Renter's Insurance

An often forgotten insurance coverage is called “renter’s insurance.” 

Renter's insurance provides great coverage for damaged and/or stolen personal items for those who rent their housing. It also provides excellent liability coverage.

If rented housing is damaged by fire, tornado, etc. the renter will have no coverage for destroyed or lost personal items, no coverage for alternative housing (such as room in a motel, etc.) while the damaged rental unit is being repaired.

 

With liability coverage, your assets are being protected. For example, if the apartment or house that you rent burns to the ground and you are found responsible for causing the fire, you will have to pay for the home or apartment to be rebuilt. If you have renter's insurance, your insurance company pays for the home or apartment to be rebuilt.

The cost is about $10 per month for a good renter insurance policy.

Contact your favorite insurance agent (Andrea Shearer, Tessa Everman, Burton Heginger, or Ryan Edgington) at the Triplett Companies (515/232-5240) if you have questions about renter’s insurance and would like a premium quote for Renter Insurance coverage.    

 

Discounts on Insurance

It’s Christmas time and maybe you haven’t received your holiday bonus, or perhaps you spent a little too much on gifts, and now you dread your insurance bill arriving in the mail.

 

Never fear, discounts are here!

 

Multi policy:

Most insurance companies offer discounts for multiple insurance policies with their company. Consider combining your vehicle, home, and umbrella policy with one carrier and see how much you can save!

 

Good Student:

If you or your child is under 25, in school, and has a GPA of 3.0 or below, you qualify for the Good Student Discount! Simply send us a copy of your most recent transcript showing your GPA.

 

Limited Driving:

Do you only drive your vehicle to church on Sundays? Does your vehicle sit in the garage most of the time? Some carriers provide limited driving discounts.

Loyalty:

Did you know that insurance companies actually give you with a discount for being loyal to them? Even if you do decide to switch insurance companies, you can receive a discount for the number of years you were with your old insurance company.

 

Be sure to contact Mike, Andrea, or Mandee at the Triplett Companies and ask them to compare the cost savings you could enjoy by utilizing some or all of these discounts!

 

Insurance: Why Should We Have It

The purpose of insurance is to shift the risk of loss to a company in exchange for a premium. Most policies have a deductible which is an amount the insured pays out of pocket before the insurance starts covering the cost of the loss.
In the process of managing insurance premiums, policy holders often consider adjusting their deductibles. Lower deductibles mean less money out of pocket if a loss occurs but obviously, results in higher premiums. Higher deductibles result in lower premiums but require that the insured bear a larger amount of the first part of the loss.
A small fire in a $300,000 home that resulted in $2,500 of damage might not be covered because it is less than the 1% deductible. If the homeowner can afford to handle the cost of repairs in exchange for cheaper premiums, it might be worth it. On the other hand, if that loss would be difficult for the homeowner, a change in the deductible could be considered.
It is a good idea to review your deductible with your property insurance agent so that you're familiar with the amount and make any changes that would be appropriate.

Why Do I Need Renters Insurance?

National statistics show that if you rent, chances are good that you don't have renters insurance -- nearly 2/3 of renters don't.

Possibly the greatest misconception about insurance and renting is that the landlord or the managing agent of a rental property has insurance that will cover tenant property. Unfortunately, this just isn't true.  The homeowners insurance that a landowner carries protects only the property of the landlord (structure of the building, personal articles of the landowner stored in the building, etc.).  The insurance policy of a landlord cannot cover renter's belongings because of the far-reaching scope of such a policy.  The insurance companies just can't take on that much risk in one location.  In some ways, the idea of homeowners vs. renters insurance is similar to a computer network that is being protected by a firewall or other electronic barrier.  Although the network itself is protected in case something goes wrong, each individual computer needs to also have current virus protection and security measures in place to ensure the safety of files and documents.

If you are a renter and don't have renters insurance, you're leaving yourself completely unprotected against most dangers of renting.  For instance, if your apartment is burglarized, or if you find yourself the victim of a flood, fire or other natural disaster, you'll essentially be on your own.  Especially in Iowa, instances of flooding are extremely prevalent, even in brand new homes.

In a recent incident, two of our renters faced the need to replace belongings as a result of a disaster.  One renter had renters insurance and consequently had all of their belongings reclaimed/replaced, and was even put up in a hotel for 1 month and given monetary compensation to the amount of thousands of dollars.  However, the other renter didn't have renters insurance and lost everything.  It's unfortunate that disasters happen, but it's important to make sure that even if the unthinkable happens, you'll be prepared and protected.

Most renters insurance policies cost between $5-10/month and cover you up to $20,000 for personal property, will pay hotel and food expenses for up to 12 months, cover you in case you are sued for liability, can help with medical payments, and even cover you in case of identity theft!  (For more information, see this post.

In most cases your insurance agent (whoever you have your car insurance, etc. through) can add on a renters insurance policy for next to nothing.  This is because most insurance agencies offer a multi-policy discount that makes renters insurance nearly free!  We can't recommend it highly enough.  Our in-office staff are big believers that renters insurance can make the difference.  If $10/month can save everything you own and give you peace of mind if something ever happens, we think that's worth it.

Whether you get renters insurance from one of Triplett's knowledgable, powerhouse independent insurance agents or from another agency of your choice, it may just be the best decision you ever make, and in the words of one renter of ours, "...the best $10 I ever spent...".

Stay safe - come visit us in our office today to insure your life and belongings!

Note: If you're looking for more information about renters insurance, take the first step by starting with some of the following websites:
The Basics
General Information
Additional Information
Statistics