At Hood Insurance Agency, an insurance agency in Lynnwood, Wa, a question we get asked all the time is “Is Renters Insurance Required in Washington State?” And the truth is even though it is not required by law, it is still highly recommended that you get renters insurance!
In Washington state, there is no legal requirement for renters insurance. However, there’s a chance that your landlord will stipulate in your lease that you get renters insurance.
If a named peril causes your belongings to be destroyed or damaged, if you have to pay legal costs for someone who was injured on your property, or if a covered peril causes enough damage to your apartment to make it inhabitable, renters insurance will protect your belongings.
To find out if your landlord requires it, you should check your lease agreement. You can choose whether you want to buy it if they don’t.
Comparing quotes from various providers is the best way to start if you decide to purchase renters insurance in order to find the best price and coverage. And with the help of the welcoming staff at Hood Insurance Agency, this is now simpler than ever.
What is Renters Insurance Anyway?
Simply put, renters require insurance to safeguard their belongings. Renters typically do not insure their rental property because they do not own it. On the other hand, you probably value the items that are in your rental. Having coverage for your possessions is one justification for having renters insurance.
For instance, renters could offer protection in the following scenarios:
a cooking fire
Renters insurance could assist with the costs of replacing any items lost in the fire. Renters insurance might also cover costs associated with finding a place to stay, eating, and other related expenses if your home can’t be occupied while repairs are being made.
a break-in. Renters insurance might assist with the costs of replacing the stolen items that are covered.
Guests slip and hurt themselves.
A renters policy’s personal liability coverage may be able to assist with the payment of accident-related costs like medical bills or other expenses.
Take a look around before deciding that you don’t have enough belongings to be damaged in a fire or that what you have is unlikely to be stolen. Unexpectedly, you might see more expensive-to-replace items. For instance, frequently used, expensive items include a smartphone, designer handbag, set of chef knives, and new laptop. How about the vintage china your grandmother used? Even the cost of buying new clothes could significantly reduce your savings.
What Is Covered by Renter’s Insurance?
Generally speaking, renters insurance covers your possessions, including clothing, furniture, and household goods. Jewelry and electronics are also included, with some restrictions.
A typical renters policy also includes:
In the event that you are held legally accountable for causing death or property damage to another person in an accident for which coverage is applicable, you will have personal liability coverage.
Personal property protection, even when you’re away from home and traveling.
Additional living costs if you are unable to remain in your rental due to a claim.
Some renters’ insurance policies will cover the cost of replacing a lost or damaged item. Other insurance plans might offer cash value, which accounts for the depreciation of your item prior to the payout. What’s the distinction? If you bought a new sofa ten years ago, the cash value you might receive could be considerably less than $100. However, that sum of money would be the replacement cost if it were possible to purchase the same couch brand-new.
How Much Does Renter’s Insurance Cost?
Not really, which makes getting renters insurance one of the best ideas. Although a number of factors can influence the price of your premium, overall renters insurance is a cost-efficient form of protection. In fact, the average annual premium for renters insurance is just under $200, according to the Insurance Information Institute.