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5 Questions to Ask Your Insurance Rep About Renters Insurance

Couple talking with insurance representative Couple talking with insurance representative

While renters insurance offers broad protection for tenants, it's important for consumers to choose the policy that best suits their individual needs.

A renters policy can cover your personal belongings and help cover legal costs in the event you are sued for accidental bodily injury or property damage of others. But not all policies are the same. Here are five questions to ask your insurance representative to help you make the right choice.

1. What's Covered and What's Not?

A renters policy generally covers your stuff against events like theft, lightning, fire, smoke, vandalism, explosions and windstorms.1 There's also liability protection against claims and lawsuits alleging that you caused bodily injuries or property damage. There may be coverage for certain kinds of water damage, such as leaks from damaged pipes. Your insurance rep can tell you if the policy includes additional living expenses if you're forced to move due to a covered loss.

A typical renters insurance policy does not generally provide coverage for damage from floods and earthquakes. Also, there will be limits on how much coverage is provided for your things. There could also be lower limits in the policy for different categories of your possessions. If you own expensive collectibles, such as jewelry or art, ask your insurance representative about buying additional coverage for these valuables.

2. Will a Renters Policy Cover my Roommate?

Renters insurance typically covers family members, but may not cover roommates. Travelers recommends that each occupant obtains his/her own policy to cover their individual stuff.

Some insurers allow roommates to be insured under a single policy.2 In these instances, roommates must agree to the level of coverage, based on the combined value of their stuff. If one roommate moves away, the remaining renter typically will need to obtain a new policy.

3. What's the Difference Between Cash Value and Replacement Coverage?

There are two types of renters coverage, one that pays based on your property’s actual cash value and one that pays based on you property’s replacement cost.

For example, a computer you bought for $1,000 eight years ago has significantly depreciated in value, let’s say to $200. If you have a cash value policy, the maximum amount you would be paid would be the lesser of the cost to repair it, or $200. If you have a replacement cost policy, the amount you would be paid would be the lesser of the cost to repair or replace the item with a similar new computer.

4. Will Owning a Dog Affect my Renters Coverage?

Some policies provide coverage if your dog injures someone, and some insurers exclude or limit coverage for customers who own a dog. It’s best to discuss this with your insurance representative when purchasing your policy.

5. Am I Covered if my Laptop Computer is Stolen from my Car Parked Outside my Home?

Renters policies generally include coverage for items stolen off-premises. That means belongings outside your home have insurance protection similar to the things inside your home. However, off premises coverage may be limited to a percentage of your total coverage for personal items. For example, if you have $50,000 in personal items coverage, the amount available for off-premises losses may be 10 percent of that figure, or $5,000. Also, keep in mind, there is generally a deductible that applies.

Sources:
1
http://www.iii.org/
2 http://www.investopedia.com/ask/answers/112015/can-roommates-share-renters-insurance.asp

More Tools & Resources

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Why You Need a Renters Insurance Policy

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4 Things Every Renter Needs to Know About Renters Insurance

Here are four things you need to know about how a policy can compensate you for lost or damaged property.

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How Does Renters Insurance Work?

Get to know the difference between homeowners and renters insurance coverages.

See All Insurance 101 Content


Related Links

  • Why You Need a Renters Insurance Policy
  • 4 Things Every Renter Needs to Know About Renters Insurance
  • How Does Renters Insurance Work?

Related Products & Discounts

Renters Insurance

Renters insurance can help to cover more than your personal property. It can help to protect you from personal liability, so you can rest easy.


Jewelry and Valuable Items Insurance

From jewelry to collectibles, you may have more valuables than you realize. And your home insurance policy may not provide the coverage you need.


Personal Liability Insurance Coverage

This can help financially protect your family in case a third party brings a property damage claim or bodily injury lawsuit against you.


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The information on this site is general in nature. Any description of coverage is necessarily simplified. Whether a particular loss is covered depends on the specific facts and the provisions, exclusions and limits of the actual policy. Nothing on this site alters the terms or conditions of any of our policies. You should read the policy for a complete description of coverage. Coverage options, limits, discounts, deductibles and other features are subject to individuals meeting our underwriting criteria and state availability. Not all features available in all states. Discounts may not apply to all coverages and/or vehicles. 

Insurance is underwritten by The Travelers Indemnity Company and its property casualty affiliates, One Towers Square, Hartford, CT 06183. In TX: Automobile insurance is offered by Travelers Texas MGA, Inc. and underwritten by Consumers County Mutual Insurance Company (CCM). CCM is not a Travelers Company. In CA: Travelers Commercial Insurance Company, One Tower Square, Hartford, CT 06183. Certificate of Authority # 6519; State of Domicile: Connecticut and Travelers Property Casualty Insurance Company, One Tower Square, Hartford, CT 06183. Certificate of Authority # 6521; State of Domicile: Connecticut. In CA: Boat and Yacht insurance is underwritten by The Standard Fire Insurance Company, One Tower Square, Hartford, CT 06183, Certificate of Authority #0335-0, State of Domicile: Connecticut.©2017 The Travelers Indemnity Company.