Renters Insurance

Renters insurance is similar to homeowners insurance, except it does not include coverage for the dwelling. This type of insurance provides protection for an individual or family’s personal property against fire, theft, vandalism and other threats. A property owner is liable for insuring the building, but is not responsible for a tenant’s belongings.

Renters insurance is important for those who rent apartments, houses or condos. If your personal property is damaged or stolen, or you could face major financial setback without the proper coverage. If someone is injured while in your home, you could be held liable. Renters insurance is an important protection to have in place when unexpected circumstances arise. In lease agreements, renters insurance is often a requirement for tenants.

It is important to accurately access the value of your personal property. You may be left with a shortage in coverage if you underestimate the value of your possessions. When acquiring renters insurance, it is important to work with a qualified insurance agent to determine the correct amount of coverage so that you will be appropriately reimbursed in the case of an accident.

Renters insurance policies include two options for coverage: replacement cost and actual cash value (ACV) of belongings. ACV policies are more expensive than replacement cost policies because replacement cost adjusts the value of items to their depreciated worth. However an ACV policy isworth the additional cost if a situation arises that results in a claim.

The loss of important items while travelling can also be covered by renters insurance. Lost luggage can ruin a trip and airlines will usually only cover a portion of the value of your lost property. Renters insurance can be very valuable, covering the balance of the cost of replacing the lost items.

Depending on the coverage selected, renters insurance is less expensive than homeowners insurance and should be affordable on just about any budget. Multi-line discounts are available from most companies, making coverage more affordable by bundling it with another policy, such as auto insurance.

Protect the things that matter most with renters insurance. You’ve invested in your personal belongings and renters insurance provides a safety net for the items you value against unforeseen events such as fire, burglary, or theft.

If a fire broke out in your rental home, apartment, or condo, you may be surprised to find that your belongings aren’t covered by your landlord’s insurance. What would it cost you to replace your personal belongings, such as your furniture, electronics, appliances, TVs, computers, clothing or jewelry if it was damaged by a fire or stolen from your home?

What Renters Insurance Covers

Renters insurance protects the things which matter most to you from the unexpected losses you could never see coming. When you have renters insurance, you won’t have to worry about the cost involved with replacing your belongings if you experience a covered loss, such as:

  • Theft
  • Burglary
  • Vandalism
  • Fire
  • Smoke damage
  • Explosions
  • And other more commonly covered events

A renters policy can help you cover the cost of replacing the things you value if they are lost or damaged due to a covered peril, up to the limits of your policy.

The benefits of renters insurance extend even further than just protecting your stuff, too. Your renters insurance benefits can help protect people, too. Renters insurance coverage can include:

Personal Liability 
If someone is hurt in your rental home or apartment, liability coverage can help pay for their medical expenses and any resulting lawsuits.

Living Expenses 
If you need a place to stay because your rental home is being repaired after an incident, your living expenses may be covered.

Property Damage 
If you accidentally damage someone else’s property at their home, your rental insurance protection follows you and can help cover the cost.

Need Additional Coverage?

If you have valuable items which need extra protection, such as a rare coin collection, furs, fine jewelry, or watches, insurance riders can be added to a standard renters insurance policy. A rider is an affordable way to get the most out of your insurance coverage, and to be sure your most valuable items aren’t left exposed by policy limits.

McGovern Insurance has a team of insurance experts that can help you with your renters insurance policy. Please call us at (650) 593-8216.

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