What is covered on a Renters Insurance Policy?
Personal Property – remember, this is the property that you own not the property that is owned by the landlord. If you have any electronic equipment, guns, jewelry, or collectables these may have sub-limits so make sure you discuss these with your agent. Personal property is covered up to the limit you purchase so make sure you do a complete inventory of your personal belongings before you decide on the amount of coverage you need.
Liability & Medical Payments – this is legal protection from a suit filed against you for being liable for an injury up to your policy limits. Make sure you speak with your landlord to discuss any potential limits they require for your rental agreement.
Additional Living Expenses – if you find yourself with no place to live because of a fire or water damage to your rental property, this coverage will help you pay for temporary alternate housing for a fixed amount of time until your primary place of residence is repaired. Make sure you check with your agent on the limit of coverage and any time constraints that may apply.
Other Potential Coverages might include:
Jewelry Coverage – this is protection for your valuable jewelry. This coverage will usually require an appraisal of items that are above a certain value limit. Depending on the value of your jewelry items, you may be required to contact your local jeweler to get an accurate and recent appraisal report.
Replacement Cost for Property - having a replacement cost endorsement on your policy will provide you with the comfort of knowing if you have a loss, you can purchase an item of like kind without having to pay for depreciation. Without replacement cost coverage, you might only receive $300 for that $1000 couch you purchased several years ago.
Earthquake Damage - Most renters’ policies will exclude earthquake coverage unless you purchase an additional endorsement. If you have an earthquake and your rental property is destroyed along with your personal property and you do not have the earthquake endorsement, your property will not be covered. Make sure you discuss this with your agent and decide if you need to purchase earthquake coverage