Renters Insurance

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Renters insurance is an insurance policy that protects your personal property in a rented apartment, condo, or home from unexpected circumstances such as theft or fire, and will pay you for lost or damaged possessions. It can also help protect you from liability if someone is injured on your property.

Renters insurance is similar to homeowners insurance, with the exception that it does not cover the dwelling itself or other structures.

Your renters insurance policy coverage will depend on the type of policy as well as the specific terms of that policy. That being said, most standard policies include four basic types of coverage:

• Personal Property Coverage: This coverage is for items in your home that become damaged or destroyed by a covered event.
• Liability Coverage: This coverage protects you in the event you are deemed legally liable for an accident that takes place on your property which injures another person or damages their property. It commonly covers medical bills and legal fees.
• Additional Living Expenses: This coverage helps to pay for your living expenses if you are unable to live in your property for a period of time due to damage caused by a covered event.

While individual policies vary, renters insurance typically doesn’t cover:

• Valuables: Expensive collectibles and valuables such as jewelry may not be covered under a basic renters policy and may require additional coverage.
• Home business: Operating a small business out of your home doesn’t mean it will be covered by your renters insurance. For instance, if your business laptop is stolen from your apartment, there’s a chance it could be considered business property and therefore, won’t be completely covered by your renters insurance.
• Motorized vehicles: Use or ownership of a motor vehicle will not be covered by your renters insurance even if it is parked on your property (this also applies to aircraft and specific watercraft). Personal belongings kept inside the vehicle, however, are typically covered.

We suggest considering these key questions:

• What is the estimated cost to replace your personal property?
• How much deductible can you afford to pay out of pocket during a loss?
• What are your valuables and their worth?
• Do you work out of your home?
• Do you qualify for discounts or have the ability to bundle policies?