Multiple Uses of Renter’s Insurance

Renter’s insurance covers far more than the contents of an apartment. This type of insurance also covers personal property storage units, boat or RV storage, garage spaces, private mailboxes, and other types of storage or rented units. INW Insurance Solutions of Mesa, AZ can help you obtain a policy that covers your belongings regardless of what type of structure you rent.

You probably think of renters insurance as something you need to get as soon as you rent your first apartment. You need it far before that though. As soon as you move from your parent’s home, you need to insure your belongings.

You might move into a student dorm, also called a residence hall if you attend college or vocational school. At college, you might also live in a sorority or fraternity house. In each of those situations, you need a renter’s insurance policy. The building insurance for each domicile protects your living space, but not your belongings.

If you need to store things during the summer or over the long-term, you will likely rent a storage unit. This requires the same type of insurance policy. While the storage unit would have insurance on its building, you would need to separate renter’s insurance for the personal items.

While you might get about 10 percent coverage of the value of your apartment policy for your storage unit, that typically amounts to about $1,000. That probably will not cover all of the belongings you have in storage.

Some self-storage facilities bundle insurance with the cost of their rental, but most independent companies require you to purchase your own. Similar to a home insurance policy, this type of policy covers major perils including fire, hail, short-circuit damage, smoke damage, theft, vandalism, and windstorms. Just like home insurance, renter’s insurance does not cover flood and in some areas, it does not cover earthquakes.

Why a Scheduled Personal Property Endorsement Matters

“Have you seen my ring? It was just here!” One moment you place your item down and the next it’s gone. We’ve all had those heart stopping instances (even here at INW Insurance Solutions). You turn the whole house upside down trying to find your prized possession. Finding it is the ultimate relief, but maybe next time you won’t be so lucky. It could get stolen, damaged, or lost forever which is why it is a good idea to consider an insurance policy for your items.

While your homeowners, condo, or renter’s policy may cover some items for certain situations, a scheduled personal property endorsement can provide total replacement for your specialty items. However, it’s not just for jewelry. It can cover other belongings such as collectibles and memorabilia, sporting equipment, firearms, musical instruments, fine art, and antiques. 

INW Insurance Solutions understands that your possessions are more than just items. Maybe they are gifts from a dear friend or something you worked hard to save up for. By getting a scheduled personal property endorsement, you’re not just protecting your belongings and assets, you’re protecting the valuable significance and cherished memories.  

Call INW Insurance Solutions today to talk us about which items you should endorse, the level of coverage you need, and see how we can help you.