logo logo

Renters Insurance Increases Protection

renter-2Renters Insurance increases protection and can be broken down into two types of basic coverage: content and liability. Both provide increased protection for renters.

As the name implies, content coverage increases protection for any damage or loss of the contents of your home. Liability coverage provides protection for any expenses on any injuries suffered by a visitor for which you are responsible.

Some of the most common questions when it comes to renters insurance coverage are covered here.

Question #1: Are all my possessions covered under Renters Insurance?

Renters Insurance - Less Than $1 A Day

The answer depends on the policy limits that your insurance company provides. There are actually theft limits imposed to specific items such as computers, high-tech gadgets, expensive jewelry and others. For instance, there is a $2000 policy limit for high-tech gadgets in most policies. This is why you should read and understand the entire renters policy no matter how dry it is to get through.

There are also limits set for each category which you should clarify with your agent or insurance company representative. Ask how much the limits are and if there are any and how limits will be applied to the items that will be covered. High-value items like art-work may also need an additional rider or endorsement coverage for an extra fee.

Question #2: How would the renters insurance policy affect individuals sharing a room?

First of all, you should be informed that renters insurance policy for people who shares a room with friends or living in a group house, there are certain regulations or guidelines that apply.

Coverage on roommates belongings differ from one state to another. Inquire with your insurance provider if you need to update or include the name of new roommates in the current policy. It is advisable that renters policies not only be confined to a single person, but should be in the name of all those living in a household.

Question #3: Does Renters Insurance coverage favor unmarried couples, married couples or those living together?

Most companies underwrite coverage for unmarried couples but some do not. Since more than 60% of U.S. households are composed of unmarried relationships, many companies offer coverage for all types of living situations.

Question #4: Will Renters Insurance Coverage include items stolen in a burglary?

Everything that is in your possession and that is declared or listed is covered in the standard renters insurance policy in case of a burglary or theft. It’s wise to make a list of all items in your household with corresponding serial numbers on items like televisions and household appliances owned by renters like microwaves.