The Facts About Renters Insurance

Facts

• Estimates are that most renters own $30,000 of personal property on average.
• The landlord's insurance does not cover their tenants' personal property.
• Renters insurance is very affordable, usually between $100 and $300 per year depending on the amount of coverage. That's less than $1 per day!

Available Coverages

• Personal property coverage (also known as contents coverage)
• Guest medical coverage
• Family personal liability protection
• Additional living expense coverage

Optional Coverages

• Extended coverage for jewelry, watches, furs, electronics, cameras, and business equipment
• Scheduled personal property coverage for jewelry and other more expensive items
• Identity theft protection
• Fire department charges
• Water and sewer backup (Note that this does not include flood)

Coverage Types

• Actual cash value (ACV) based on depreciated value of personal items
• Replacement cost (RC) replaces items with new items of like kind and quality

Available Deductibles (Varies By Company)

• $100
• $250
• $500
• $1,000

Discounts

• Multiple policies with the same company
• Protective devices such as smoke alarms, deadbolt locks, fire extinguishers, and alarm systems
• Senior citizens and retirees
• Monthly automatic bank draft or annual paid in full

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