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Do Prescott renters need rental insurance?

For information on rental or homeowners insurance, contact Mosaic Insurance in Prescott.Apartment living is generally the first step after moving away from the family home. While it’s exciting to “have your own place,” there are precautions that must be taken when living in a transient environment. Mosaic Insurance offers this advice to Prescott renters: Don’t forget to get renter’s insurance.

Your property: Most apartment complexes and landlords have insurance that covers their property only. They are covered for damage to the dwelling or apartment, but your belongings aren’t covered in their insurance policy. In the event of fire, theft, or damage, you may be stuck replacing your belongings out of your own pocket. If you own jewelry or other expensive items like customized electronics, you may want to purchase an additional personal articles policy. It’s a good idea to have photos and valuations for expensive items.

Liability: In the event you accidentally cause damages, such as leaving the sink running and having it overflow to the neighbor’s apartment, you could be liable for the cost of repairs, medical bills related to the incident, and even legal fees if your neighbor sues you. Renter’s insurance would cover these costs.

Loss of use: Your renter’s policy also covers your living expenses in the event you need to leave your apartment or rental home. An example would be if a tree crashed through the roof and you had to live elsewhere while they made repairs.

Additional Coverage: If a visitor was injured in your home, “medical payments to others” coverage would take care of medical bills. Likewise, if property belonging to someone else was damaged or stolen, “property of others” coverage would protect you. It’s possible that you may be able to bundle your automobile insurance and renter’s insurance to get a discounted rate.

To learn more about renter’s insurance, including how much liability insurance and what other coverage you should carry, contact your local Prescott insurance specialists at Mosaic Insurance at 928-458-7374

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