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Cedar Falls renters insurance is a wise financial investment for people who rent their homes. After a weather disaster or theft, the cost to replace your belongings can be substantial. Your landlord or property owner is only responsible for the structure itself, not the property therein, so you must take measures to protect your personal items. Basic Iowa renters coverage is very inexpensive, especially considering what it would cost to replace your things.

Cedar Falls is located in eastern Iowa and is part of the Cedar Falls-Waterloo metropolitan area. It is approximately 60 miles from Cedar Rapids, IA, and 120 miles from the state capital, Des Moines, IA. Close to 30 percent of Cedar Falls residents are renters, but renters insurance continues to be an overlooked resource. Homeowners insurance is required by mortgage lenders, and while renters do not have that financial obligation, they are wise to invest in the same protection that owners have.

The Importance of Liability Coverage

There are six forms of homeowners insurance coverage (Coverages A-F), and four apply to renters. Coverage C covers any damage or loss of your belongings as a result of a named peril. Coverage D pays for alternative living expenses if your rental unit is unlivable after a disaster. Coverage E is your liability provision, and Coverage F pays reasonable medical expenses for people injured on your Cedar Falls rental property.

We often think of liability in terms of car insurance, but Iowa homeowners and renters should also have this protection. If someone is injured at your home and it is deemed your fault, they can sue you for damages. You stand to lose your savings, assets and even future earnings if the plaintiff is successful, and you will have to pay for your legal defense in any event. The liability provision of your Cedar Falls renters insurance protects you from those costs.

The distinction between Cedar Falls renters insurance Coverages E and F may seem fuzzy, but they are vitally important in the event that someone is injured at your home. If a neighbor's child falls and breaks his arm because he was running through the house, your Cedar Falls renters insurance Coverage E will pay those medical bills. But if his parents claim his injury was a result of your recently-waxed floors, you may be held legally responsible. That is when liability kicks in to pay the medical expenses, court-awarded damages and your legal fees.

If someone is injured outside of your home on communal Cedar Falls rental property, it may be unclear who is liable. If the property is poorly maintained, i.e., broken sidewalks or a slippery pool deck, the owners may be responsible, but it is important that you cover yourself as well. The property owner could contest that you are responsible for your guests, shirking the responsibility onto you. As a precaution, report any maintenance concerns and document your communications with management. Their failure to take care of the property could give you an easy out if you are faced with a liability lawsuit.

Details of Your Policy

Basic Cedar Falls renters insurance covers around $15,000 in personal property. These limits can be raised for extra protection, and riders can be added on to your affordable renters insurance policy for collections, jewelry, art and more. Typical liability coverage starts at $100,000, and Coverage F medical payments starts at $1,000.

Once you know how much coverage you have, determine whether the Cedar Falls renters insurance policy is offering actual cash value or replacement cost compensation. Actual cash value reimburses you the value of your belongings at the time they were damaged, taking into account depreciation, and replacement cost pays you what it would cost to buy a comparable replacement. For instance, if your entertainment center that you bought five years ago for $7,500 is stolen, the actual cash value reimbursement might be $2,000, less your deductible. The replacement cost for the same entertainment center might be $8,000, less your deductible. Replacement cost is obviously the better deal, but it will cost you more each month in premiums for this type of protection.

Cedar Falls renters insurance providers offer various discounts. When shopping for a Cedar Falls provider, start with your IA car insurance provider if you are pleased with their service. Many providers offer discounts for clients with multiple policies. If your landlord or property manager has installed special safety features like burglar alarms, carbon monoxide detectors or fire extinguishers in each unit, you could also get lower rates.

Cedar Falls renters insurance will save you a major headache after disaster strikes. In an area of Iowa prone to tornadoes and ice, Cedar Falls residents need all the protection they can get. Fill out our easy-to-use form for more information about Cedar Falls renters insurance providers and to obtain a rate quote today.