Renters Insurance in Phoenix, AZ
If you rent your home, you can help protect yourself and your belongings with renters insurance. Renters insurance is a form of property insurance that may help cover personal property losses and protect against liability claims.
How Does Renters Insurance Work?
When you obtain a renters insurance policy, you will generally be required to pay a monthly or annual premium in exchange for coverage. When an incident occurs that you think your policy should cover, you can file a claim with your insurance provider, and they will decide if they will cover the costs of the claim per your policy.
What Does Renters Insurance Cover?
Renters insurance typically includes the following three coverage components:
1. Personal possessions coverage may help replace or repair possessions damaged due to a covered event, such as theft or fire.
2. Liability protection coverage may help cover lawsuits for bodily injury or property damage for which you or your family members are responsible. Your policy may also include no-fault medical coverage, which can help pay for medical bills if someone is injured on your property, no matter who is at fault.
3. Additional living expenses coverage may help if you cannot live in your home temporarily due to a covered incident, such as a burst pipe.
Does Renters Insurance Cover Fire Damage?
Renters insurance may cover fire damage to your personal belongings, and it may help pay for you to live elsewhere when your residence is being repaired. However, renters insurance typically would not cover the physical building or unit. The landlord or property owner is responsible for insuring the structure of the building.
How Much Renters Insurance Do I Need?
Renters insurance is not mandated by law; however, your landlord may require a minimum amount of coverage. You should also consider how much your possessions are worth, how much you can pay out of pocket if an incident occurs and whether you need any specific coverages, such as flood insurance for renters.
Contact Above All Insurance to discuss your renters insurance needs. We can make sure you have adequate coverage.