Renters Insurance
Renters can insure their personal property with low-cost policies.
Renters Insurance in Springfield, MO
If you lease an apartment, duplex, condo or home, renters insurance is a worthwhile investment. You may not own the real estate, but you own all of the furniture, electronics and personal property inside your rental—and that stuff isn’t covered by your landlord’s insurance. Without a renters insurance policy in place, it might be financially difficult to replace items that are damaged, destroyed or stolen from your residence. A renters policy is your best opportunity to protect the possessions you’ve amassed without breaking the bank.
Nixon & Lindstrom can help you compare renters insurance policies and buy the best one for your needs. Don’t play the odds and hope you get lucky. Multifamily housing in particular can expose you to neighbors whose carelessness could damage or destroy your belongings. A fire or burst water pipe in an adjacent apartment could be devastating. Nixon & Lindstrom can help assess your situation and recommend a policy from leading insurors like Travelers, Progressive, SafeCo and Electric Insurance Co. Request a free online quote today and start comparing renters insurance coverage from different carriers.
What does renters insurance cover?
Like homeowners and condo insurance, renters insurance includes some fundamental components designed to protect you and your belongings when accidents happen, disasters occur or criminals strike. The policies typically cover personal property losses, pay for a portion of living expenses if you’re displaced and provide personal liability protection if someone is injured in your rental.
Personal property
From clothing to exercise equipment to computers to smartphones, your renters insurance policy accounts for the value of your belongings and pays to replace them when they’re damaged or destroyed by factors outside your control. That broad category includes a litany of unfortunate occurrences, such as fires, explosions, wind or hail storms, falling objects and criminal acts like theft or vandalism.
When you buy a renters insurance policy, you typically have a choice between replacement cost value and actual cash value policies. The former is more expensive because it doesn’t figure in depreciation and reimburses you based on what you paid for items. The latter is a more affordable, low-cost option but only pays for the current value of your property after depreciation.
Living expenses
Most renters insurance policies also help pay for living expenses, such as temporary lodging and meals, if you’re forced to move out of your rental while it’s repaired or rebuilt. Often referred to as loss of use coverage, this feature is extremely beneficial if you’re displaced for several weeks or even months. The cost of staying at a hotel and eating out can add up fast!
Personal liability
If someone visiting your leased living space suffers bodily injury or their property damaged, they could take legal action against you. That’s where personal liability coverage figures in. Depending on the specifics of your renters policy, personal liability coverage usually helps offset legal expenses you incur and may even pay a portion of the injured party’s medical bills, up to a limit.
How much does renters insurance cost?
Renters insurance is easy to get, and it’s a small price to pay for a big relief that you’ve taken the necessary precautions to protect yourself and your property. Renters insurance rates are determined by a number of factors. Do you own high-value items like jewelry or artwork? Are you a dog owner? Does your home apartment or home have a security system, sprinklers or a smoke alarm? The answers to these questions and others will influence your rates.
Different policies will have different deductibles and coverage limits for personal property and personal liability. The average cost of a renters insurance policy with $40,000 in personal property coverage, $100,000 in personal liability and a $1,000 deductible was $326 in 2021, or about $27 a month, according to Insurance.com.
If you’re looking for the cheapest and best renters insurance, Nixon & Lindstrom is ready to go to work for you. As an independent broker serving renters in Springfield and southwest Missouri for more than 65 years, we have the resources and expertise to help you lock in great policies at great rates. Be sure to ask our agents about the benefits of bundling your renters and car insurance and start saving today!