Renters Insurance
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What insurance covers personal belongings in your vehicle?
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. |
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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?
$15 per month is the national average. Policies can range from $10 to $45 per month depending on the dollar amount of coverage, deductible chosen, and floater.*
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RENTERS INSURANCE PROVIDER LIST ** NO PERSONAL INFO REQUIRED
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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.
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.
ADVICE
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 floater 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.
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 floater 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.
* Floater - (a.k.a. rider or endorsement) 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. Consider high value items you might want covered before buying the policy.
