If you're shopping for renters insurance, congratulations on your wise decision! All too many people find out too late that their landlord's insurance policy doesn't protect their personal belongings. You're smart to seek coverage now. And you've come to a great place to find affordable renters insurance at Copeland Insurance Group.
Why buy renters insurance?
If you're a renter, you may not think you need insurance at all. (Your landlord already has insurance on the building, right?) But you may not realize that your landlord's policy doesn't cover any of your personal property. What would happen if?
- Your apartment building burned down
- A thief broke into your town house
- A guest slipped and injured himself in your kitchen
- The home you're renting suffered water damage
Without renters insurance, you've got no coverage for personal property loss or damage. Fortunately, you can get affordable renters insurance (also called apartment insurance) to help protect you in situations like these.
Types of Policies
Insurance companies sell two types of renter’s policies. They have different amounts of coverage.
- Named-perils policies cover property that's lost or damaged because of events listed in the policy, such as fire and theft. These policies won't cover losses caused by events that aren't listed in the policy. Named-perils policies are also called specified perils policies.
- All-risk policies cover every type of loss, unless the policy excludes it. These policies are more expensive than named-perils policies because they cover more losses. All-risk policies are also called comprehensive or open-perils policies.
Renters Insurance Coverages
Renter’s insurance policies typically include three types of coverages: personal property coverage, loss of use, and personal liability.
Personal property coverage pays to repair or replace your personal property, up to your policy's dollar limit. In addition to a total dollar limit, policies may limit payments for certain kinds of property. Common limits are $100 for cash, $2,500 for personal property used for business, $500 for valuable papers, and $500 for jewelry, watches, and furs.
Renters insurance also covers your luggage and other personal items when you travel. This coverage is usually limited to 10 percent of the amount of your policy or $1,000, whichever is greater.
- Loss of use pays your additional living expenses for things like food and rent if you must temporarily move from your house or apartment. Loss of use coverage is generally limited to 20 percent of a policy's personal property coverage. For example, if you have $25,000 in personal property coverage, your loss of use coverage would be $5,000.
- Personal liability protects you against a claim or lawsuit if someone is injured in your home. A renter’s policy typically provides $25,000 in liability coverage and pays your legal costs.
A Copeland Insurance Group agent can answer all your questions and find you a policy that will address all of your needs with renters insurance.
Ask about buying additional coverage if the value of your personal property is more than your coverage limits. People often buy endorsements to add or increase coverage for jewelry, fine arts, antiques, computers, and electronics.