Renters Insurance

Protecting You, and Your Property

Renters insurance is designed for anyone who rents a home, be it a house or an apartment. You may not own the place where you live, but you still need insurance protection. Renters coverage will protect your personal property, your liability and the extra expense to move if your home becomes uninhabitable because of an insured loss.

Types of Renters Policies

The four types of renters coverage a policy provides are:

    • Personal Belongings — Covers damage to items in or on your home or dwelling.
    • Liability Protection — Covers your legal responsibility for injuries or damage to other people or property.
    • Additional Living Expenses — Covers costs for temporary housing, meals, etc., while your home is being restored or rebuilt.

    Personal Belongings coverages are available on an actual cash value (ACV) basis or at full replacement cost. ACV coverage considers the current market value of an item based on its age and condition. So, if you purchased a television for $500 four years ago, the value today would be significantly less than it was when you purchased it. ACV coverage would depreciate the item’s value to determine the current value. Full replacement cost considers the current cost to replace an item.

    Your Responsibilities

    Remember to consider these points when you’re choosing your Renters coverages:

    • Your policy doesn’t cover damage caused by poor maintenance. If you have suffered loss or damage of property due to poor maintenance (such as plumbing or roof leaks) insurance will not likely cover the losses.
    • You must complete an inventory of your household. You can do this by completing a list by hand or by computer, taking pictures, or recording a video. Using two inventory methods, such as a computer list and pictures, can help expedite the claim resolution process.