Protecting your Life’s Possessions when living on Rent
Renting a home in Pennsylvania offers freedom and flexibility. But what happens if a fire, theft, or burst pipe damages or destroys your belongings? Your landlord’s insurance policy won’t cover them. That’s why renters insurance in Pennsylvania is a smart and affordable way to protect your personal property and your financial future.
At Patriotic Insurance Group, we offer comprehensive renters insurance policies designed to give you peace of mind, knowing that everything you own is protected from the unexpected.
What does Renters Insurance cover in Pennsylvania?
A standard renters insurance in Pennsylvania provides a layer of protection for you and your possessions when you’re living on rent. It typically includes three main components:
- Personal Property Coverage: This is the core coverage provided by your policy. It covers your personal belongings, including furniture, clothing, electronics, and kitchenware. This coverage applies whether your belongings are in your apartment or stolen from your car, a hotel, or a storage unit.
- Personal Liability Coverage: This is a crucial financial safety net provided by your policy. It protects you if you are found legally responsible for an injury to another person or for accidental damage to someone else’s property, whether it occurs in your rental home or elsewhere. This coverage can help pay for legal fees, medical bills, and other damages.
- Loss of Use (Additional Living Expenses): If a covered event—like a fire—makes your rental home uninhabitable, this coverage helps pay for the increased living expenses you incur, such as hotel stays, meals, and other costs, while your home is being repaired.
Is Renters insurance required in Pennsylvania?
Renters insurance is not legally required in Pennsylvania by state law. But most landlords and property management companies require renters insurance as a condition of your lease agreement. They do this to ensure that you have the financial means to cover your own belongings and any potential liability issues, protecting both you and them.
What is the average cost of Renters insurance in Pennsylvania?
Renters insurance is not as costly as many think. The average cost of renters insurance in Pennsylvania typically ranges from $10 to $21 per month, or about $120 to $250 per year. The exact number for the cost of renters insurance depends on several factors.
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Personal Property
Risk Factor
Unpredictable losses can occur to your property due to burglary, fire, water damage, storm, and more.
Solution
Personal property, such as furniture, rugs, TVs, stereos, clothes, and more may be covered under your basic insurance policy. However, items like jewelry, furs, silverware, antiques, collectibles, and other valuables should likely be insured separately.
Limits and Exclusions
Risk Factor
Some types of personal property are subject to limits of coverage under renters insurance policies. These limits vary by the type of property and by what caused the loss or damage. For example, jewelry, bicycles, collectible cards, and coins may have limited coverage or may not be covered.
Solution
Obtain a personal floater or schedule your valuable possessions to ensure you’ll have the money to replace them.
Additional Living Expense
Risk Factor
If the building you live in has a loss from a covered peril under your renters insurance policy that makes your apartment or home uninhabitable, you will need to find somewhere else to live while the repairs are undertaken. This can be expensive and inconvenient.
Solution
Be sure your insurance policy includes additional living expense coverage. If you need to move out and rent another location, this coverage provides for the increase in living expenses–such as moving costs, increased food costs, and other expenses.
Liability
Risk Factor
You are responsible if you or a guest in your unit trips and falls or sustains an injury while on your property.
Solution
Be sure that you have adequate liability insurance to protect for claims made against you for bodily injury or property damage – such as a slip and fall or other allegation. Liability coverage also provides protection should you become legally liable for unintentional bodily injury or property damage anywhere in the world.
Medical Expenses
Risk Factor
You're responsible if a guest is injured while on your property and you may be required to pay their medical expenses.
Solution
Ensure your insurance policy covers this risk. In the event a person is injured in your unit, he or she can submit medical bills to your insurance company. Medical expenses are usually paid without a liability claim being filed against you, with typical limits ranging from $1,000 to $5,000.
Landlord
Risk Factor
You may not be able to rent the apartment or home if your landlord or property manager requires renters insurance and you do not have it.
Solution
Having a renters insurance policy allows you to provide a certificate of insurance to the landlord or property manager showing that you have the coverage required to rent the apartment or home.
Improvements or Betterments
Risk Factor
Any improvements or betterments that you have made to your unit are subject to damage.
Solution
Be sure to obtain coverage for improvements or betterments that you have installed in your apartment or home.
Contents Away from Home
Risk Factor
You may take your valuable property outside of your unit. For example, what happens if your laptop or golf clubs get damaged or stolen while traveling?
Solution
Be sure to add off premises theft coverage to your policy to cover your personal property while your belongings are away from your home. Auto insurance does not usually cover personal property stolen from your car.
Premises Liability
Risk Factor
You may be responsible for damage to your apartment or dwelling should you, for example, have a leaking sink or accidentally start a fire.
Solution
Be sure your policy has liability coverage that includes tenants legal liability or premises liability. Your landlord may require that you to have this type of insurance protection in place as a requirement before renting the property to you.
Factors that affect cost of Renters insurance in Pennsylvania
Your final renters insurance cost in Pennsylvania will depend on a few key factors, including:
- Location: Cost of renters insurance increases in urban areas than in regional areas. Additionally, your ZIP codes, proximity to fire services, and crime rates in your locality also play a factor.
- Your deductibles: A higher deductible amount means a lower premium, but you pay more upfront if you need to file a claim.
- The personal property and liability coverages you choose: The total worth of your personal items and limits of your liability coverage also play a significant factor in determining the cost of renters insurance.
- Safety features in your building: Buildings equipped with security systems, burglar alarms, fire alarms, and sprinkler systems can lower your premium because they reduce the risk of loss.
- Credit Score: A higher credit score can result in lower renter insurance rates, as it gives insurers more confidence in your ability to pay premiums consistently.
- Any discounts you qualify for, such as bundling your renters policy with your auto insurance also helps in deducting your renters insurance costs.
Does Renters insurance cover me for issues with my roommate?
Renters insurance typically does not cover damages or losses caused by your roommate’s actions or negligence. If you share a policy with a roommate, claims may affect everyone’s rates. It’s often recommended that each roommate purchase their own individual policy for clear coverage and financial responsibility.
Does Renters insurance cover bed bugs or mold?
No, a standard renters insurance policies do not cover damage from or the remediation of bed bugs, mold, or other pests. These are typically considered maintenance issues and are the responsibility of the landlord.
Is it good to get a home inventory?
Yes, a home inventory is a crucial step to take in renters insurance. In the event of a total loss from a fire or other covered peril, it can be difficult to remember everything you owned. A detailed inventory (including photos or videos) will make filing a claim faster and easier, ensuring you receive the full amount you are entitled to.
Get Your Renters Insurance Quote Today!
Don’t wait for the unexpected to happen. Get a free, no-obligation renters insurance quote in Pennsylvania with Patriotic Insurance Group – Pennsylvania Office today and see just how easy and affordable it is to protect your belongings. Contact Patriotic Insurance Group today to learn more.
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