Find the Best Renters Insurance in Madison, WI

What does renters insurance cover in Madison?

Renters insurance covers repair or replacement of your personal property — including clothing, furniture and electronics — if they are damaged, destroyed or lost because of fire, smoke, wind, theft, vandalism or certain other risks, or “perils.” It also pays for specific costs if you are liable for an injury on your property, or if you accidentally damage someone else’s property. You need renters insurance for these protections; a landlord’s insurance will not cover your belongings after an unfortunate event.

Here are the main coverages in renters insurance in Madison:

• Personal property coverage pays to repair or replace your possessions, up to certain limits, if they are damaged, destroyed or lost after a covered event. Personal property coverage has a deductible. If you have actual cash value coverage, your items are covered up to their current market value, factoring in depreciation. Replacement cost coverage, which is more expensive, pays for replacement of items at current retail prices.
• Liability coverage pays for certain costs if you’re legally responsible for someone’s injury on your property or for damage to someone else’s property. It might pay for the injured person’s medical bills, or for your legal costs if that person sues you. Liability coverage also could kick in if your child throws a ball through a neighbor’s window and it needs repairs or replacement. Like personal property coverage, liability coverage has limits. Policies typically have at least $100,000 in liability coverage.
• Additional living expenses coverage pays for certain expenses if a covered event, like a fire, damages your home and you are forced to move out temporarily. It covers things like hotel bills and meals that cost more than what you normally spend on food.

What does renters insurance not cover in Madison?

Renters insurance in Madison doesn’t cover everything. A standard policy doesn’t cover damage to your belongings as a result of flooding (but you can purchase a separate flood insurance policy). It doesn’t cover damage to your car — for that, you need auto insurance — but it usually covers the cost to replace an item that’s stolen from your car, like a laptop.

If you have a roommate, your renters insurance policy won’t cover their things unless that person is named on the policy. Renters insurance also doesn’t cover damage from pests.

Keep in mind that a renters insurance policy has limits and exclusions for different coverages, so it’s important to choose your coverage amounts carefully and read over the policy thoroughly so you know what is and isn’t covered.

How much is renters insurance in Madison?

Renters insurance in Madison usually costs between $10 and $20 per month, but it can be cheaper or more expensive.

The cost of renters insurance depends on a number of factors:

• Where in Madison you live
• The type of building you live in
• The fire protection rating of the area
• The types and amounts of coverage you buy
• Your deductible

The Wisconsin Office of the Commissioner of Insurance recommends shopping around for a renters insurance policy and asking questions. When you’re comparing prices from different insurers, make sure the policies are similar. Ask what discounts the company offers and which you qualify for. Renters insurance companies in Madison offer savings for bundling renters insurance with other types of insurance, having a home security system and scheduling automatic monthly payments.

Madison renters insurance FAQ

Does renters insurance cover pet damage to apartments in Madison?

Renters insurance won’t cover damage to your apartment caused by a pet, but the liability portion may help pay for costs if your pet injures someone or it causes damage to someone else’s property. When signing up for renters insurance in Madison, tell the agent about your pet(s), or you may not be covered later.

Why do landlords require renters insurance in Madison?

Landlords require renters insurance to reduce the risk of legal problems. It also helps them screen applicants.

Is renters insurance required in Madison?

There is no law that you have to get renters insurance if you are renting an apartment, but some landlords require renters insurance as part of a lease agreement. Read over any lease agreement carefully before signing so you know if renters insurance is required. Even if it’s not, it’s a good idea to purchase a policy.

Does renters insurance take effect immediately in Madison?

Yes, you can get renters insurance that goes into effect right away. Speak with your agent about when you need coverage to take effect and confirm that it will start when you need it to.