Renter's insurance can be a confusing topic. Is it required by the state? Or is it just on a case-by-case basis? In todays' blog we will be going over renters insurance as a whole, and whether or not it is required in Arizona.
What is Renter's Insurance?
Renters' insurance is an insurance policy that provides some of the same coverage that a normal homeowners insurance would cover. However, it does not include coverage for the dwelling, or structure. It typically has 3 types of coverage, personal property, liability, and additional living expenses.
Personal Property- If your personal belongings, like clothing or electronics, are damaged. Your renters policy will cover the repairs up to your policy limit.
Liability- If you were to damage someone else's property, you are responsible for a guest's medical bills, or you injure someone anywhere in the world, then your renter's policy will cover this if it is under your coverage limit.
Additional Living Expenses- If your home or apartment is left damaged or uninhabitable due to an insurance claim, your renter's policy will cover any additional costs, like hotel bills.
Is Renters' Insurance Required?
In most states around the country, including Arizona, renters' insurance is not required by the state. However, most landlords do require you to purchase a renters' policy. Luckily, renters' insurance tends to be very cheap (~$12 a month). Although it can be frustrating to add more expenses onto your plate, if something were to happen to your home, the expenses that would come from being uninsured would heavily outweigh the cost of the policy.
Over here at AZ Insurance Team we always recommend that you invest in a renters' policy if it fits your situation. That is what we specialize in, finding the best policy for your situation. We understand that everyone is at a different place in life and has different insurance needs. By giving us a call today we can get a jump start on finding the insurance plan that suits you best! Give us a call today at (480) 535 5709.
Independent insurance brokerage located in Tempe, AZ. We offer auto insurance, homeowners insurance, life insurance, renters insurance, commercial insurance…
Disclaimer: Coverage will vary on state, insurance company, and type of policy.
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