Central and Western Wisconsin landlords require renters insurance in terms of their lease agreements, but the coverage remains optional in many places. Without the right coverage, however, you could face tens or even hundreds of thousands of dollars in losses out of your own pocket, whether from current savings or future income. To find comprehensive renters protection at affordable, competitive prices, contact Burstad Insurance to speak with an independent agent.
Why Renters Need Insurance
As a renter, you do not own the property you live on and therefore may not be responsible for rebuilding or repairing it due to damages from natural disasters or other events for which you are not liable. Instead, these types of damages are likely covered by your landlord’s insurance policy. However, you still face financial risks, as the landlord’s policy likely excludes the things inside your apartment or rented home. If a fire claims your building, renters insurance helps you start over again by compensating you for the loss of your personal property. This can include your:
- Washer and dryer
- Rugs
- Furniture
- Clothes, shoes, and accessories
- Silverware
- Coffeemaker
- TV, game consoles, and surround sound audio system
- Computers
- Sports equipment
- Picture frames, wall décor, candles, vases, and other decorative items
- And much more
Could you afford to replace these items out-of-pocket? With renters insurance, you can minimize your costs and receive compensation for your physical losses after a covered event.
Types of Wisconsin Renters Insurance Coverage
The specificities of your coverage will be outlined in your policy and may vary depending on your insurer and the level of coverage you select. However, a typical renters insurance policy may include protection for:
Personal Property
This is the section of your policy that outlines protection for the things you own, whether you keep them in your home or take them elsewhere, such as in your car or luggage. You can choose to insure your items for their actual cash value, which reimburses you based on the depreciated value of your items, or you can opt for replacement value coverage, which compensates you based on the cost to purchase brand new replacement items.
Your coverage may cover all losses except those explicitly excluded, or it may extend only to specific loss events named in your policy. These may include:
- Fire
- Smoke
- Explosion
- Wind
- Hail
- Theft
- Vandalism
- And more
Losses caused by water discharge, earthquakes, and floods may be excluded, but it may be possible to purchase an endorsement or stand-alone coverage that protects your belongings against these types of events.
We recommend taking inventory of your home and consulting with your independent agent when choosing limits for your personal belongings coverage. We can help you choose your overall coverage limit and also help you determine if additional scheduled coverage may be necessary for expensive items like jewelry, which may be subject to additional standard limitations in your policy.
Note that personal property claims are usually subject to a deductible, which is the amount you will pay toward the cost of a claim. Low deductibles are available and can minimize your financial burden after a loss. However, you may prefer a high deductible if you wish to reduce the cost of your renters insurance premiums without sacrificing the quality of your coverage.
Relocation Coverage
Fires, natural disasters, and other events can devastate the structure of an apartment building or rental property. If your home is suddenly made uninhabitable due to a covered event, your renters insurance can help cover the cost of taking temporary shelter until you can return home or relocate.
Liability Coverage
Liability is a potential risk for everyone, whether you rent or own the place you call home. Whether your dog bites someone at your housewarming party, a candle in your apartment starts a fire, or your flowerpot falls off your balcony and onto a passerby below, you could be sued for third-party injuries and loss. Renters liability insurance is designed to cover victim medical bills, property damages, your legal defense costs if you are sued, and any judgments or out-of-court settlements you are responsible for.
Note that any claims against your liability coverage are subject to the limits you choose for your policy. You may still be responsible for paying damages that exceed that amount, even if that means withdrawing from your savings or facing wage garnishment. Talk with your independent agent to determine how much could be at stake in a lawsuit and how to choose liability coverage and limits that better protect you against loss.
Affordable Renters Insurance in Central and Western Wisconsin
If you are an existing renter or planning to lease in Central or Western Wisconsin, we invite you to partner with an independent agent at Burstad Insurance for help finding coverage that fits your needs. As an independent agency, we can shop and compare rates on quality coverage from several of the state’s insurers. We can also search for money-saving discounts that could reduce your insurance costs. Though discounts vary by company, you may qualify for savings if you:
- Purchase renters and auto insurance from the same carrier
- Install a monitored security system in your home
- Enroll in automatic renewal/payments
- And more
We are available to answer your questions and help you get the most value from your coverage. Contact Burstad Insurance today for more information about Wisconsin renters insurance or to request your free quote. We look forward to serving you soon.
