Just because your landlord has coverage doesn’t mean that you do, too. In most cases, your landlord’s insurance policy covers only structural damage to the building itself, not you for your possessions. Renters Insurance protects your possessions and can extend to theft and hazards away from your apartment such as property that is stolen from your car.

COULD THIS HAPPEN TO YOU?

  • Someone breaks into your car and steals your equipment. You file the claim with your auto insurance only to learn that there’s no coverage for property inside the vehicle.
  • A guest trips over a rug in your apartment, injuring their arm. They claim you are negligent, demanding payment for medical bills.
  • You forget to turn off an appliance and it causes a fire; damaging not only your property, but your neighbors’. Your landlord’s policy protects only them, leaving you responsible for the damage.
  • You sign a lease for an in-season rental and move your stuff to your new place. Before you get the keys, the landlord requires you furnish proof of liability insurance, listing the them as an additional insured.

Renters Insurance means you don’t have to deal with life’s surprises on your own. And when combined with your auto, you obtain a discount.

WHAT IS COVERED BY RENTERS INSURANCE:

  • Property coverage to replace your furniture, clothes, electronics and jewelry—at home or away.
  • Liability coverage to protect you from lawsuits made against you for damage to another’s property or personal injury to another.

COVERAGE OPTIONS: REPLACEMENT COST OR ACTUAL CASH VALUE?

We recommend insuring your personal property for its Replacement Cost Value. Here’s an example to illustrate the difference:

The furniture you bought a few years ago for $1,650 is now worth only $1,000, but today costs $1,900 to replace. With an Actual Cash Value policy, you would get reimbursed the current depreciated cost ($1,000) minus your deductible.

However, if you have Replacement Cost, you would collect the cost to replace the furniture ($1,900), less your deductible. Replacement Cost Value ensures that you can replace yesterday’s purchases at today’s prices.