Renters Insurance
"Protectioning Yourself & Belongings"
Renters Insurance
"Protectioning Yourself & Belongings"
Renters Insurance Coverage Breakdown
Coverage for Personal Possessions
Ensure you have enough coverage by creating a home inventory including furniture, electronics, and kitchenware.
Replacement Cost vs. Actual Cash Value:
- ACV: Pays for replacement minus depreciation.
- Replacement Cost: Pays full replacement, no depreciation deduction (~10% higher cost).
Covered Disasters:
- Fire, smoke, and lightning
- Vandalism & theft
- Explosions & windstorms
- Certain water damage (burst pipes, leaks from upstairs units)
Not Covered by Standard Policies:
- Floods – Available through NFIP & private insurers.
- Earthquakes – Requires a separate policy or endorsement.
Liability Protection
Covers lawsuits for bodily injury or property damage caused by you, your family, or your pets.
- Legal defense fees
- Court-awarded damages
- Medical bills for guests injured on your property
Coverage Limits:
- Standard: $100,000
- Recommended: $300,000 – $500,000
Umbrella Liability Policy:
- Starts at $1 million in coverage.
- Costs ~$150–$300 per year.
- Protects against libel, slander, and additional lawsuits.
Additional Living Expenses (ALE)
Pays for temporary housing and daily expenses if your rental becomes unlivable.
- Hotel bills & restaurant meals
- Temporary rentals
- Other daily expenses
Coverage Details:
- Typical coverage: ~20% of your renters insurance limit.
- Some insurers offer unlimited ALE for a limited time.
Home-Based Business Coverage
Standard renters insurance only covers $2,500 in business equipment.
If you run a home business, consider:
- Liability insurance for business-related accidents.
- Lost income coverage for disruptions.
Off-Premises Coverage
Protects your belongings while traveling or in your car.
Limitations:
- Some policies limit off-premises theft to 10% of personal property coverage.
What Does Renters Insurance Cover?
Personal Possessions
Protection for your belongings, including furniture, electronics, and kitchenware.
Liability Protection
Coverage if someone is injured on your property, including legal fees.
Additional Living Expenses (ALE)
Pays for temporary housing if your rental becomes unlivable.
Coverage for Personal Possessions
Ensure you have enough coverage by creating a home inventory of furniture, electronics, and appliances.
Liability Protection
Protects against lawsuits for bodily injury or property damage caused by you, your family, or your pets.
Additional Living Expenses (ALE)
Pays for hotel bills, restaurant meals, and temporary rentals if your rental becomes unlivable.