Renters Insurance

Renters insurance usually covers:

• Damage to your belongings in the rental unit caused by fire or smoke, plumbing leaks, or other issues
• Theft, even if the items are not taken from your home (for example, if your camera is stolen while you’re on vacation)
• Liability for a guest who is injured while in your rental unit
• Legal expenses if you are sued for damages
• Loss of use, paying for your stay in another location until your unit can be repaired

Some things may not be included in your renters insurance, unless you’ve added a rider or separate policy:

• Damage caused by earthquake or flooding
• Loss due to identity theft, or unauthorized transactions on your credit cards or bank accounts
• Some valuable items, like electronics and jewelry, may only be covered up to a certain limit.
• Equipment taken from your vehicle will be covered, but if the item was installed (like a stereo system, for example), this will be replaced by your auto insurance.

Depending on the value of your jewelry and other valuable items, you may need additional coverage beyond your basic renters insurance coverage. When you discuss your insurance needs with your broker, they can help you decide whether you need additional coverage for valuable personal property.

Liability coverage can protect you if there’s an accident or injury at your home. For example, if a guest falls or is bitten by a pet, that would typically be covered by liability coverage.

If you run a business from your home, you may need additional coverage beyond a typical renters policy. Your broker can help you decide what kinds of coverage you need.