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Renters Insurance
Renters insurance is property insurance that provides coverage for your personal belongings, liabilities, and additional living expenses in case of a loss event. It’s available when renting a single family home, apartment, duplex, condo, studio, loft, or townhouse. The policy protects against losses to the tenant’s personal property within the rented property and the tenant’s personal property when away from the rented property. In addition, a renter’s insurance policy protects against losses resulting from liability claims, such as injuries occurring on the premises that are not due to a structural problem with the property (in that case the owner’s—not renter’s—policy would apply).
Main parts of your Renters insurance:
Coverage C, Personal Property
This covers your possessions, whether they are at your home or away with you on vacation. Personal
property is often covered on a named peril basis. This means that only the causes of loss listed in the
policy section are covered. The coverage is also subject to limitations and exclusions. Types of property having significant value, such as jewelry, fine arts, collectibles, etc., may require special protection. Talk to us about scheduling (adding) coverage on a “rider” which broadens and extends coverage for high-valued possessions.
Actual Cash Value vs. Replacement Cost
Commonly, protection for your personal property is provided on either an actual cash value or a
replacement cost basis. Actual cash value is replacement cost minus depreciation. Replacement cost is the actual cost to replace the personal property, regardless of depreciation.
Coverage D, Loss of Use
This coverage handles the cost of additional living expenses while your rented property is being
repaired from a covered loss. Additional livings expenses would typically include food, housing, and
transportation. However, the expenses must exceed what your family normally incurs.
Coverage E, Personal Liability
This coverage responds if you are legally responsible for causing property damage or physical injury.
Protection includes paying for your defense costs and any financial judgment for covered incidents.
Naturally the coverage would not apply for excluded situations, such as intentional injuries.
Coverage F, Medical Payments
This coverage provides rapid reimbursement for minor injuries, such as a guest who trips and falls while visiting your rented property. This coverage does not apply to a family member. For example, if your child and your neighbor's child are both injured while playing and need to go to the emergency room, this coverage will pay for your neighbor's expenses but not for your own child.
**Note** This is a brief overview of Renters insurance. All of the coverage provided by the Renters insurance policy will be subject to limitations such as exclusions, policy limits, and deductibles its important we discuss your details of coverage and we can also address any other insurance related questions.
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