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Renters Insurance

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Renters and homeowners insurance help alleviate the financial burden you would have if your possessions were destroyed or stolen — or if someone were injured on or off your property or through your negligence.

Renters Insurance

Renters insurance is the type of coverage most overlooked by consumers. If you rent your home, apartment or condominium and do not have renters insurance, you have no coverage if your possessions are stolen or damaged in a windstorm or fire. You would not be covered if you were held legally liable for injury to someone or for damage to their property.

Do not assume your landlord’s insurance will protect your possessions. Landlords usually carry insurance only on the building itself.

You need renters insurance if:

  • You are a student and not covered by your parents’ homeowners insurance policy.


  • You do not own a home that is covered by a homeowners insurance policy.


  • You live in military housing. The federal government or privatized housing provider may provide minimal, limited coverage for your personal possessions if they are damaged or stolen from your quarters. Your personal possessions are your responsibility. Determine the limits and extent of your coverage. You may need supplemental coverage to fully protect your assets.
Coverage Description
Personal Property
  • May be purchased to cover named types of losses — named perils.


  • Named perils policies cover property only if it is stolen or damaged by a cause named in the policy.
Liability
  • Pays for medical expenses or repairs if you are legally liable for someone else’s injuries or property damage. For example, if a neighbor trips on your rug and breaks an arm, liability coverage would pay the medical bills.

About Premiums

When purchasing a renters policy, you may choose how the insurance company will assess the value of your property.

  • Actual cash value (ACV) policies replace your damaged or stolen property minus a deduction for depreciation.


  • Replacement cost policies replace your damaged or stolen property at the price you have to pay when you replace or repair it. These policies are more expensive. To claim replacement cost, you must actually replace or repair the item.

To Lower Costs

  • Raise your deductible - the amount of damages you agree to pay before your insurer starts paying.


  • Maintain a good credit rating.

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