5 Things You Must Know About Renters’ Insurance in West Virginia

Just In Time for School and Moving Season!


It’s nearly autumn here in Hurricane, West Virginia! For us, that means cooler weather, changing leaves, and kids heading back to school. Whether you’re a college student renting an apartment for the first time, or a seasoned renter who is looking for the best renters’ coverage, we’re here to walk you through the process.

What is renters’ insurance?

Renters’ insurance rates are typically low cost, so it is not only a smart investment, but a cheap one. Protecting the items that matter to you may seem unnecessary right now, but you’ll be thankful for the extra layer of coverage if an incident does occur. 

If you plan on renting a dorm room, apartment, or home, it is necessary for you to obtain renters’ insurance. A landlord’s insurance policy typically covers the building itself and does not extend to its tenants. Therefore, if an incident occurs such as a fire, busted water pipe, or theft, you will not be covered. Renters’ insurance gives you the peace of mind that is needed to ensure that your belongings are protected.

What does renters’ insurance cover?

Renters’ insurance reimburses tenants for the loss or damage to valuable items. Before choosing an insurance company to obtain your coverage from, make sure you know what you own. Take inventory of what your personal belongings are worth in order to better answer how much coverage you actually need. If you can record identifying characteristics such as the models and serial numbers on such items, even belongings that you would not consider like silverware, towels, bedding, furniture, and tools, notes on your inventory list with the information will make the process go much smoother. 

In the event that your rental unit is destroyed, your additional living expenses may be covered by your renters’ policy as well. Such coverage includes meals, living expenses, and other costs until you can find a new place to live.

Is liability insurance a part of renters’ insurance?

Renters’ insurance gives tenants liability insurance in the event of an accident, so if a person is injured inside of your rental unit, he/she can sue you and claim that it was due to your negligence. That’s where liability insurance comes in. The liability portion of your renters’ policy covers tenants by protecting against lawsuits for injury and property damage, and can even cover the damage that tenants do accidentally to others. For example, if you own a dog and it bites your guest, your policy may protect you from legal action. Since each instance is unique, check with your insurance agent to ensure that you are protected. 

What does renters’ insurance not cover?

Renters’ insurance will not pay for the damages caused by an earthquake or flood. Such policies can generally be purchased separately from renters’ coverage. Though theft is typically covered, accidental damage or the breaking of an item is not covered. You can contact your insurance agent to better understand what is and is not covered on your policy. 

Are there different types of renters’ insurance?

Typically, insurance companies will offer two types of reimbursement for tenants who have renters’ insurance. The first is called a “replacement cost policy,” which pays for the actual cost of replacing your possessions that were lost or damaged. The second is called an “actual cash value policy,” which pays to replace your belongings at their value at the time that they were lost. Replacement cost policies tend to cost more than actual cash value policies, but in some instances, you may be able to place special attention on some belongings. For example, if you have an item that caps out at a certain insurance cost, be sure to discuss it with your insurance agent so they can find the best option for you based on your items and how much coverage you want to obtain. 

Save and bundle your policies!

If you already have an auto insurance policy or are looking to obtain one, you can often bundle your policies together to save money. There are also umbrella insurance policy options available when your insurance policies don’t quite fit together. Your insurance agent will be able to determine which options are best for you and may even save you additional money by adding discounts like a student discount if you are currently in school.

Contact Yeager Insurance & Financial Services

There is a lot that goes into finding the right renters’ insurance policy! Don’t hesitate to contact Yeager Insurance & Financial Services to speak with an agent today. We’ll find you the right coverage at the best possible price.

Nel Paquira