renters insurance is $132 per year, about $40 cheaper than the national average. Most policies protect your personal belongings, costs associated with loss of use, and personal liability fees. Flood damage is usually excluded, however.

You probably spend more time daydreaming about the beach than thinking about your home burning down. But your worst fears have a lot to teach you. If the worst happens, your future self will want help rebuilding. Did you know it’s easy to find an affordable

renters insurance

policy?

Keep reading for a quick overview of renters insurance, including how to build a policy, what it covers, and how to find a low rate without sacrificing coverage.

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What is renters insurance?

Renters insurance is a type of insurance policy that protects people who rent. It covers your personal possessions and offers financial coverage in case someone sues you due to an incident in your home.

The landlord or owner probably has a homeowners insurance policy, which covers the physical property.

A renters insurance policy normally includes the following coverages:

Property coverage (Coverage C): This insurance covers the actual cash value (ACV) or replacement cost of your belongings if they’re destroyed by a covered peril.

Loss of use coverage (Coverage D): Also known as additional living expenses (ALE) coverage, this part of your policy pays for living expenses, like a hotel room or food delivery, incurred as a result of damage to your property.

Personal liability (Coverage E): If someone else is injured or their property is damaged in your home, your personal liability insurance will cover any amount you’re legally required to pay, including court and attorney fees.

Medical payments (Coverage F): This coverage pays for any medical expenses when someone is injured on your property.

The first main part of a renters insurance policy is coverage. This is a number that covers the value of all your insured possessions. Start by adding up the value of your things. Include your daily-use electronics, clothing, and furniture. If you couldn’t live without it, you should insure it.

The second part of a renters insurance policy is liability protection. This component will cover legal costs up to your limit if you get sued because of an accident on your property. Think slippery steps or a dog attack. Some landlords require a certain level of liability coverage.

What does renters insurance cover?

A renters insurance policy does not cover every possible event. Your policy only covers the perils that are named in the agreement. If something is not written down in your policy, you do not have coverage for it.

Every company has a different standard policy (so read yours carefully), but most renters insurance policies cover:

Fire

Theft

Frozen plumbing

Windstorm

Vandalism

Hail

Lightning

Impact by a vehicle

Falling objects

Explosion

Note that some natural disasters are not on this list. Wildfires, earthquakes, and floods are excluded from most renters policies. Some states face an unusually high risk of certain disasters. As a result, insurance companies do not cover that disaster. South Carolina residents may wish to consider flooding protection, for example.

Read your policy closely to understand what is covered. If you are concerned about something that is not specifically named, consider taking out additional coverage.

What does renters insurance not cover?

Renters insurance does not cover the physical property (i.e., the floors and walls). It does not cover extremely valuable items or work-related tools. A renters insurance policy is intended to cover the items in your home that you use every day.

A renters insurance policy does not usually cover:

Work-related items: Any items belonging to your boss are not covered under your renters insurance. Any tools you use in your own business are not covered. If you need to insure something like a work laptop or a digital drawing tablet for your side hustle, you should look into additional coverage.

Valuables: Rare and expensive items are not normally covered. Paintings, collectibles, and valuable jewelry may not be covered.

Your car: Even if a car is parked on rented property, your renters insurance won’t cover it. Instead, you will need

car insurance

to cover your vehicle.

MORE:

South Carolina car insurance

Key Takeaway Renters insurance covers personal items in your rented home. It does not cover the physical building, very expensive items, or work-related items.

Is renters insurance required in South Carolina?

No, renters insurance is not legally required in South Carolina. Be aware that landlords can require their tenants to carry renters insurance as a condition of the lease. You can be asked to provide proof of a policy on demand, so make sure you understand what’s required.

South Carolina renters should consider taking out a policy even if renters insurance is not legally required. You might be surprised at how low the monthly fee is. Without a policy, you could have to pay out-of-pocket to rebuild your life if a disaster destroys your home.

South Carolina renters pay less than the national average for renters insurance. At just $132 per year or $11 per month, you could have a policy that could pay out thousands of dollars in case of a covered incident.

Tired of stressing about clumsy houseguests and threatening weather reports? Protect your stuff and your bank account with renters insurance—even if it’s not legally required.

How to build a South Carolina renters insurance policy

First, you need to inventory your belongings. You can’t build a policy without knowing how much coverage you need.

Go room-by-room and write down information about items that should be covered (electronics, furniture, appliances, and art):

Quantity

Purchase date

Purchase price

Brand number

Serial number (if available)

Each item should be photographed. If you ever need to submit a claim, the process will go much more smoothly if you can provide photos of your lost items.

Now, you need to choose a personal liability limit. This is the amount of money your policy will pay out for legal costs if you get sued because of an accident on your rented property.

Finally, check your policy carefully to see if you’re covered for the most likely disasters in your area. In South Carolina, a separate policy is usually required for things like hurricanes and floods. If you are concerned about these events—but they are excluded from your standard policy—you should ask about purchasing a separate policy.

Actual cash value vs. replacement cost

Payouts are handled one of two different ways, depending on which type of policy you have.

Your policy is either an actual cash value (ACV) or replacement cost policy.

Let’s say you bought a new rug for the playroom five years ago, and it cost you $800. Today, your washing machine malfunctioned and damaged the rug.

An ACV policy will only reimburse what your rug is currently worth, factoring in depreciation. That $800 textile may only be worth $500 today. A replacement cost policy will reimburse you for the full original price so that you can purchase a replacement rug of similar quality. You do have to pay more for this policy.

Consider your needs and risk profile to determine which policy makes sense for you.

MORE:

What does actual cash value coverage mean on insurance?

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Is renters insurance worth it?

Yes. Renters insurance is very affordable in South Carolina. Your protection extends to your personal belongings as well as personal liability.

What is the average cost of renters insurance in South Carolina?

Rates vary, but the average South Carolina renter pays well below the national average of $173 per year. The average cost of renters insurance in South Carolina is $11 per month or $132 per year.

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