Here at Rushmore Rapid Property Management LLC we require all of our tenants to have renter’s insurance. We require this because we want to make sure your belongings are protected against fire or theft during the time you are residing in a home we manage. The insurance the owner has on the building covers only the building itself. The insurance does not cover your property in the event of fire or burglary. In the event of a fire, all your furniture, clothing and other possessions could possibly add up to tens of thousands of dollars?
Depending on the coverage, renter’s insurance will cover all or a portion of a loss to items such as your furniture, electronic equipment, CD/DVD collection, computer, clothes, jewelry and other personal items. Renter’s insurance is relatively inexpensive. The average cost of renter’s insurance begins at about $10 a month for around $10,000 worth of property coverage and $50,000 worth of liability coverage (rates and coverages do vary).
If you already have auto insurance, adding renter’s insurance through the same company might cost you very little in addition to your current premiums. Most insurance companies offer multiple policy discounts.
Not all renter’s insurance policies are created equally. Some offer replacement value and some offer current value. We recommend getting a replacement value policy for your belongings, because typically the value of personal belongings is far below the replacement value. For example: a 10 year old couch might be worth $50; however, it could cost as much as $500 or more to replace it.
Also, some renter’s insurance policies cover liability protection and some do not. We require that renter’s insurance policies include a minimum of $50,000 of liability protection, but we recommend that you get a policy that includes $100,000 in liability protection to better protect you self.
You can receive a free quote from US or contact your automobile and/or life insurance company to check if they offer renter’s insurance. We recommend you receive multiple quotes, so you can receive the best rate possible.
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