RENTERS INSURANCE FAQs

Most policies cover liability on your part if someone is injured within your home or apartment. For example, if someone falls and breaks their arm in your kitchen, (and you are determined to be liable) they will be able to file a claim with your insurance company. Renters Insurance will also reimburse you if there is a theft or fire. If you need to live somewhere else due to repairs caused by a fire, smoke, or water damage, your insurance will cover the cost of accommodations. Many Renters Insurance policies will also replace or reimburse the cost of stolen or damaged personal items while you’re on vacation. Stolen items from within your car or storage unit are also considered insured property.

No. The landlord’s insurance covers damage to the building and the landlord’s property, and not your personal property or liability.

Most Renters Insurance policies are relatively inexpensive. Overall, the average cost for a renters policy is between $190-$225 per year. The value of your property to be insured and other risk factors will determine your premium. Many insurance companies will give you a discount on your Renters Insurance if you purchase auto insurance from the same company.

Perils is a word you will find often a Renters Insurance policy. A peril is a specific risk or cause of loss. But not all Renters Insurance policies cover the same type of perils. Named-perils are commonly found in basic renters insurance plans, but open-perils will cover you for any event other than the ones that are named. An open-peril policy is important if you live in an area that may experience natural disasters more often than other areas of the country.

Some insurance companies will allow you to add someone who is not related to you onto your plan. Although, it’s recommended that each tenant purchase a separate insurance policy.

Yes. It’s a good idea to purchase Renters Insurance if you own a pet. Although you may not anticipate your dog or other pet will bite anyone, it can happen. If you’re insured, you’re covered for medical payments (amounts can vary), legal fees, and any settlement, up to your coverage limits. What is not covered with Renters Insurance is if your pet ruins your couch, although if they destroy a friend’s couch, you may be covered. Please note insurance companies have a list of dog breeds that are uninsurable. Ask your insurance agent if your particular dog will be covered.

Yes. Your Renters Insurance will cover loss of your possessions no matter where they are, as long as the loss is by a covered event or peril.

Yes. You can insure each location as well as all the structures at each location and have them all insured under one Farm Insurance policy.

Yes, but within limits. Any inventory or business property is covered as personal property used for business purposes. However, like all personal property, there are limits on reimbursement.

Regarding damages to your rental property, contact your agent or company representative as soon as possible.

• Emergency Repairs

You may need to make emergency repairs, if there is damage to your home or possessions to protect yourself and your property from further damage. For example, if some of the windows in your home have been blown out by wind, you may board them up to prevent additional damage and your policy will cover the cost of these emergency measures.

• Permanent Repairs

Before making permanent repairs, call your insurance agent. Your insurance company has the right to inspect the property in its damaged condition and may want to send a claims adjuster or have you get an estimate from an independent contractor.

• Stolen Property

Regarding stolen property, notify the police immediately, then call your insurance agent and report which items were stolen so that you can be reimbursed for the replacement cost of those items.

Yes, but some Renters Insurance policies have a pre-defined limit for home computers and other electronics. If that’s the case, you can purchase additional coverage if your system is worth more.

There are home inventory apps and information on websites that will help you price and log all of your possessions for insurance purposes. Creating a spreadsheet is a good idea. Having this data will also be useful if you need to file an insurance claim. Just remember to save receipts for your big-ticket items, and take photos and/or videos of all of the possessions you would want to claim. If your items have serial numbers, add this information to your inventory sheet.

Depending on the type of Renters Insurance policy, here are just a few events that are usually covered:

• Vandalism
• Theft
• Fire and smoke damage
• Windstorm and hail
• Lightning strikes
• Damage by a vehicle (not your own)
• Falling objects
• Damage from the weight of snow and ice
• Plumbing that freezes, heating and air conditioning damage
• Short-circuit damage caused by electrical appliances

It all depends on the type of Renters Insurance policy you purchase.

If you rent out property you own, insurance coverage applies only to the structure itself and your financial interest in it. Your tenant’s personal possessions are not covered under your policy. In order to avoid disputes arising from damage to the renter’s belongings, many landlords require their tenants to purchase Renters Insurance before signing a lease.