Sign up online or contact us. You’ll find plans designed to fit your budget and lifestyle.
No need to cancel your service before moving. Simply transfer it to your new address and get same-day electricity service.1
Sign up online or contact us. You’ll find plans designed to fit your budget and lifestyle.
No need to cancel your service before moving. Simply transfer it to your new address and get same-day electricity service.1
In the midst of what can be a chaotic transition, don’t overlook the importance of renter’s insurance and personal liability.
Many property management companies require proof of renter’s insurance up to $100,000 in liability coverage while some do not.I However, it’s up to you to ensure your belongings are protected. It’s a small price to pay for peace of mind and the personal property coverage you’ll need in case of a disaster.
With the national average renter’s insurance policy costing between $15 and $30 a month,II you may be surprised to discover that typically less than half of renters even have renter’s insurance.
Some renters believe their landlord’s insurance will transfer to them in case of property damage. Another common myth is if you don’t own much personal property, then you can probably get by without additional coverage.
The truth is, a landlord's policy likely won’t cover your personal possessions. And it’s also likely that your personal possessions are worth more than you think — especially when you consider their actual cash value or total replacement cost.
Consider a windstorm, theft, vandalism, water damage, fire or any other destructive experience that could happen to anyone. Would you be financially equipped to pay out of pocket to replace or restore your personal property? Would you have enough cash to afford a hotel for a few weeks while your home was being repaired from property damage?
A standard renter's insurance policy will offer protection for your personal belongings in case of natural disasters or other events outside of your control. Typical property insurance policies cover things such as loss of use, so in the event you are forced out of your rental property due to an accident, your insurance may cover a hotel. They also provide additional coverage and liability coverage in case a visitor suffers a bodily injury in your home and even property of others. Create a list of your home inventory and make sure to find a policy that can cover damage as well as covered losses.
Often times your insurance company will offer a deal if you bundle multiple policies together — so first, check with your auto insurance provider if you have one. Otherwise, ask a friend or co-worker who also rents to see where they get their insurance coverage from. The internet is also a great tool to shop around and quickly find discounts.
Take the time to do some research and find a policy that is best for you. You’ll never regret having the peace of mind that comes with knowing your personal items are covered in case of an emergency.
Sources
I Do You Really Need Renter's Insurance? https://www.themuse.com/advice/do-you-really-need-renters-insurance
II Renting Your Home? Protect Your Belongings with Renter's Insurance https://content.naic.org/article/consumer-insight-renting-your-home-protect-your-belongings-renters-insurance
If you don't have renter's insurance, your landlord can choose to charge you any amount of money as a penalty as long as it's in your lease. Be aware, even if a penalty wasn't in your initial lease, it may be there now after a lease renewal.
Yes, you can be evicted if you do not have renter's insurance and it is required and stated in your lease. Make sure to read your lease carefully and take into account the amount of liability coverage is needed
1 Requests processed after 5:00 p.m. Central Time will be connected the next business day. Same-day service is offered Monday through Saturday, weather permitting, where an existing meter is in place. No connections on holidays. Enrollment and permit requirements must be met before a request can be processed. Additional charges apply.
