Does Renters Insurance Cover Liability Claims?

The short answer is that renters insurance typically does cover liability claims. The longer answer starts with explaining why liability is even needed for renters. It’s because renters have some of the same responsibilities as homeowners. While they may not be required to fix a broken window or the damaged sink, they are required to provide a safe environment for anyone who may grace their path in Mesa, AZ. INW Insurance Group wants you to know how liability works, and what it means to have protection in case an unexpected event occurs. 

Accidents and Injuries 

Let’s say you invite a friend over to your home for a dinner party. During the party, your guest needs to use the bathroom. As they travel down the hallway to the restroom, they trip over one of your child’s toys that were left in the middle of the path. The guest didn’t see the toy because the light bulb in the hallway burned out and was never changed. You may be held liable in this case for any medical bills that result from the injury. 

How much Does It Cover?

Your renter’s insurance policy in Mesa, AZ will typically have liability claims up to a certain amount. And while the listed amount on the policy may initially sound like a lot, renters have to be careful when they assume they’ll have enough to cover an expensive lawsuit. Because liability cases can drag out for months, the costs can mount extremely quickly. 

How to Decide 

Renters insurance is a smart precaution for anyone to make. Just taking the first step is a strong showing of responsibility. If you want to learn more about renters insurance, call INW Insurance Group today to find out more about a policy can protect you. 

Can I get renters insurance to cover the actual replacement cost of my possessions?

If you rent an apartment or house in Mesa, AZ, you probably realize you need to find a renters insurance policy to protect yourself in case there is a fire or burglary at your residence. INW Insurance Group can help you decide how much protection you need.

Renters insurance is surprisingly cheap because you don’t have to cover the physical building. You only have to figure out the value of your physical possessions, such as your furniture, clothing, entertainment system, etc.

Actual Cash Value and Replacement Cost

Which kind of policy you choose will also decide the size of your premium or price per month. Even though renters insurance is relatively inexpensive, you need to consider the value of the items you own and if you will need the full replacement cost.

Actual Cash Value

Normally, an insurance claim will take into account the amount an item has depreciated in cost since you purchased it. For instance, the television you bought two years ago has experienced some wear and tear, and the older model may not be considered very good anymore. If your renter’s insurance gives you the actual cash value of items taken or destroyed, that means that you will pay out of your own pocket to replace your items.

Replacement Cost

A policy which offers replacement cost is a little more expensive but you will be able to claim the amount that it would take to replace your possessions. During a disaster, you could replace your possessions and move on. 

Nobody wants to think bad things will happen in Mesa, AZ, but if something does happen you want to be protected. Call INW Insurance Group today to discuss the best way to protect your interests.

Why Millennials Need Renters Insurance

Navigating the Arizona renters insurance market can be intimidating, especially if it’s your first time dealing with insurance. Starting your adult life is stressful enough, particularly financially. Even if you choose to rent instead of buy in Mesa, it’s still important to protect your hard-earned assets. Accidents happen and that’s why you should consider purchasing renters insurance. It is an inexpensive way to provide peace of mind and know that if fire, theft, or other damage occurs inside your place, you’re covered. It’s a good precaution against the unknown. There are many advantages to renters insurance, but if a peace of mind isn’t a good enough reason, INW Insurance Group can give you a few more.

Renters Insurance is Low Cost: The average annual cost for renters insurance in Arizona is only $195, which puts your average monthly payment at $16.25. This makes renters insurance affordable regardless of where you live. Chances are you can also increase your coverage for just a few bucks more.

Covers Property: Renters insurance covers the contents of a home including clothing, furniture, and electronics. As a rough guide to the dollar amount of coverage you should buy, add up the cost to replace all the major items in your home: appliances you own, computers, other electronics and furniture, and then double that amount.

Sometimes it is Required: Although renters insurance is not usually required by the terms of some leases, you may be required to have insurance to cover your liability exposure if someone is injured on the premises, or if damages occur from items owned by you, such as waterbeds. The landlord can, in fact, require you to have liability insurance. When signing a new lease or after proper legal notice for a month-to-month rental agreement, the landlord can even lawfully change the terms of the agreement to require renters insurance. This may be particularly important if you have animals, or if the property contains a pool.

Provides Liability Coverage: The liability component might be the biggest reason to get renters insurance because it can protect you from financial loss. Renters insurance can cover you in a lawsuit if someone injured in you home. Some common liability cases include:

  • Dog bites
  • General pet damage
  • Slip and fall
  • Causing a leak or fire in another residence
  • Accidentally injuring another person
  • Libel

Additional Living Expenses: Another feature included in most renters insurance policies is called additional living expenses coverage. If you can’t stay in your apartment after a fire, burst pipe, or other disaster, this coverage will pay for temporary lodging.

Covers Belongings When You Travel: If your luggage is stolen while on vacation, for instance, some policies will reimburse your losses, and it is common practice for insurance companies to cover belongings stolen from your car.

It is important that you take your time and find the right policy. Our agents here at INW Insurance Group will be more than happy to help you find the best rate with the quality coverage you need.

Don’t Get Burned by Cheap Insurance

From shopping for insurance to everyday groceries and everything in between, it’s often tempting to purchase the cheapest option. After all, the average American spends $5,261, or 12% of their annual income, on home, health, life, and auto insurance per year according to a NerdWallet study. However, choosing the less expensive product or service often goes hand in hand with sacrificing quality. With INW Insurance Group located in Mesa, AZ, that doesn’t have to be the case. Knowing the difference between inexpensive and cheap insurance lets you shop smarter, make informed decisions, and get the quality you deserve at a price you can afford.

