How Renters Insurance Protects You
You are required to have renters insurance when you rent with TMG. It's an affordable way to cover your belongings, as well as other unexpected expenses. A typical renters insurance policy includes 4 types of coverage to protect you.
1. Personal Property Coverage
Personal property coverage usually covers your belongings, such as furniture, TVs, clothing and other household goods. Your belongings are covered away from home, too. Covered events usually include fire, smoke, water damage, vandalism, theft, windstorm, etc. Like homeowner policies, most renters insurance policies don't cover floods or earthquakes (you can buy this coverage separately).
Example: A pipe bursts and damages all your furniture and electronics. Or, you're traveling and your laptop is stolen from your hotel room. You would file a claim, and get a check (minus your deductible).
2. Personal Liability Protection
Liability coverage may protect you from having to pay out-of-pocket if you're legally obligated to pay for bodily injury or property damage done by you, your family members, and even your pets. Most renters insurance policies provide a minimum of $100,000 of financial protection against liability claims and lawsuits of this nature. Make sure your liability coverage is enough to protect your assets.
Example: You host a party at your apartment's clubhouse, and one of your guests damages some furniture. The landlord sues you for the damages, and your renters insurance kicks in to pay for the damages and any court/legal fees.
3. Injuries to Your Guests
This coverage helps pay for medical expenses if someone is injured in an accident that occurs at your residence and is your fault.
Example: If a guest slips on an icy walkway, and your lease requires you to keep sidewalks clear of ice, your renters insurance policy would cover your guest's medical bills.
4. Additional Living Expense Coverage
Additional living expense coverage helps pay for costs you incur if you're unable to live in your home due to a covered loss.
Example: There's a fire in your home, and you have to relocate for several months while repairs are made. Your renters insurance kicks in and helps may for costs that exceed your typical expenses, such as hotel bills, rent, restaurant meals, pet boarding, etc.
HOW MUCH DOES IT COST?
Renters insurance is very affordable. The average cost of renters insurance is only about $12 per month, for $30,000 of property coverage and $100,000 of liability coverage. That's a fraction of what homeowners pay.
Check with your auto or life insurance company - they may offer a discount if you bundle renters insurance with your other insurance coverage.
You may get a discount for having a security system, smoke detectors, and deadbolt locks. You may also get lower rates for being over age 55, and having good credit.
HOW MUCH COVERAGE DO I NEED?
Start by creating a home inventory. Make sure you have enough insurance to replace all your personal possessions in the event a covered loss (fire, burglary, etc.)
Actual cash value policies pay for the used value of the item at the time of loss. Replacement cost coverage is more expensive, but it replaces your lost items with brand new ones.
Make sure you have enough personal liability coverage to protect all of your assets in the event of a lawsuit. You might consider an umbrella policy if you have significant assets.
Why do I need renters insurance when the owner has property insurance?
The owner's property insurance covers the property itself, while renters insurance covers the contents of the home. However, if you cause damage to the property, your renters insurance will cover your liability for the damage and help cover repair costs.
For your convenience, you can log into your Resident Portal to purchase a renters insurance policy.
Please note that you may choose any company for renters insurance, and TMG does not endorse any specific company. You can upload a copy of your declaration page in your Online Portal.
Need more information?
Read the Renters Insurance Guide from the Insurance Information Institute.