Renters Insurance Coverage
Affordable insurance, handled with care
When you find the right place, you want to find a renters insurance policy to match. While your landlord’s insurance policy is likely to cover the building, it’s unlikely to protect your personal possessions. Plus, you may want to opt for additional coverage for certain items — and you need to consider your deductible choices. Our renters policies have the features you need!
Personal belongings – items not a permanent part of your rental’s structure
Your renters insurance may cover your personal possessions if they are stolen, damaged or lost in a natural disaster or fire. Many renters are surprised to learn the cost of replacing personal property can range from $15,000 to $35,000. Renters insurance helps you cover those costs if you experience a loss.
Liability protection – to protect you in the event someone is hurt on your property
Accidents happen. If you accidentally set fire to the neighbor’s balcony while grilling, or if your guest slips and falls on a kitchen puddle and is injured, renters insurance helps cover the costs of a liability claim against you.
This coverage helps pay for medical expenses when a visitor or guest is accidentally injured on your property or when you accidentally injure someone. (Learn more about Medical Payments to Others Coverage in our Learning Center.)
Whether you said something you shouldn’t have, are arrested or detained, or you’ve been wrongfully evicted, your Personal Injury Endorsement provides protection. Adding a Personal Injury endorsement to your renters insurance policy protects against personal injury offenses against others, including false arrest, detention, or imprisonment, wrongful entry, malicious prosecution, wrongful eviction, slander, defamation of character, libel and invasion of privacy.
Living expenses – for costs you incur if you must move out of your rental following a covered loss
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.
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. In most states, you may schedule items in any of the following categories:
- Engagement and wedding rings
- Other jewelry
- Stamps, coins, ceramics, and other “collections”
- Cameras and equipment
- Fine art, such as paintings, rugs, and vases
- Golf equipment
- Musical instruments and equipment
Scheduling these items helps ensure that you receive maximum reimbursement in the case of loss. Check out our Scheduling Personal Property infographic for more information.
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. To help you minimize damage from a water backup or sump overflow, we’ve pulled together tips and tricks to protect your dwelling in our Learning Center.
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 your home from flood damage.
Live in an earthquake-prone region? An earthquake endorsement provides protection for your personal property. Earthquake coverage also provides additional living expenses while your rental is being rebuilt or repaired. Earthquake coverage limits and deductibles vary — so check with us to find out what’s available in your area. (California residents may also purchase Earthquake coverage through the California Earthquake Authority.)
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. 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.