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Renters Insurance

What insurance covers personal belongings in your vehicle?
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Renters Insurance!  Auto insurance covers damage to your vehicle from theft but often does not cover loss of personal possessions or only covers them at a fraction of their value.

Renters Insurance not only covers items in your residence, but also covers items as they travel with you.

​Common items carried in your vehicle covered by Renters Insurance are listed to the right.
 

Briefcase
Beauty Supplies
Bicycle
Camera
Camping Gear
Collectibles
Designer Dress
Dress Shoes
eReader
Fine Art
Golf Clubs
Guitar

Handbags
Hearing Aid
Hiking Pack
iPad
Jackets
Jewelry
Laptop Computer
Luggage
Music Instrument
Photography
Purse
Skis

Surfboard
Snowboard
Snow Blower
Stroller
Suits
Sunglasses
Tennis Rackets
Tent
Tools
Violin
Watch
Wedding Ring
How much does renters insurance cost?
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$15 per month is the national average.  Policies can range from $10 to $45 per month depending on the dollar amount of coverage and deductible chosen.
What is renters insurance?

1) Insurance for renters that protects personal belongings from loss or damage in the event of theft, vandalism, or fire.

2) Renters Insurance also protects the policy holder from a liability lawsuit in the event a guest is injured in the dwelling.

3) Coverage for additional living expenses (food and lodging) during repairs if the dwelling becomes unlivable from a covered incident.

What items does it cover?

It offers protection against theft or damage to a renter's personal property including but not limited to: furniture, appliances, cookware, collectibles, jewelry, clothing, sporting goods, electronics, washer and dryer, computers, musical instruments, tools, rugs, art, and photography.

What items does it not cover?

It does not cover loss from earthquake, flood, mold, insects, or vermin. 

How much will it pay per loss?

$30,000 combined property.  $1,500 individual item.  $100,000 liability coverage.  Policies vary, but in general will cover at least $30,000 combined and a maximum of $1,500 per item for damage or theft unless this amount is increased with a rider.

How much is the deductible / co-pay?

$100 to $1000.  A higher deductible can be selected for a lower monthly payment.

Are highly valuable items like my wedding ring covered?

Yes, but you may need an extra endorsement. Single items are usually covered up to $1,500 with an endorsement needed to go beyond.

Doesn't my landlord's insurance cover my personal effects?

No. The landlord's insurance covers damage to the building but does not cover loss of a tenant's personal items.

Does it cover items in my possession that I have borrowed from someone else?

Yes.
CONSUMER TIPS

Request Replacement Cost Value (RCV) instead of Actual Cash Value (ACV).
RCV monthly payments are about 10% more than ACV, but it's worth it.  RCV pays out the amount needed to replace an item in today's market, while ACV pays out an amount calculated with a deduction for depreciation.

Include a rider* for a high value item.

Create an itemized list of your belongings using the Home Inventory Checklist in the Tools section above.

Document your personal property with photographs.  Email them to yourself, and store them in a file electronically online.  Pictures stored in the home are useless if the home is consumed by fire.

Take pictures of damage and report losses as soon as they occur.

Read the section on water damage carefully.  Some types of water / plumbing damage are covered, others are not.
* A rider is an escalated coverage for a high value item that is written into the policy for an increased premium.  Basically, your monthly payment goes up and your valuable item is covered at full value.
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