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Renter Insurance Overview

Surprisingly an estimated 85% of renters do not have renter insurance. They are probably unaware of how cheap renter's insurance can be. The cost of a $30,000 renter's policy could be as low as $25 a month.

The first step to take when evaluating rental insurance is to take a thorough inventory of your belongings. People commonly undervalue the cost to replace their belongs so be careful to include all personal property in closets and hidden areas as well as the obvious items such as furniture and electronics.

To make sure that you take advantage of al available discounts be sure to notify your agent of any safety features within your rental property such as deadbolt locks, security systems, fire alarms and a fire extinguishers. Also, note that many times insurance companies will give discounts to existing customers so it check with your auto insurer to see if they can offer you a discount on your renter's insurance.

It is important to note that renter's insurance policies usually offer Actual Cash Value(ACV) coverage for your personal property. This type of coverage is calculated by subtracting depreciation from the cost of your belongings. For example, you might receive $500 for the $1800 plasma television you bought a few years ago. Ask your agent about adding a rider to your renter's policy to give you Replacement Cost Coverage which will reimburse you for the cost to replace your damaged or stolen property with a new item of equal value. For only a few more dollars a year, you could truly replace your belongings.

Another important rider to consider covers valuable items such as jewelry, computer equipment, stereo equipment and antiques. Renter's insurance policies usually limit coverage to $1000 on such items if an additional rider is not included.

One of the obvious drawbacks to living in an apartment is not having a garage, so if you need to use a storage unit to hold your extra stuff, is it covered? Yes - and no, depending on the value of the property you have sitting in a storage unit. Typically a renters insurance policy will cover 10% of your property that resides off your premises. If you have a renters policy with $50,000 worth of coverage, then your property in the storage unit is covered up to $5,000. If your property’s value exceeds 10% of your renters policy coverage, then we recommend buying insurance from the storage unit provider.

Common Renter Insurance Questions

Q. Does renters insurance cover all of my possessions?

A. It depends. Some possessions -- jewelry, computers -- are often subject to a per-category theft limit (for example, some policies have a $5,000 limit for computers). When seeking information on renters policies, ask about the various category limits and how they apply to expensive items you own. You may purchase a floater, providing additional coverage for specific items not included in your basic policy.

Q. If I file a claim, will my policy be canceled?

A. Your rates could change. If you are not responsible for the loss or damage to your items, your insurance should not be affected. If you were at fault (caused a fire by smoking in bed), the insurance company might consider that when setting the price for your next policy. Your company might consider the number of losses, regardless of fault, also.

Q. Is my property covered away from home?

A. Yes, but coverage may be limited. Restrictions in terms and the amount of coverage might apply (from 10 percent of your personal property coverage to full value). Ask your agent for details. Your liability coverage does not change.

Q. As a student, am I covered by my parents' policy?

A. If you are attending college, under 26 and your parents have a homeowner or renters insurance policy, their insurance may give you LIMITED coverage in the dorm, but not if you live in an apartment.

Q. Can I purchase a renters policy with my roommates?

A. If you live in a group house or share an apartment and want to purchase renters insurance, be aware that the regulations vary state to state, and policies vary significantly from company to company. Find out what regulations apply in your state. Then, shop around to find an insurance company that can accommodate your situation. Also, find out whether your policy needs to be updated if you get a new roommate or if all your roommates need to be named under the policy.



Q. What about unmarried couples?

A. Some insurance companies now allow unmarried couples who have been living together to obtain coverage. Some policies automatically extend coverage to any future resident of a policyholder's household who fits the definition of domestic partner.



Q. Is my bicycle or car covered by renters insurance?

A. Your bike is protected by a standard renters insurance policy. Motor vehicles are not covered. A separate insurance policy is needed to protect your car, van or motorcycle.

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