Cheap insurance often means settling for inadequate coverage, or worse, no coverage at all. According to the National Association of Insurance Commissioners, 144 fake insurers sold fake health insurance to more than 200,000 policyholders nationwide between 2000 and 2002, resulting in more than $252 million in unpaid claims. Unfortunately, health insurance wasn’t the only type of fraud insurance being sold. There are still numerous companies selling fake auto, homeowners, and rental insurance today.

Cheap insurance could also mean extremely limited options. Even if you have a trustworthy insurer, extremely cheap insurance often has many restrictions that prevents you from being covered in times of need. In the event of a natural disaster or tragic accident, cheap policies will not likely allow you to rebuild in the future. That’s why it’s so important to find a trusted and reliable insurance company, like INW Insurance Group, to help suit your needs.

To prevent you from being burned by cheap insurance, it’s important to research your insurer to make sure they’re the real deal and read your policy thoroughly. Start thinking about worst case scenarios, and double check that you are covered. What matters most is you know exactly what type of scenarios your policy covers—and those it doesn’t.

When you value something, it’s important to protect it. Avoid the temptations and scams of cheap insurance and let our team of agents at INW Insurance Group help you find the perfect policy that fits your lifestyle and budget today. Because as we all know, peace of mind is invaluable.

Why Is Renters Insurance So Important

If you own any property, be it big or small, then you need to purchase rental insurance. Rental insurance is a form of insurance that helps to cover belongings from damage or theft. For people who may be short on cash, rental insurance can be purchased for a very low amount. Called content or home insurance, they offer liability coverage in the event that someone gets injured in your apartment.

In the unfortunate event that your house is destroyed by fire or storm, renters insurance will be responsible for paying for the loss of the apartment. The insurance also covers for when you are out on vacation. These are some of the most popular reasons for purchasing rental insurance with INW Insurance group. INW Insurance Group is a reputable insurance company that services the Mesa AZ. Below are some of the services that are offered by INW Insurance Group in Mesa, AZ:

1. It covers for theft:

In the event that something of immense value gets stolen or damaged, e.g. laptop which is used for work. Although the data in the laptop are irreplaceable, the insurance will offer a payout, which is usually a replacement value for the laptop of whatever property that is stolen.

2. It covers for fire incident:

In the event of a fire which leaves you homeless with little or no property, renters insurance can cover for your loss as well as finance whatever place you can stay while repair work is ongoing.

3. It covers for other insurance:

Renters insurance helps to cover insurance gaps left by other insurance policies. A good example is when your laptop gets stolen from your car through a broken window. Your auto insurance will cover the broken window, but won’t cover for any property left inside the car. Renters insurance, on the other hand, can help to replace your lost laptop.

4. Personal injury:

In the event that you have a neighbor or friend come by the house and who accidentally slips and gets hurt. Renters insurance will cover your liability for the injury.

Does Renters Insurance Cover Pre-Existing Damages?

It is always wise to purchase renters insurance when you are renting an apartment, a condo, a townhome or a house. The owner’s home insurance policy will not cover any of your belongings that are damaged if something happens in the home, nor will their policy pay if you are displaced from the house either temporarily or permanently. If you are moving into a home and you see signs of water damage or other pre-existing damage, you may find yourself wondering if your renter’s insurance policy will cover this if a leak occurs or other problems arise. We are often asked this question here at INW Insurance group, serving the greater Mesa, AZ area. Here is the answer.

If there is existing damage to a rental property, you will want to ensure that that is specified with your landlord ahead of time. Most people take pictures, document it and include it in a walkthrough. If it turns out that the issue was pre-existing and was not fixed prior to you being there, your insurance will likely not cover it and their home insurance or renters insurance policy will need to cover both the damages and the damages to your property as the owner knew about it ahead of time. This is the exception to owners being responsible for tenants property, rather than the rule.

If you are moving into a new rental property or are already living in one and do not have renter’s insurance, now is the perfect time to obtain a policy. If you are in the greater Mesa, AZ, Call INW Insurance Group today to get a quote for a new renters insurance policy and fully protect yourself and your belongings.

What Does Renters Insurance Cover?

When you move into a home, you’re typically required to buy home insurance (unless you’re able to pay for the home with cash.) But when you move into a rental property, you’re not necessarily required to take out any type of insurance for the place. And yet, you may still want to take out a policy to protect yourself. See how renters insurance works from INW Insurance Group, and what it covers.

How It Works

Renters insurance is designed to protect all of your things inside a rental property. Your TV, computer, jewelry, and clothes may all be covered, depending on the type of insurance policy you get. Policies are based on your particular circumstances. So if you have a rental place full of hand-me-down furniture and you only care about protecting your electronics, then you may want to pick a policy with low coverage limits.

Things to Remember

Some owners will require their tenants to get renters insurance to protect themselves in the case of extreme emergency. So essentially if a sewer system floods for a covered reason, then the owner will be able to cover the repairs and the renter in Mesa, AZ can cover any potential property damage they suffered. But even if you’re not required to get a policy, most people still need it. You may not think you have very much to lose until you actually lose it, and you may be surprised at just how little liability your landlord has when it comes to replacing your things.

INW Insurance Group is here for renters in Mesa, AZ who want to have a little extra peace of mind. Just give us a call today to learn more about how you can use our renter’s insurance to your advantage. We’re more than happy to help today!