Personal Insurance
Renter’s Insurance

Why do I need renter’s insurance?

Whether you are renting your first studio apartment or the penthouse of your dreams, you probably have collected more personal property than you think. Even the smallest studio apartment can hold thousands of dollar’s worth of personal property. You will want to be able to replace these items should your home be burglarized or severely damaged. You'll also need renters insurance for liability coverage in case someone is injured in the apartment or house you rent.

What does renter’s insurance cover?

Renters insurance is one of the most overlooked and inexpensive forms of insurance available to cover you and your property. It offers the same general personal property coverage and liability protection as a typical homeowners policy, protecting you and your personal property in three very important ways:

• Liability Coverage
  This coverage provides protection for all sums that you are legally obligated to pay as a result of a suit or claim by others that are injured by you or your belongings (excluding your automobile), family members, or pets.
   
• Contents Coverage
  This coverage protects your personal property against losses from a wide variety of perils, including fire, lightning or smoke, theft, vandalism or malicious mischief, windstorm or hail, explosion, riot or civil commotion, damage from aircraft, vehicles and falling objects, plumbing-related water damage, or electrical surge.
   
• Additional Living Expense
  This coverage provides you with reasonable reimbursement for expenses above normal rent (also called "loss-of-use" coverage) in the event your home or apartment is uninhabitable.
   
• Replacement Cost versus Actual Cash Value
  Replacement cost pays the cost to restore or replace damaged property without the deduction for depreciation. Actual cash value is replacement cost at the time of loss, less depreciation.