How to Ensure Your Renter's Insurance Policy is Sufficient

You have found the perfect place to rent in the Sunshine State and you are excited to move in, but have you obtained a renter’s insurance policy? Many people make the mistake of assuming their landlord’s homeowner’s insurance will cover their assets and skip renter’s insurance altogether.  Truth of the matter is the landlord’s policy covers only the physical structure of the rental property and will not protect you or your personal belongings as a tenant.
 
Generally speaking, renter’s insurance offers financial protection for people who rent in lieu of owning a home. Renter’s insurance safeguards you when your personal belongings are destroyed, vandalized, or stolen. It may also provide liability coverage for accidents or injuries sustained by guests.
 
Renters insurance is a recommended solution to easing the financial risk associated with property damage but understanding how to properly exercise your policy rights can be challenging as a tenant. Here are a few things to consider when reviewing policy options.

What Does Your Renter's Insurance Cover?

In short, renter’s insurance covers what you own. Coverage for some of the most common causes of property damage and loss, such as theft, vandalism, water damage, and fire, is your responsibility as a renter, which makes this such an important topic.
 
Personal Property

Personal property coverage ensures your personal belongings are protected. For example, if your living room furniture is ruined due to water damage from a pipe that burst while you were at work, your renter’s insurance policy has you covered up to the limits of your policy.
 
An important benefit is that personal property coverage may cover items even if they are not in the residence at the time of loss. For instance, belongings may be  covered if they are stolen from your car or damaged in a move.
 
Loss of Use

Renter’s insurance covers losses caused by named perils. These perils typically include fire, lightning, smoke, vandalism, explosion, windstorm, hail, water, theft, and more. If disaster strikes and you cannot stay in your home because of covered losses, your loss of use coverage provides reimbursements for temporary housing and additional living expenses.
 
Liability Coverage

If someone is injured in your residence or anyone on your policy causes damage to someone else’s property or to their belongings, this coverage protects you. It also may protect you if you cause damage to another property.
 
Medical Protection

This type of insurance covers reasonable medical expenses for someone injured in your residence.
 
What Renters Insurance Does NOT Cover

There are plenty of things renter’s insurance will not cover, such as structural damage to your rental unit. This is why it is much cheaper to have renter’s insurance than homeowner’s insurance.
 
Some other examples of items likely not covered by renter’s insurance include expensive jewelry and business equipment. However, you have the ability to apply coverage add-ons when you purchase renter’s insurance.
 
Similar to homeowner’s insurance, renter’s insurance policies can add endorsements (also called riders or options) to strengthen your coverage of personal property. Common endorsements are for jewelry and electronics.
 
How Much Coverage Should You Have?

This answer can be complicated and varies from person to person. There is no minimum coverage amount that is right for everyone, but you will want enough renter’s insurance to protect yourself and your belongings against several risks.
 
You will want to take an inventory of your belongings to evaluate your current coverage. Make a list of everything and estimate each item’s worth. This inventory should be as specific and thorough as possible, listing each item’s model number and price. Include possessions such as computers, electronics, clothes, and furniture. Then, you can determine the amount of coverage you will need to replace those items if they are ever stolen or damaged.
 
The inventory can help you figure out how much coverage you need, but it will also become very important when filing an insurance claim.  We are also Personal Property Appraisers and can assist you with the proper valuation of your personal belongings.
 
Are You Looking for a Public Adjuster to Help Navigate Your Policy?
 
Choosing the proper renter’s insurance coverage and navigating how to file a claim can be challenging and time-consuming. Experienced insurance adjusters can be your best resource, as they have the knowledge and expertise necessary to understand renters’ insurance policies and their complex language.
 
Having a public adjuster on your side not only guarantees an advocate for your best interests but also helps ensure you get everything you are entitled to for your claim. At Reliant Insurance Adjusters, we have the knowledge and experience to obtain the best possible settlement for your claim. Contact us today to learn how we can best help you.