Why do I need renters insurance at all?
Renting a home can be risky, especially when you are living in multi-family homes. You may be cautious about preventing fires and other disasters, but other families in the building may not be so careful. The landlord/property owner has insurance to cover the structures, but that insurance will not cover anything that is contained within the individual units (your stuff). This is your responsibility.
What does it cover?
Renters insurance is different from homeowners insurance because it only covers your belongings, both inside your living space and in your car. This includes your furniture, clothing, appliances, electronics and anything else you own. Before you meet with us, make a list of any high-ticket items you own that may require additional protection. This will ensure we provide you with a policy that pays enough to cover these items if something should happen. It is always a good idea to take interior photos/video of your home showing the items and photos of your valuables (jewelry, watches, art, etc). In the event of a claim (water damage, fire, theft), it can speed up the claims process.
What determines the cost of my policy?
- Options you select; enhancements are priced separately.
- How much you want to cover; higher deductibles usually lower your cost by shifting part of the loss payment to you. For example, if you had a $1000 deductible, you would be responsible to pay the first $1000 of the covered loss.
- Your set limits; you may choose to increase the limit if appropriate for your needs.
Renters Insurance Terminology
- Protection for Your Belongings: Coverage typically pays to replace your belongings if when they are damaged/destroyed by an insured event like a kitchen fire or water damage.
- Protection for You & Other People: Personal Liability Coverage applies if someone is injured on your rental property and you are to blame. When choosing your liability coverage limits, consider your income and your assets. Make your personal liability coverage high enough to protect your assets if you are sued.
- Medical Coverage: This covers medical expenses for guests if they are injured on your rental property, and in some cases, off of your property. It does not cover healthcare costs for you or other members of your household.
- Additional Living Expenses: If you can’t live in your rental because of a covered loss, your renters insurance policy will pay additional living expenses (commonly for up to 24 months) while damage is assessed and your place is repaired or rebuilt.
- Scheduled Personal Property Coverage: If you have special possessions such as jewelry, art, antiques or collectibles you may want to add this coverage. It provides broader coverage for specific items.
- If You Sublet Your Rental Property: Consider additional liability coverage for the risks posed by tenants.