Renters Insurance Arizona

Renters insurance is not required by law in Arizona, but many landlords include its purchase as a requirement in your lease agreement. As with any lease violation, failure to comply can result in the landlord charging fees (similar to what you might pay for renters insurance, but without the protection) or pursuing other action against you, up to and including eviction. This makes a case for following your landlord’s demand for renters insurance, but what if there is no such provision in your rental contract? The benefits of having renters insurance when you need it far outweigh the cost. Any insurance your landlord has will not cover you or your personal belongings in the event of a loss or damages. Costs associated with replacing your valuables or property damages you’re found responsible for can be prohibitive. Renters insurance protects you from covered events or perils like fires, windstorms, theft, and riots. It also provides personal liability coverage for property damage caused by you or bodily harm sustained in your home. Your Arizona renters insurance requirements might be satisfied with these basics, or you may want to add endorsements for even more coverage.

You might see some variation between providers, but every renters insurance plan in Arizona covers the same basics at minimum. Standard coverage areas include your possessions, personal liability, and additional living expenses. Most policies have actual cash value coverage, meaning they will only over replacements up to the actual worth of your item today. A $1000 TV from a few years back wouldn’t sell for the same price today; actual cash value will only reimburse you for the cost of your item minus depreciation. Some policies include replacement cost, which does not factor in depreciation, as part of the standard package or as a paid add-on. Personal liability coverage typically insures you up to $100,000. Additional living expenses, or loss of use, coverage helps to cover extra costs incurred from living out of your home if it becomes uninhabitable due to a covered event. You might decide you’re comfortable with the standard level of protection, or you might want to add more. Basic renters insurance covers you for many common perils like fire but won’t cover you for some natural hazards that abound in Arizona. Consider added coverage for disasters like flash floods, landslides, and earthquakes.