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Renters Insurance
Protect your personal property with a renters package.
Your landlord's insurance policy will not protect your personal belongings in the event of a claim.
You cannot insure what you do not own, and your landlord does not own your personal possessions.
That's where Renters Insurance comes into play.
Renters Insurance provides protection for your personal property, but it also does a lot more.
We want to make sure that you know how your renters insurance will react and who will be there for you on your worst day.
The
Other Side
Renters Insurance includes Personal Liability Coverage.
Do you have an auto insurance policy? (If not, click here.)
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If you do, then you have a coverage called Liability Coverage that pays for bodily injury or property damage that you caused to someone (and lawsuits resulting from such) up to the policy limit.
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This coverage is in effect while you are operating the vehicle.
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How many hours do you spend in the car each day, on average?
An hour? Maybe two?
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What is protecting you the other 23 hours that you are not driving?
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Well, both renters insurance and homeowners insurance have Personal Liability Coverage that addresses this.
This coverage is said to be "on your person" and generally applies anywhere in the world.
In this day and age where lawsuits can result from the temperature of coffee, Personal Liability Coverage is a good thing to have!
Core Coverages
This covers all of your personal belongings like clothing, furniture, electronics, and appliances. Like the Dwelling, it can be calculated on a Replacement cost or ACV basis, but might not be the same as the basis used for the Dwelling.
This is often overlooked and incorrectly assumed to be Replacement Cost, so it's an important detail to check in your specific policy.
This covers your living expenses if you need to live somewhere else temporarily because your primary home is uninhabitable due to a loss.
Think about it: If your residence were to be damaged in a fire, for instance, you'd have to pay to stay in a hotel (or somewhere) until it was fixed or rebuilt. But you can't cook very easily in most hotel rooms, so you'd either have to go out to eat or live off of microwavable mac and cheese - yum! These expenses can add up in a hurry, making loss of use coverage invaluable!
This covers medical expenses for guests if they are injured on your property. It does not cover health care costs for you or other members of your household.
This coverage is very easy to access and exists to help avoid a larger liability situation (x-rays and ER visits are typically less expensive than a lawsuit).
Personal Liability Coverage applies if someone is injured or their property is damaged and you are to blame. This coverage generally applies anywhere in the world. Your personal liability coverage should be high enough to protect your assets, such as personal property, savings, and future wages, if you are sued.
In some situations, an Umbrella policy may be necessary to provide extra coverage. (For more information on Umbrella policies, contact us)
Optional Coverages
Many of these optional coverages are not automatically included in a renters policy— but that doesn't mean you shouldn't have them!
Knowing what is and isn't covered in your renters policy can save a lot of money and heartache in the future.
We want to help you choose the best options for your needs and make sure that you can sleep well at night knowing you have the protection you deserve!
This is coverage for “overflows” of water from sewers (like out of toilet bowls) and “backups” from drains (like floor drains and sinks).
This is coverage for water damage resulting from ground-source water that is not related to a home system (toilet, sewage line, etc.) backup situation. If water falls out of the sky, hits the ground, and then comes into your residence, it is a flood.
Some companies offer limited flood coverage for properties not in a high risk flood zone, but most renters policies do not have flood coverage.
Flood coverage is typically written as a separate policy and would cover your personal belongings as a tenant— NOT the space you are renting (Your landlord would need their own flood insurance for the building itself).
For more information on Flood Coverage, contact us.
This coverage provides reimbursement up to a set dollar amount (such as $15,000) for expenses resulting from identity theft.
Depending on the specific insurance carrier, it may also provide management services to recover your identity.
This is protection for lawsuits resulting from allegations of libel, slander, false arrest, or invasion of privacy.
Most renters policies have sub-limits that only pay up to a certain amount to replace a specific item (such as a $1500 limit for jewelry).
There are some situations where you might want special coverage for valuables, or collectibles like jewelry, guns, collectibles, rugs, etc. that are worth more than the policy sub-limit.
In this case, these valuables can be listed separately at their correct value on the policy.
Decreasing Deductible coverage lowers your deductible each year that you don't have a claim.
Loss Forgiveness coverage can forgive minor losses every 3-5 years.
The details of these coverages vary greatly from company to company. For more information, contact us.
Many more optional coverages are available.
For more information, contact us.
You've worked hard for what you have.
Make sure it's properly protected!
Contact us today
for a consultation!
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