Renters insurance coverage
Personal belongings – items not a permanent part of your rental’s structure
Personal property
Liability protection — to protect you in the event someone is hurt on your property
Liability coverage
Medical payments to others coverage
Optional: Personal Injury
Living expenses — for costs you incur if you must move out of your rental following a covered loss
Additional living expenses
If your apartment or rental is damaged in a fire or natural disaster, you’ll need a place to stay. Additional Living Expenses coverage helps you offset the extra costs (beyond your typical daily expenses) associated with living somewhere else while your apartment is being rebuilt. Additional living expenses may include hotel/motel costs, laundry and more.
Optional endorsements — You may find you need additional coverage to provide protection in certain situations that might apply to you, your belongings and your rental unit.
Scheduled personal property
The personal property coverage included with your renters policy provides only limited coverage for certain high-value items, such as jewelry. To ensure your high-value items have adequate coverage, you can list (or “schedule’) them on your renters insurance policy. The items you can schedule vary, but could include:
- Engagement and wedding rings
- Other jewelry
- Stamps, coins, ceramics, and other “collections”
- Cameras and equipment
- Fine art, such as paintings, rugs, and vases
- Furs
- Golf equipment
- Musical instruments and equipment
- Silverware
Scheduling these items helps ensure that you receive maximum reimbursement in the case of loss.
Water Backup and Sump Overflow
If your rental has a basement and water backs up into it due to a sump pump failure or sewer backup, you want to be sure your belongings are covered. However, coverage for water backup and sump overflow is NOT included in a standard renters insurance policy. If you need it, you can add a Water Backup and Sump Overflow endorsement to your policy.
One note: A Water Backup and Sump Overflow endorsement will not cover you if you experience a flood. Purchase a separate flood insurance policy to protect yourself from flood damage.
Earthquake coverage
Deductible choices
Renters insurance policy deductible
Your deductible is the amount you pay before your insurance coverage takes over. For example, if you choose a policy with a $1,000 deductible and you experience a loss, you will pay $1,000 out of pocket on any claim before your insurance would pay anything. Adding a higher deductible to your policy may be an effective way for you to lower your insurance payments. If you take this approach, you’ll want to be sure you can cover the amount of the deductible in the event you file a claim. We offer a variety of deductible options; call today to find out what choices are available to you.
Renters insurance availability and coverage varies by state.
