Renters insurance is designed specifically for people renting homes. A common mistake for renters is the assumption that they do not require homeowner’s insurance because they do not own the home. A renter may experience losses that are not covered by the policy carried by the property owner. Please contact your insurance agent to discuss policies and options that best fit your needs. We will be happy to suggest some local insurance agents that carry renters insurance.
It is the responsibility of the individual tenant to obtain renters insurance to cover their personal possessions. The property owner’s policy does not cover personal property belonging to the renter. The exclusion of your property includes, but is not limited to, such events as fire or theft.
Types of Losses
Renters insurance will cover your personal property, in addition to fire and theft, including a range of other losses or events. Damage caused by earthquake or flood must be purchased in addition with an endorsement to your policy or by purchasing an additional policy. Most policies provide coverage for damage due to windstorms, hail, vandalism, riots, civil disturbance, volcanoes and explosions. Please contact your insurance agent to discuss policies and options.
Renter’s insurance sets limits of coverage of some categories of personal property such as jewelry, silverware and collectibles. Contact your insurance agent to confirm what categories may have limited coverage. Should the value of your property exceed standard limits, you may choose to increase the coverage of your renter’s policy, or to insure items separately.
Owner’s policies cover their liability only - they do not cover the renter’s liability. Renter’s insurance covers your liability, within limits, assuming the loss was not intentional. Liability coverage is not limited to damage to your property, or that belonging to others, if an event occurs at your residence. Legal defense expenses and your personal liability outside the home are also generally covered.
You may qualify for a multiple-policy discount if you purchase your renter’s insurance from the same company carrying your automobile insurance. Other savings are available through some carriers if your residence is equipped with deadbolt locks, a fire extinguisher or a security alarm.