We Know: All about Renter's Insurance
What is Renter's Insurance?
Renter's insurance protects your property against damage or loss, and insures you in case someone is injured on your property. It may pay for accidents that occur on your property or damage to others' property.
Doesn't my Landlord's Insurance cover my Property?
Your landlord's insurance does not cover your personal property - clothing, furniture, electronics, appliances, computers, jewelry or anything else. Therefore, if you have a substantial amount of property within the rental unit, you should consider buying renter's insurance.
What Should my Renter's Insurance Cover?
Renters generally secure enough coverage to replace their personal possessions if they were stolen or destroyed. You may need supplementary insurance that would cover for damage caused by floods, or an earthquake.
What will My Renter's Insurance not Cover?
There may be limits on the values of specific items covered, such as computers and jewelry. You may need to add a rider (additional policy) to cover these items.
What Types of Renter's Policies are Available?
You may purchase:
What Should I look for when Shopping for Renter's Insurance?
When shopping for renters insurance you need to:
How can I Lower my Insurance Premium?
You can lower your insurance payments if you:
What will I Need if my Possessions are Damaged or Stolen?
You will need to keep an accurate list of your possessions, their purchase prices, model numbers and serial numbers. Store this list and photos or a video of your possessions in a safe-deposit box or other secure site away from your home.