Find the Best Renters Insurance in Beaver Dam, WI

What does renters insurance cover in Beaver Dam?

The main components of renters insurance in Beaver Dam are personal property coverage, liability coverage and additional living expenses coverage. With renters insurance, you’re protected in case your furniture is destroyed in a fire, or if someone is injured in your apartment and sues you.

• Personal property coverage pays for personal possessions that are damaged, destroyed or lost because of events including fire, smoke, lightning strike, theft, vandalism, explosion or falling object. These possessions can include things like clothing, furniture and electronics. Personal property coverage extends outside the home to cover, for example, a laptop stolen from your car. You have the option of actual cash value coverage, which takes depreciation into account, or replacement cost coverage, which pays for repair or replacement at current costs with no deduction. Many renters find that replacement cost coverage is worth the additional price.
• Liability coverage pays for legal expenses and medical costs if you are responsible for an injury on your property. It also covers you in case you accidentally damage someone else’s property.
• Additional living expenses coverage pays for increased living costs, like hotel bills, if your home is damaged by a covered event and you have to move out temporarily because it is uninhabitable.

Keep in mind that renters insurance in Beaver Dam does not cover damage due to flooding; you can purchase separate coverage for floods. A policy also has dollar limits for personal property and liability coverages. If you own jewelry, antiques, art or other high-value items, you may need scheduled personal property coverage, so be sure to ask an agent.

How much is renters insurance in Beaver Dam?

Renters insurance in Beaver Dam usually costs from $10 to $20 per month, or $120 to $240 per year. The price of a policy depends on what coverages you buy, how much coverage you buy and the amount of your deductible. It also matters where in Beaver Dam you live and the type of building you live in.

Get quotes for similar coverage from multiple renters insurance companies before choosing a policy. Ask about discounts. Insurance companies commonly give discounts to those who bundle renters insurance with other types of insurance and to renters who have home security devices. You might also be able to save if you make automatic payments or you have a recent record of no claims.

Beaver Dam renters insurance FAQ

Do I need renters insurance in Beaver Dam?

It depends. Some landlords require tenants to have renters insurance as part of a lease agreement. Even if yours doesn’t, it’s still a good idea to have coverage so you are financially protected. If you don’t want renters insurance and your landlord doesn’t require it, there is no legal obligation to purchase a policy.

How much renters insurance do I need in Beaver Dam?

Take inventory of your personal possessions to determine how much total personal property coverage you need. If you have jewelry, expensive electronics or other high-value items, consider separate scheduled personal property coverage. Most renters insurance policies have $100,000 of liability coverage, but if your assets are worth more, you may want coverage with a higher limit and even a personal umbrella policy.

Does renters insurance cover storm damage in Beaver Dam?

Yes, renters insurance generally covers the cost to repair or replace your personal belongings damaged because of lightning, wind, hail, or the weight of ice or snow. Renters insurance doesn’t cover damage resulting from flooding. Read your policy carefully so you know what perils are covered, the limits on your coverage and the deductible you owe if you make a claim.