Can you afford to replace all your belongings out of pocket?
Many renters don’t realize their personal possessions inside their apartment or rental home aren’t covered by their landlord’s insurance policy. From burglary and pipe bursts to smoke damage and vandalism, when the unthinkable happens, make sure you’re covered.
Renters' Insurance Policy Covers:
- Personal belongings - furniture, clothing, appliances
- Additional living expenses incurred - if the residence is temporarily uninhabitable following a loss
- Personal liability - for bodily injury and property damage claims or lawsuits
- Special Personal Property Coverage - Provides broader coverage than the base policy by covering additional causes of loss to personal possessions.
- Scheduled Personal Property Coverage - Items such as jewelry, recreational vehicles and watercraft can be scheduled on the policy. For example, loss or misplacement of scheduled personal items is covered with this endorsement.
- Personal Property Replacement Cost - Provides “new for old” coverage - no depreciation
How much is renters insurance?
The cost of renters insurance can vary depending on factors such as your location, the coverage limits you choose, and any additional endorsements you add. It's generally affordable, with average annual premiums ranging from $100 to $300.
What does renters insurance cover?
Renters insurance covers a range of scenarios. It typically includes coverage for your personal belongings, such as furniture, electronics, and clothing, in case of theft, fire, or damage caused by covered perils like storms or vandalism. It also provides liability protection in case someone gets injured in your rented property and you are held responsible for their medical expenses or legal fees.
Does renters insurance cover theft?
Yes, renters insurance typically covers theft. If your personal belongings are stolen from your rented property or even from your car, renters insurance can provide compensation for the loss, up to the limits specified in your policy.
Does renters insurance cover water damage?
Renters insurance generally covers water damage caused by accidental and sudden events, such as burst pipes or accidental overflow from appliances. However, it's important to review your policy to understand any exclusions or limitations regarding water damage, such as floods or long-term leaks.