Best Renter's Insurance Companies in Philadelphia

FAQs

• Can you get renter's insurance in Philadelphia on a short-term rental property?

  If you rent your Philadelphia home frequently but only for a short period of time, you should consider purchasing short-term rental insurance, which covers dwelling damage, personal property damage, liability insurance, and revenue loss due to the home's destruction. Wear and tear, mold, flood, and earthquake damage, pest infestations, and maintenance issues are not covered by this insurance. You can add a short-term rental policy as an endorsement or rider to your homeowner's insurance policy.

• What additional coverage is available in Philadelphia to supplement renters' insurance?

  In Philadelphia, you have the flexibility to customize your renters' insurance policy with various supplementary coverage options, which can include:

  • Removing debris after an insured event.
  • Replacing lost or damaged items.
  • Coverage for the appraised value of your collectibles, jewelry, and art.
  • Equipment breakdown replacement.
  • Identity theft or fraud reimbursement.
  • Water backup or sump pump overflow repair. These additional endorsements allow you to tailor your renters' insurance to your specific needs and provide added protection for your belongings and personal security.

• What can you do to save money on Philadelphia renters' insurance?

  Discounts on your Philadelphia renters insurance rates may be applied if you complete actions such as installing apartment security and safety systems, setting up automated payments for your premiums, and being an applicant with no previous claims. You can also combine your renters insurance with your vehicle, homeowners, or health insurance from the same company. Before you do so, weigh the potential savings and improved coverage of the bundle against the cost of the individual policies.

• Who will pay for property damage if both the landlord and tenant in Philadelphia have renters' insurance?

  Tenants in Philadelphia who have renters' insurance are much less likely to seek reimbursement from their landlord for property damage or relocation costs. Furthermore, whether they have insurance or not, the renter will be liable for the cost of repairs, as if they had negligently caused the peril or lost their personal property.

• How much would renters' insurance cost for someone living in Philadelphia?

  The average annual premium for renters' insurance in Philadelphia is $204, which works out to be $17 per month. The actual cost will be based on the following factors, such as the coverage inclusions, deductible amount, type of the residential unit, location of the rental property, and supplementary benefits costs.