If you are interested in renting a property in St. Louis, you’re in luck. You may have seen virtual staging photos of apartments, houses, and condos in the area which caught your eye. According to recent reports, the market for St. Louis is one of the best for property renting this year due to a lack of housing inventory in the area. The St. Louis area lies right next to the banks of the famous Mississippi River, which makes it an attractive area to live in. The town of St. Louis is appealing for various other reasons because of the growing industries in the area that house some of the best companies in the world. In short, it is an area with a lot of potential for growth for you. We are going to discuss the question: what is renters insurance.
However, even if you’ve decided about renting a property, you may be unwilling to proceed. This may be because of certain technicalities or options that you do not have enough information about. One such option is renters insurance, which can differ between different states. This article will serve as a guide for you about anything you need to know about insurance when it comes to renting a property.
Let’s Dive In
What Is Renters Insurance?
Table Of Contents
Renters insurance is a type of insurance policy designed to protect renters living in a rented property. Various coverage options exist and differ from specifically protecting your personal belongings, living arrangements within the property, or the renter. Renters insurance can help protect renters from unexpected events – such as breaks ins or injuries to guests. What your insurance will cover depends on the coverage option you choose, which will each have differing prices.
Renters insurance policies can differ between states, so we will talk about Missouri, which is where St. Louis is situated. Many people end up ignoring renters insurance thinking that renters insurance will protect them. They don’t realize that the landlord’s insurance only covers the property and not the renter’s belongings.
Guidelines Of Renters Insurance
Renters insurance is not required in Missouri, but some landlords may require their tenants to possess insurance. Renters insurance in Missouri will typically cost you between $8-21 for coverage between $20-30k, making it a great option to protect you and your belongings. Missouri also has a very competitive insurance market which means you will likely find a coverage option that suits you at a great price. We will discuss what standard renters insurance in Missouri will cover and what it will not cover.
What Renters Insurance Covers In St. Louis:
- Fire and Smoke
- Windstorm and Hail
- Vandalism and Theft
- Weight of ice, sleet, and snow
- Damage from car
What Renters Insurance Doesn’t Cover:
- Sewer and Drain Backup
- Normal wear and tear
- Cars parked on the property
To cover these types of situations, you might need to invest in a separate policy. Additionally, expensive items such as jewelry and firearms, and home-based businesses, may need additional coverage. A campus’s renters policy may also protect college students that are living on the property.
Your Renter’s Insurance Rate Will Differ Based On The Following Factors:
- Type of coverage
- Bundle insurance policies
You also need to understand actual cash value and replacement costs to know the formulas most insurance companies will use. Actual cash value is the amount of money needed to replace the item and does not take depreciation into it. This is the money that the insurance company will pay you initially before settling with you about the replacement cost, which considers depreciation. We recommend taking an entire inventory of your home belongings through photos and videos. It is also important you keep tabs on specifics like serial numbers for electronics. To understand what questions you should ask insurance agents and where to find them, check out the Missouri Department of Insurance’s website.
To Sum Up
Renters insurance is a valuable way of protecting your belongings and yourself when you rent out a property. In this article, we have discussed renters insurance in St. Louis and Missouri for those interested in renting a property in the area. We have listed all the guidelines specific to the state, so you understand everything you need to know about renters insurance. We hope this has been useful and aids you if you plan to rent property in St. Louis.