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Renting an apartment, home, condo or townhouse is a lot cheaper than taking out a mortgage. Let’s face it, not everyone is ready to be a homeowner and some people prefer to be renters. You don’t need to be tied down to a mortgage payment each month and you’re not responsible for anything outside your rental, such as the lawn or sidewalks. More than half of all residents living in Hawaii rent some type of apartment or room. The average Hawaii rental goes for about $1,200 a month, which is affordable for most families. However, just because you’re renting an apartment, this doesn’t mean that you’re safe from damages and renter liability. It is required by law in Hawaii that your landlord have their own property and land insurance, but this won’t cover your possessions inside the apartment. Taking out a renters insurance policy in Hawaii is a wonderful option when protecting your assets.

What Does It Cover?

Renters insurance covers a myriad of issues that could become a problem if you’re renting an apartment. One example would be a kitchen fire that occurs and destroys a lot of your furniture and items. Your landlord is not going to pay to have these items replaced for you, but your renters insurance will. More comprehensive policies will cover additional circumstances like weather-related disasters and theft.

Who Can Take Out a Policy?

If you’re renting some type of apartment, home or room, you’re eligible for renters insurance. Even college kids in dorms and seniors in nursing homes can get this form of coverage to protect their prized possessions. However, if you own the property or have your name on a home’s deed, you are not eligible for rental insurance. An insurance agent can tell you whether or not you qualify for this type of protection.

Choosing Coverage

As with almost all other types of insurance plans, you can pick and choose what type of coverage you need. To save some money without forgoing the insurance altogether, you can choose a basic plan that protects against fires and weather damage. Pricier plans that cover more will protect against theft and damage to electronics and expensive goods. Take into consideration the area of Hawaii you’re renting and choose the plan that fits your needs. If you’re living in an area of Hawaii that deals with a lot of theft and crime, you may want to upgrade your policy.

Filing a Claim

Once you have coverage and experience a problem in the rental, you’ll be able to file a claim. Most companies allow their clients to file claims online through their website service page. An insurance agent will come out to your rental and take pictures of the damage to assess the amount you’ll be compensated. If there is not enough evidence to back up your case, your claim can be denied. Keep in mind that all insurance policies have a deductible, which means that your insurance won’t kick in until your claim hits a certain amount of money.

Fine Print

Renters insurance in the state of Hawaii is a must-have because of all the problems residents face. Hurricanes and tropical storms are common in the state and there is absolutely nothing protecting you if you don’t have this type of coverage. Don’t rely on your landlord to protect your assets because, when it comes down to it, they are not liable to do so. It is totally up to you to take out a renters insurance plan and have it work for you.

Before signing up for a policy, you need to find a reputable company to go with for your insurance provider. The provider will take initial photos and videos of your rental to get a sense of the quality of the apartment in the case that you ever have to file a claim. You can check out different policies online or visit your local insurance office to find out about the plans they are offering. It should only take a few minutes to sign up for an account and your agent will have photographs taken within a matter of just a week or two upon signing up.