Renter Insurance 101
What does your policy cover?
1) Your personal property. When damaged or destroyed due to: fire, theft (in and/or away from home), smoke, wind/hail, explosion, falling objects, water damage from plumbing, electrical accidents or vandalism.
2) Family liability and guest medical expense. Even if you are responsible for damage to someone else’s property or if a guest is injured in your home.
3) Living expenses. Hotel rooms, food and other general living expenses are covered when you are unable to live in your home.
4) Legal expenses.
What is the value of your possessions?
Estimate the value of all of your personal property including: furniture (bedroom and living room), TVs, computer, stereo, clothes, and kitchen appliances. It is suggested to be covered at least the amount it will take to replace or repair these items.
How can you customize your policy to fit your needs?
While it is not standard to completely tailor a policy, for an extra premium, there are a few options available that you may find will better match your needs.
1) Coverage for Special Items. This is typically in the form of a “rider” that allows you additional coverage for special items you believe require greater protection. (Subject to policy terms and conditions)
2) Personal Property Reimbursement. When you decide to replace or repair any damaged or destroyed personal property, this coverage allows you to be reimbursed the depreciation that may be applied. (Subject to policy terms and conditions)
