Did you know that your landlord’s insurance policy doesn’t provide any coverage for you or your belongings? What would you do if everything you own was damaged, stolen or destroyed? The cost of replacing all of your personal belongings adds up quick when you consider the cost of every item of clothing, house wares, electronics, linens and furniture. In addition to replacing your property, what would happen if a houseguest tripped over your coffee table? You could be held liable for his injuries. Liability coverage is also included.
Engle & Associates Renters Insurance can provide:
- Personal Property Coverage (Replacement Cost available)
- Personal Liability Coverage
- Identity Fraud Coverage
- Animal Liability
- Specialized coverage for Jewelry, Fine Arts, Cameras and More
- Package Discounts
Explore our interactive renters scene!
Learn about common risks regarding your home and discover how the proper insurance can help.
Unpredictable losses can occur to your property due to burglary, fire, water damage, storm and more.
Personal property, such as furniture, rugs, TVs, stereos, clothes and more may be covered under your basic insurance policy. However, items like jewelry, furs, silverware, antiques, collectibles and other valuables should likely be insured separately.
Limits and Exclusions
Some types of personal property are subject to limits of coverage under renters insurance policies. These limits vary by the type of property and by what caused the loss or damage. For example, jewelry, bicycles and collectible cards or coins may have limited coverage or may not be covered.
Obtain a floater. A floater is coverage that specifies the item(s) covered under the policy, the limits of coverage applicable and the deductible. This is the best solution to make sure your favorite valuable item(s) are covered in the event of a loss.
Additional Living Expense
If the building you live in has a loss from a covered peril under your renters insurance policy that makes your apartment or home uninhabitable, you will need to find somewhere else to live while the repairs are undertaken. This can be expensive and inconvenient.
Be sure your insurance policy includes additional living expense coverage. If you need to move out and rent another location, this coverage provides for the increase in living expenses – such as moving costs, increased food costs and other expenses.
You are responsible if you or a guest in your unit trips and falls or sustains an injury while on your property.
Be sure that you have adequate liability insurance to protect for claims made against you for bodily injury or property damage – such as a slip and fall or other allegation. Liability coverage also provides protection should you become legally liable for unintentional bodily injury or property damage anywhere in the world.
You're responsible if a guest is injured while on your property and you may be required to pay their medical expenses.
Ensure your insurance policy covers this risk. In the event a person is injured in your unit, he or she can submit medical bills to your insurance company. Medical expenses are usually paid without a liability claim being filed against you, with typical limits ranging from $1,000 to $5,000.
You may not be able to rent the apartment or home if your landlord or property manager requires renters insurance and you do not have it.
Having a renters insurance policy allows you to provide a certificate of insurance to the landlord or property manager showing that you have the coverage required to rent the apartment or home.
Improvements or Betterments
Any improvements or betterments that you have made to your unit are subject to damage.
Be sure to obtain coverage for improvements or betterments that you have installed in your apartment or home.
Contents Away from Home
You may take your valuable property outside of your unit. For example, what happens if your laptop or golf clubs get damaged or stolen while traveling?
Be sure to add off premise theft coverage to your policy to cover your personal property while your belongings are away from your home. Auto insurance does not usually cover personal property stolen from your car.
You may be responsible for damage to your apartment or dwelling should you, for example, have a leaking sink or accidentally start a fire.
Be sure your policy has liability coverage that includes tenants legal liability or premises liability. Your landlord may require that you to have this type of insurance protection in place as a requirement before renting the property to you.