Just like an auto policy protects your vehicle, renters insurance takes care of protecting your belongings and personal liability. Even though your landlord has insurance on the building, it most likely doesn’t cover your personal belongings. That’s where ERIE can help.
The best part? Renters insurance is really affordable. You may even qualify for a discount if you already have an auto policy with ERIE. In some cases, the discount actually offsets the price of the renters insurance policy.1
Here are six things to consider when you’re ready to purchase a renters insurance policy:
Finally, remember that no matter where or what you’re renting, your ERIE agent is always there to help you get the right coverage for your needs and budget.
According to National Association of Insurance Commissioners’ data, the average renters policy costs only $184 per year. That works out to slightly more than $15 per month for liability coverage ranging from $30,000 to $50,000 (depending on location) with a deductible between $500 and $1,000.
Here are some other key points to consider when assessing the cost of renters insurance. Of course, there are a lot of variables and you should check with an ERIE agent to see what best fits your needs.
Insuring your belongings is a smart decision because your building’s insurance policy doesn’t cover them.
This protects your possessions even if they’re damaged, lost or stolen when away from home, whether the location in question is an exotic locale or a friend’s place across town.
This coverage kicks in to take care of additional living expenses, like the cost to stay at a hotel, should you have to relocate temporarily while your building or place is being repaired after a covered loss.
This protects against things like slander, discrimination, cyberbullying and more (see policy for details).
This coverage can help if someone is hurt in an accident at your home.3
With lots of extra options to choose from, your ERIE agent can help you customize your renters insurance.
Here are a few ways you can personalize your protection by adding coverages that won’t break the bank.
You can expand your protection beyond our base renters policy with higher limits and additional coverages. Simply add one of our three affordable bundles. Your ERIE agent can help you choose the best option for your situation. (Not available in NC.)
This add-on covers damage to your property for backups through sewers, drains and sump pumps. (Not available in all states.)
If you’re part of the home sharing community (or considering joining in), make sure you and your personal property are protected. Home Sharing Coverage is an affordable add-on that can provide you with valuable coverage for property damage and/or theft and liability claims. (Not available in NC or VA.)
This affordable add-on covers damage to your home or property caused by earthquake.4
Renters insurance doesn’t cover flood damage, but your agent can help you find the right flood policy.
In NC, ask your agent about further customizing your renters insurance policy5 with available extra features like:
1Discounts subject to eligibility criteria and rates and rules in effect at the time of purchase. For additional information, visit erieinsurance.com or talk to your local ERIE Agent. Individual policies may differ.
2Sub-limits, differing from policy limits, may apply to these coverages.
3Medical payments for someone other than the insured, resident of the household or tenant. Medical payment limits differ from liability limits and are typically $1,000 or $5,000.
4ERIE’s earthquake endorsement can be purchased with a percentage deductible of the amount of insurance.
5ERIE offers a Homeowners 00 04 Contents Broad Form Policy. Sub-limits, differing from policy limits, may apply to these coverages.
6Certain limits apply