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What does renters insurance cover?

What Does Renters Insurance CoverRenters insurance covers the costs of any items in your home that are stolen or damaged up to the max of your policy coverage. In addition to personal items, your renters insurance will also provide you with liability coverage to cover the cost of any injury that occurs in your home to a visitor. Liability coverage does not protect those living in your home, only those who are visiting your home.

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Many people do not believe that they need rental insurance and forgo it believing that they don’t have enough items to warrant purchasing such coverage. In addition, many of those same people believe that the cost of rental insurance is too high to consider and that it is easier to do without.

Read on to discover why you should get renters insurance, how to provide proof of what you have and how much you can expect to pay for this important coverage.

Why You Should Purchase Renters Insurance

The first thing that you need to do is look at renters insurance from a completely new perspective. Right now, you may be looking around your house and saying that you only have, at the most, $8,000 worth of items. So think about it this way; if something happened tomorrow and you had to replace every item in your home, do you have $8,000 handy to do it?

This isn’t a dramatic statement; things happen all that time that require people to replace their furniture, clothing and other items. It could be an act of nature such as a hurricane or a tornado, an exploding pipe that ruins all of your things, or a theft that cleans you out. These things happen everyday and you shouldn’t ignore the possibility.

In addition, renters insurance covers almost all of your personal possessions. You may not be thinking about your silverware, plates, microwave, washer and dryer, etc. when you are thinking about the value of your possessions. When you start making a list of thing, they really start to add up.

Included in your policy are your clothes, shoes, bedding, towels, shampoo, toys, video games, DVDs, and more. You may not think of those things in terms of value because you purchased them over a period of time, but the truth is, their cumulative value can and will add up quickly.

If you don’t have the money to pay to replace everything in your home, or even the major items such as your TV, computer, stove, fridge, etc., then you need to purchase renters insurance.

You may have noticed that we said that nearly everything is covered under your renters insurance, but there are a couple of exceptions. First of all, floods and earthquakes are riders on any insurance policy. If you live in an area that encounters these issues, then you need to add those options to your policy, otherwise your personal possessions won’t be covered.

In addition, furs, gold and cash are only covered up to about $250, sometimes more but not usually. In fact, some renters insurance policies will not cover any of these items at all. You can, however, purchase separate insurance for them, just in case.

In addition to your personal possessions, renters insurance provides you with liability insurance. Once again, you may feel that you don’t need this coverage because who would sue you if they got hurt in your house? The bottom line is that you need liability insurance just in case. In fact, it might as well be called just in case insurance because liability insurance is insurance you buy in hopes of never using it.

If, however, you have your son’s friend spend the night and he trips over a toy and falls down the stairs, your liability insurance will cover his medical costs as well as any legal fees that may come up if the child’s mother decides to sue you as well.

If you are wondering if your landlords homeowners insurance policy will cover your possessions or any accidents that occur in the home or apartment you are renting, the answer is no! The property owner’s insurance policy is designed to cover the structure, only you can purchase coverage to protect your belongings.

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Proving You Own what You Say You Own

When you purchase renters insurance, you don’t have to prove that you have X amount of stuff or provide the insurance company with a list of your possessions, but it makes sense to do so. If something happens to your home and you can’t retrieve your list, then you could have a problem. Most insurance companies will allow you to provide them with a digital copy of your possessions to keep in your file.

With that being said, you are going to have to prove you own what you say you do. While receipts and boxes are an excellent way to prove ownership, this simply isn’t possible for everyone, especially if some of your items are several years old. Most insurance companies, however, will accept pictures or video of your possessions as proof of ownership.

When you purchase your renters insurance, make a list of everything that you own. Yes, you need to list absolutely everything from your dishtowels to your underwear and everything in between. Once you have compiled a list, make a list of the cost of each item when you purchased it.

Once you have completed the list, take your video camera around the house and record everything. Open drawers, count silverware and so on. As you are doing this, comment verbally on each item and how much it cost. Now you have a visual record that your insurance company will accept.

You can get a safety deposit box to store the video in, make a couple of copies and give them to family members or ask your insurance company if they will keep digital copy of the video on file. Again, many insurance companies will be happy to do this for you. The important thing is that it isn’t in your house, just in case something happens. Whenever possible, record the serial numbers of the items you own as well.

The Cost of Renters Insurance

Renters insurance is perhaps the least expensive type of insurance that you can ever hope to own. In most cases, you can get $30,000 – $40,000 worth of coverage for about $20 a month. This may be more or less expensive based on the crime rate in your area as well as if you have every made a renters insurance claim before.

You can save money further by shopping around for your renters insurance to ensure that you get the lowest rates possible. We offer that service to you right here. At the top of this page, you will find a link that will take you to a series of questions. Once these questions are answered, you will get an instant quote for your renters insurance.

Try it now, you are under no obligation to buy and you will see how affordable this coverage really is. Enter your zip code and compare renters insurance quotes today!

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