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Wilcoxon Insurance, Inc.

4804 S. Minnesota Ave., Ste 103
Sioux Falls, SD 57108

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What is Renters Insurance and Why Do I Need it?

The Sioux Falls, SD area is continuously sprouting, proving to be a rich metro area in terms of population. As more people reside within this city, they will opt to rent a home as a better and more affordable option. Did you know that the homeowner’s policy held by your landlord is not financially liable for the protection of your belongings when unforeseen events strike in Sioux Falls, SD? Be wise and safeguard what you own, no matter little it seems. Don’t hesitate to speak to our agents at Wilcoxon Insurance Inc. to get renters’ insurance that matches your needs and lifestyle.

What is renters insurance?

It’s a form of property insurance that shields imminent losses to personal belongings and safeguards the insured against liability claims. These liability claims entail those happening in your rental and don’t culminate in a structural problem. Renters insurance safeguards anything from a studio apartment to an entire apartment. Investing in renters insurance is an absolute need for the following reasons:

Protect your personal belongings

Have you ever imagined what can transpire when your possessions get damaged in your rental house, forcing you to start from scratch? What happens when a covered peril like a fire strikes in your rented dwelling? Buying condo insurance in Sioux Falls SD can safeguard your personal property when unexpected eventualities strike.

Provides liability protection

Suppose electrical faults emerge in your rented apartment, triggering a fire that spreads to neighbouring rooms? Though this incident might be a result of an accident, it can land you with liability claims. Luckily, if you have invested in renters insurance, it kicks in and covers liability claims such as bodily injuries and property damage to third parties.

Provides additional living expenses coverage

This form of policy caters to additional expenses such as hotel bills when your rented apartment becomes uninhabitable after being ravaged by a covered peril. It settles excess spending you indulged in as your condo was being repaired.

Do you want to safeguard yourself and your personal property in Sioux Falls, SD? Its crystal clear that replacing your personal belongings attracts a substantial amount, which could prove to be an uphill task. Call or visit our Wilcoxon Insurance Inc. today and get more information about renters insurance.

What does renters insurance cover?

Many renters are under the false assumption they don’t need renters insurance since they are covered by their landlord’s insurance. Not true. Your landlord probably insures the building you live in but not your personal possessions. At Wilcoxon Insurance Inc. in Sioux Falls, SD, we are committed to raising the bar on providing affordable insurance to our clients. We are a local independent agency, and we provide unparalleled service and options. 

Your possessions

For many renters, their apartment, condo, or home contains most of their possessions. Basically everything they own other than their vehicle. A home fire, hurricane, or tornado can cause total devastation. Not only is your home gone but everything you own is gone. Renters insurance may cover your possessions. This coverage will also cover theft from your home or when you are away from home with one of your possessions. 

You have two choices when purchasing content insurance. You can choose actual cash value or replacement cost. Actual cash value-this is the amount a possession is actually worth today taking depreciation into account. Replacement cost is what it would cost to replace that possession today.

Liability

If someone is hurt while visiting you at your rental or by a member of your family, even your pet, you may find yourself with medical bills and property damage that you must pay. If it leads to legal actions, that can get expensive. Renters insurance provides liability protection. 

Loss of use

If your rental is damaged by a covered peril, it may become uninhabitable. If that happens, you will need a place to stay right away and after that for months. Having this insurance will provide the assistance you need to get an interim rental. 

Contact Wilcoxon Insurance Inc in Sioux Falls, SD with all your renter’s insurance questions and needs. 

Common Renters Insurance Myths Exposed

Wilcoxon Insurance Inc. serves the Sioux Falls, SD community by offering multiple types of policies. One of our primary goals is to provide excellent customer service to our clients. We take pride in serving the community as an independent agency.

Common Renters Insurance Myths

Renters Insurance allows you to protect your assets. The policy covers any damage to your personal items if a fire occurs or some other type of natural disaster. You are also covered if someone steals or vandalizes your property. Liability coverage is also important, as you will be protected if someone gets injured while visiting your property. Here are some common renters insurance myths to avoid while researching coverage.

I Don’t Have Valuable Assets.

Perhaps you may feel that you don’t need renters insurance coverage because you don’t have any valuable possessions. This is a mistake. Any item that you own holds some value. That’s why you need coverage. If something were to happen to your items, things could get pricey very quickly without renters insurance.

The Policy Is Restrictive

Many people assume that renters insurance only provides adequate coverage for personal items. You have more flexibility than you may realize. For example, you can add temporary living coverage to your policy so that you will be protected while you seek temporary lodging and your rental property is being repaired.

I Can Rely On My Landlord’s Policy

This is incorrect, as your landlord’s coverage does not protect your personal items if an accident occurs. Your landlord’s policy covers any damages to the building. However, you are responsible for covering your belongings.

Wilcoxon Insurance Inc. Will Help You Protect Your Assets

Visit our website today to learn more information about renters insurance.

Why do I need renters insurance in South Dakota?

Sioux Falls, SD is a great place to live whether you are a homeowner or a renter. As a renter, you may feel safe thinking that your landlord or management company has your back and your insurance. That is only partially correct. Your personal belongings are not covered by any insurance on the apartment, condo, or house you are renting. At Wilcoxon Insurance Inc. in Sioux Falls, SD, we are a locally owned independent agency that provides personalized service to our customers. 

The insurance covering the building you rent only covers the things that come with the rental like the actual structure, the cabinets, doors, and appliances if they are included. Everything you bring in with you, your furniture, decor, and clothing will not be covered. If you don’t have renters insurance, you will have to replace everything yourself. That could be a real hardship. 

Imagine your furry friend gave someone a little nip, or one of your visitors slipped in your bathroom and got hurt. Renters insurance provides liability coverage to protect you from a legal judgment against you, medical bills, and legal costs. 

If your rental was hit by a covered hazard and was no longer habitable, where would you stay? With renters insurance, you would be able to stay in a hotel while you find a temporary rental to stay in until you can move back home. That would certainly give you peace of mind. 

When you are ready to discuss renters insurance at Wilcoxon Insurance Inc. in Sioux Falls, SD, we will be here to help you find a policy to fit your needs and your budget. Stop in and visit us at our office or give us a call to get answers to any questions you may have and a no-obligation quote. 

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