It always amazes me that so many renters don’t feel the need to have an insurance policy protecting their personal property.  While most homeowners are insured, it is astonishing that a majority of renters do not have renters insurance!

Here are some frequently asked questions that should help explain why renters insurance is an important policy to have for anyone that does not own their residence:

Why should I have a renters insurance policy?

Everyone that rents where they live should have a renters insurance policy.  A renters insurance policy insures your personal property such as clothing, furniture, electronics, and more in the event they are damaged or destroyed.  Renters insurance also provides personal liability coverage should someone get injured in your home or their personal property is damaged and sues you.

Doesn’t my landlord’s insurance cover me?

No.  A landlord’s insurance policy covers damage to the structure, landlord’s liability and loss of rental income.  Should your residence catch fire, your landlord’s insurance policy would cover structural repairs, but not your personal property. Renters insurance provides you with coverage for your damaged or stolen personal property, various liability exposures, and loss of use of your residence after a covered loss.  Your landlord’s policy doesn’t protect you if a guest is injured and sues you for liability.

Does renters insurance cover personal property away from my residence?

In many situations it does.  If your car was broken into and your property was stolen from your car, it is likely to be covered by your renters insurance, not your auto insurance policy.  Additionally, if your luggage was stolen while on trip, renters insurance policies will likely cover your losses up to your policy limits. Some policies have separate limits on property away from the residence, read your policy carefully.

Do I need a renters insurance policy if I don’t own much personal property?

We strongly advise all renters to carry a renters’ insurance policy.  Odds are that your personal property would cost more than you think to replace if it was ever lost in a fire or other catastrophe, plus there is always a liability exposure.

What do I do with my renter’s insurance policy if I move?

If you purchase a renter’s insurance policy and subsequently move to a different apartment, your policy shouldn’t be affected, as long as the move is within the same state. Contact your local insurance agent and make them aware of your upcoming move and provide them with your new address to ensure uninterrupted coverage.

Is my diamond engagement ring covered?

If you have an expensive item and want it insured, you need to list it separately on your policy, along with an appraisal (for jewelry), photo, and serial number (for electronics or musical instruments).  A common name for an endorsement to insure high ticket items is a “floater” or “rider”.
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