Renter's Insurance
Basics
Renter's insurance is a form of homeowner's insurance but with no coverage for the building. For your convenience, the following are brief descriptions of coverages to assist you in your buying decision. If you choose to purchase a policy, please review your policy for more complete descriptions.
- Who is insured
Coverage is provided to the named insured on the policy and resident relatives. If you have roommates who are not related to you by blood or marriage they may need to obtain their own coverage.
- Contents Coverage
Referred to as “Coverage C”. This provides coverage for your belongings for Causes of Loss stated in the policy on a replacement cost basis. Items could include such things as clothes, furniture, microwave, stereo, television, pictures, glassware and cooking utensils.
- Additional Living Expenses
Provides coverage for necessary and reasonable increases in living costs you may incur, as a result of a covered loss, to maintain your normal standard of living.
- Personal Liability
Coverage for bodily injury or property damage due to a negligent act of an insured. If you are sued and found negligent this portion of the policy would respond.
- Medical Expense
Provides coverage for reasonable medical expenses to others while in your apartment with your permission.
- Options
You may also add riders to a renters policy for situations specific to you. Please let us know of any special circumstances you may have so we can help you decide on the best rider. Some items to consider: - Business Property in your Apartment
- Jewelry
- Furs
- Camera Equipment
- Fine Arts
- Musical Instruments
- Silverware
Fiction:
- The Landlord’s insurance provides coverage for the personal property of their tenants.
- One policy will cover anyone who lives in the apartment.
- The chances of a loss in my apartment are minimal so buying insurance is just an extra expense.
- I don’t own much so I don’t have much at risk.
- Renters' Insurance is to expensive.
- Renter's Insurance is not needed to rent an apartment.
Fact:
- The andlord’s insurance is only designed to cover property they own not the roperty of their tenants.
- Insurance usually only applies to the person on the policy and resident relatives.
- Losses as a result of fire, water damage, theft in and outside the apartment and liability claims are not uncommon.
- Renters many times have belongings in excess of $10,000 and would find it a financial burden to replace all the items they own due to a loss.
- Insurance usually costs less than $.75 per day
- Leases are often contingent on having Renters Insurance in place before you move in to a new apartment.
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We acknowledge your right to keep your own financial information confidential.
We are complying with both state and federal laws which require us to notify you about how we intend to treat your nonpublic personal financial information.