Renters insurance protects your property against damage or loss, and insures you in case someone is injured while on your property. Its offered by most companies that sell homeowners insurance. If you rent or lease your home this is for you!

Why Should I Buy It?

Your landlords insurance doesnt cover your personal property your clothes, furniture, stereo, computer, bicycle, jewelry, or anything else. Renters insurance does. Renters insurance also may pay for accidents that occur on your property or damage to others property. A renters insurance policy insurance can be an important and relatively inexpensive protection for you and your family.

Whats Covered?

You can purchase different levels of coverage, but there may be limits on the values of specific items covered. For example, some policies limit the amount they will pay for computers, jewelry, and other specific items. You may purchase additional coverage (floaters) for items not covered in your basic policy. You also may want to purchase separate coverage for losses due to earthquake, flood, or other natural disasters.

How Much Insurance Do I Need?

Estimate the value of your personal possessions. This is the amount of insurance you need to replace the contents of your home if everything is destroyed.

Decide whether you need supplementary coverage, such as for damages from flood or earthquake. The more coverage you buy, the less you will have to pay out of your own pocket to replace property that is destroyed or stolen.

What Are The Deductibles?

A deductible is the amount you will pay out of your own pocket before your insurance pays on a claim. This amount may be a percentage of the value of the actual loss, a percentage of the value of the insured property, or a specific dollar amount. For example, if your policy has a $200 deductible and your claim is $1,000, you will pay the first $200 and the insurance company will pay the remaining $800

Whats The Difference Between Actual Cash Value And Replacement Cost?

You can insure your property in either of two ways the actual cash value, or the replacement cost.

Actual Cash Value

This coverage considers the age and condition of the item at the time of the damage or loss, and pays only what it is worth to replace it with an item of similar condition used.

Replacement Value

This pays you the cost to replace the covered item with a comparable new item. Replacement value policies usually cost more, and may have restrictions.

Does A Parents Policy Cover Students?

If you are under 26, attending college, and living in a dorm, your parents homeowners or renters policy may give you limited coverage. You will not be covered on their policy if you live in an apartment.

Can Roommates Or Unmarried Couples Purchase Renters Insurance Together?

Yes, but find out whether your policy needs to be updated if you get a new roommate, or if all your roommates need to be named under the policy. Some policies automatically extend coverage to any resident of a policyholders household who fits the definition of a domestic partner. Otherwise, consider carrying separate coverage for each of the adult tenants.