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Policy

Even when it’s not required, it’s important to insure your belongings for when the unimaginable occurs, because it does! A renters policy can be tailored to cover everything you own in your rented home.

Claim

You file a claim when you need assistance from your insurer if your belongings are damaged, destroyed or stolen.

Deductible

You’re responsible to pay a deductible when you are paid out a claim. You choose the deductible amount when you buy the renters insurance policy.

Policy Limit

You are only insured up to policy limits so make sure to consider how much your belongings are worth by creating an inventory before you buy a policy.

Personal Property

Your personal property includes everything from a bicycle to the dining room table. Consider how expensive it would be to replace all of your belongings without renters insurance.

Liability

You may be liable for injuries to people who visit your home. Renters insurance covers your liability in these situations.

Additional Living Expenses

If your home becomes uninhabitable due to a covered peril, like a fire, renters insurance will pay for you to live elsewhere and may even pick up the tab for other everyday expenses due to displacement.

Actual Cash Policy

The actual cash value of your personal belongings is the price of your belongings minus depreciation due to everyday wear-and-tear. Most Americans have an actual cash policy, which is cheaper than a replacement cost policy.

Replacement Cost Policy

If you want the ability to replace your belongings with new items, you’ll want to buy a replacement cost renters insurance policy, but it will cost more.

Covered Peril

Not every type of loss is covered by renters insurance, so make sure to read over the list of covered perils in your renters insurance policy.