Renting property can save you a lot of money in the long run. You won’t have to deal with a long-term mortgage or worrying about property taxes. If you’re living in Kansas, you’ve probably already found that rentals are affordable and cost-effective. In fact, the average apartment rental goes for about $800 a month. With more than one million people renting in the state of Kansas alone, it’s no wonder that apartments, condos and townhouses are all the rage. The only issue with renting property is that you don’t have the protection of homeowners insurance. Instead, you’ll have coverage known as renters insurance so long as you take out a policy with a reliable company.
What is Renters Insurance?
Renters insurance is a lot like homeowners insurance, but it puts more of an emphasis on your belongings and possessions. If something happens to your items, they will be replaced or reimbursed. You don’t put insurance on specific items but instead purchase a blanket coverage plan for your entire apartment or rented room. The level of coverage you have is dependent upon your specific plan and how much you’re willing to pay for the policy.
Who Can Take Out a Policy?
As long as you rent property, you are eligible for rental insurance in the state of Kansas. This includes apartment dwellers, condo owners, college students living in dorms and even senior citizens who are living in nursing homes. If you own the property or if your name is on the deed, you aren’t eligible for rental insurance and should instead look into getting homeowners coverage. An insurance agent can tell you whether or not you qualify and can help you set up a policy.
Finding the Right Plan
As a renter in Kansas, you have a variety of options available to you when it comes to your insurance coverage. Just like you’d find with car insurance, your premium will vary depending on how much coverage you put on your apartment. Basic plans cover the bare minimum and often deal with standard fire damage and property loss. Extended coverage will involve weather-related natural disasters like floods and tornadoes. The Wizard of Oz wasn’t far off when they depicted a tornado ravishing a Kansas-based farmhouse. Kansas is well known for its tornadoes and you should consider upgraded insurance to prevent major loss of property. Premium policies will protect you from all of the above as well as theft and everyday item damage.
Choosing a Company
You might be able to save some money on your insurance policy by combining it with other plans that you have. For instance, many car insurance companies provide rental insurance as well and will give you a discount if you bundle the two together. The company you choose for your insurance should be reputable and easy to get in touch with. A provider who doesn’t answer your calls or return messages should be avoided at all costs, especially when it comes to having to eventually file claims. You need an agent who will be more than happy to help you out and find the policy that fits your needs. Most companies nowadays can be found online, offering all of their services right on their website.
Claims and Reimbursement
If you experience an issue in your rental and need to file a claim, you should contact the insurance provider right away. When you initially sign up for coverage, the agent will either come and take pictures of your possessions themselves or ask you to provide them with this information. If something happens to your apartment, they’ll use these pictures as proof of the damage sustained. For instance, if the pictures of your condo depict a broken-down dresser in one of the rooms and you’re trying to claim that a storm damaged that dresser, you won’t get the replacement money you’re seeking.
Reimbursement is made by giving you either the depreciated value of the possession or full retail value so that you can replace the item. For those living in the gorgeous state of Kansas, renters insurance is a wonderful opportunity to safeguard your goods and know that just because you’re a renter, you don’t have to worry about your items being profitless.