If you live in a rental home or apartment and have an incident that damages your property or belongings., it may be difficult to recover financially if you don’t have adequate insurance coverage. Renters insurance is essential protection for your apartment, belongings and financial security if something detrimental happens. 

At McCune & Reed Insurance we can help you explore suitable coverage that ensures your peace of mind. 

What Is Renters Insurance? 
Renters insurance is a type of insurance that may protect you if you rent an apartment or similar dwelling. This insurance may be essential since landlords typically only insure their rental buildings, not their tenants’ apartments or contents. This means that if you don’t have renters insurance but experience a covered loss, your landlords’ insurance generally won’t provide coverage for your personal items.  

What Does Renters Insurance Cover? 
The coverage provided to you under a renters insurance policy may depend on your specific policy. Nonetheless, as a package policy, renters insurance provides a layer of coverage for liability and property damage. The liability portion may help protect against claims of third-party bodily injury or property damage that you cause. It may also help pay medical bills if there’s an injury inside your rental. The property damage portion of a policy helps cover your personal property if it’s damaged due to a covered incident or stolen. 

Generally speaking, renters insurance offers two personal property coverage options for your belongings: replacement cost value or actual cash value. If you insure at replacement cost value, you can replace your belongings at today’s prices. If you choose actual cash value, your policy will cover the cost to replace your items at their depreciated value.  

Some renters insurance policies may also pay temporary living costs if you need to live elsewhere because of an insured event. This coverage may help with your hotel costs, temporary rentals, meals and other living expenses—up to your policy limit. We can discuss if this coverage is an applicable option for your renters insurance policy. 

Does Renters Insurance Cover Theft? 
Depending on your policy, renters insurance may provide coverage if your belongings are stolen. Some renters insurance policies may also address theft by a roommate and theft if your items are stolen from outside your home (e.g., your laptop is stolen from a locker at the gym). A McCune and Reed Insurance agent can walk you through what is and is not covered under your specific policy.  

How Much Renters Insurance Do I Need? 
The amount of renters insurance you need depends on what you want to insure and the value of your belongings We can work with you to ensure you have an appropriate amount of property and liability coverage and that your coverage meets any applicable landlord-issued requirements.  

We can also work with you to determine whether you may need to secure additional lines of coverage, such as an umbrella policy or flood insurance policy. Contact us today to learn more.  

Insuring Ottumwa Since 1960 
McCune and Reed Insurance has provided insurance to the Ottumwa community for more than 60 years. Call 641-682-8027 and let us help you with a no-obligation quote for renters insurance.