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Renter insurance is offered to tenants to protect their personal property against possible loss. You want to have renter insurance anytime you live in a rental property. The insurance held by your landlord on the building does not extend to your personal belongings—in fact, they are generally explicitly excluded!
You can buy renter insurance from a variety of sources. Mainline insurance carriers on a regional and national level offer coverage. Renter insurance is also sometimes available through special members only associations, from dedicated renter insurance provider, and through housing associations.
Choosing the best renter insurance depends on your needs. You can choose how much coverage you want and add special endorsements to cover specific items of value, such as wedding rings or electronics. Where possible, it is generally preferred to select replacement cost, as this will ensure that you can restore your personal possessions with a minimum of out of pocket costs.
Information Needed For A Renter Insurance Quote
To get renter insurance, you will need to collect several pieces of information from your landlord. This information varies depending on whether your rental unit is a stand alone property or a part of a larger rental complex. Both kinds of properties can be quoted; the process is just slightly different.
For stand alone properties, you will need to know the age of the building as well as the age of major appliances, like the furnace and water heater. You will need the loss history for the house so you can see if there are water risks or if the roof has been recently replaced. Finally, you will need to know about the dimensions of the rental and its distance from the nearest fire station.
For rental complexes where you have a unit, you still need to know the age of the building. You also need to know how many units are a part of the complex. Some companies will want to know if the owner or a property manager is on site. Finally, you will need information about the size of your unit and the security features of the building.
Common Renter Insurance Policy Features
Renter insurance, like homeowner insurance, is considered to be a multi-line coverage plan since it offers both personal property coverage and liability coverage. Common renter insurance policy features include:
- Personal Property coverage. Generally, the personal property coverage takes care of your belongings up to a certain dollar amount, usually $10,000 or $20,000. You may add on specific endorsements to cover jewelry out of vaults, up market electronics, or fine art.
- Liability coverage. If a visitor is injured at your rental, your renter insurance will offer medical payments to offset your liability and costs.
- Alternative housing allowance. If your apartment, condo, or home becomes uninhabitable and you have to live elsewhere, this coverage helps you pay for a new rental or a hotel until your property can be repaired.
Renter Insurance Discounts Available
Unlike other kinds of insurance, renter insurance is usually exempted from discounts due to bundling insurance coverage. You will have to check you’re your desired insurance carrier to see if they will consider giving you a bundling discount. However, generally to get renter insurance discounts, you need to have security features in place or be a member of certain associations.
The security features can be installed by you or by your landlord. Items that can help you get a discount include security cameras, fire sprinklers, and alarms systems. Check with your landlord to see which, if any, of these items are in place on your rental.
Certain regional and national associations can also earn you discounts, especially if you are 55 or older and retired. If the rental is your primary residence and you meet the age requirements, you might get a discounted renter policy.
Renter Insurance Exclusions To Note
When it comes to renter insurance, one of the biggest exclusions to be aware of and check on your policy is water damage. If pipes leak or there is flooding of another kind, you may not have coverage under your renter plan. You may get some reimbursement through your landlord’s policy, but there are no guarantees and this is worth checking out!
