Renters insurance helps protect you and your belongings when the unexpected happens. Landlord insurance covers the building, but you’re responsible for personal liability, your belongings, and medical payments to others. If you rent an apartment, condo, townhouse, or any other property in the Grand Canyon State, it’s a good idea to have renters insurance.
Nearly 35% of the residents of Arizona are renters, and if you are one of them, you need to know that if you rent, you will need a policy of your own if you want to protect your personal property.
Safeguard your belongings
Whether it’s for a flat-screen TV you just bought, the latest laptop computer or your favorite living room chair that’s your haven for binge-watching on, renters insurance safeguards your belongings in case of theft and fire or some other covered loss. Along with covering your cherished possessions, it can also take care of medical expenses and legal defense costs if someone gets hurt on a property you lease. If you rent an apartment, condo or house, renters insurance gives you the peace of mind you need to feel at home.
As local, independent agents, we work for YOU, finding you the best possible rate for the right coverage. As authorized agents of Insurance Professionals of Arizona, we compare dozens of companies to find you the best options for home, auto, business and life insurance in many states. We're proud to work only with A-rated carriers so our clients can expect outstanding financial strength and superior claims service to help protect what they value most. And with over 6 decades of combined experience, you can count on the most informed advice and stellar service!
Get the renters policy that is right for you
Renters have a unique set of insurance needs. What happens if there's a fire and your couch gets damaged? You may not be able to replace it, but with the right coverage you’ll be reimbursed for its current value. What happens if your house guest slips and suffers a back injury? Insurance can cover their medical expenses and any resulting legal action.
Your renters insurance policy covers your personal property against theft or damage subject to the limits and deductibles you select. The renter’s insurance coverage applies even when you are away from home. For a small additional premium, you can choose to carry coverage on your personal property, which ensures that you will be paid the full replacement cost of items that are damaged or stolen without deduction for depreciation.
What Factors Impact The Renters Insurance Premium?
The renters insurance cost in Arizona will vary depending on several factors such as:
Where you live: Different cities in Arizona will always have a different renters insurance rate, depending on environmental risks, such as fire and crime. If your home or apartment has security cameras or you live in a gated community, this could also reduce your cost.
Your deductible: A higher deductible usually means lower monthly payments. Would you instead pay less monthly and more at once, or would you instead pay more monthly and a lower deductible if you need to use your coverage? It depends on what is best for your budget and your personal belongings.
How much coverage you need: What items are you covering? If your belongings have a value that exceeds the minimum coverage, you might want to increase the limit on your renters insurance policies. However, such a change might increase the cost of your renters' insurance.
What Does Renters Insurance Cover In Arizona?
In Arizona, renters insurance, also called personal property insurance, covers everything you own that’s portable, temporary housing if your home becomes uninhabitable, and injuries sustained by other people at your residence. Coverage options include:
- Clothing Computers
- Other electronics Furniture
- Appliances Jewelry (up to a limit)
- Malicious activities - theft, vandalism, riots
- Accidents - fire, smoke damage, vehicle impact, or water damage from appliances
- Weather – damage from the weight of snow, frozen pipes, lightning, or windstorms.
More specifically, a renters policy typically covers:
Personal Property Coverage: Personal property coverage means that if something happens to your belongings, the insurance company will give you money to replace them at either cost or current value (depending on your type of policy).
Personal Liability: Personal liability insurance will cover you if someone decides to sue you after getting hurt at your house. The insurance company will pay the legal costs and any settlement to the injured party.
Medical Payments: Medical expenses go hand in hand with personal liability protection. So, for example, if someone sues you because they hurt themselves at your house, this coverage will take care of their medical bills.
Loss Of Use (also called Additional Living Expenses - ALE): Loss of use coverage means that if something happens to your home and cannot live there because of the damage, your insurance company will reimburse your living costs.
What Does Renters Insurance Not Cover In Arizona?
Renters Insurance usually will not cover anything outside your dwelling and might not cover property damage for all perils. Below is a list of a few things usually not covered on your renters' policy:
- Bed bugs and pests: The majority of renter's insurance policies will not cover damages associated with bed bugs, with limited exceptions. Along with other pests, such as rodents, they are considered a maintenance issue and are therefore ineligible for coverage under your typical renter's policy.
- Earthquake and flood damage: Renters coverage does not usually include earthquake or flood damage. Still, if you live in a high-risk area and can't get earthquake or flood coverage through your renters policy, you'll need to purchase an additional policy for those perils.
- Car theft or damage: If you own a car, the renter’s policy will not cover damage or theft. Your best option is to purchase a comprehensive insurance package that also protects your vehicle from collisions and weather-related damage. This way, your auto and renters insurance can work in tandem.