What Does Renters Insurance Cover?

Thought you might be interested in an article about renters insurance and thought I’d share a few points with you here.

"Your landlord might be a nice person who takes care of all sorts of problems, like leaky faucets and busted appliances.

But your landlord is probably not nice enough to replace all your belongings if your apartment catches fire. And neither will your landlord’s insurance company. When it comes to problems like fire and theft, you’re on your own.

Fortunately, there’s a solution: renters insurance. And it may be more affordable than you think.

Understanding Personal Property Coverage for Renters

Personal property coverage is what most people think of when they’re considering renters insurance. It covers all that stuff you’ve been accumulating over the years—everything from your furniture, clothes, jewelry, pots and pans, electronics, bicycle and even the little decorative items you keep on your shelves.

How Much Property Coverage Do Renters Need?

You’ll select a personal property coverage limit, meaning the maximum amount your renters insurance company will pay if your personal belongings are damaged or destroyed due to a problem covered by the policy (like a fire).

For example, you might select $20,000 to cover all your belongings. If you have a lot of expensive furniture, clothes or other belongings, you might select $100,000 or more.

A good way to determine how much personal property coverage you need is by creating a home inventory. A good home inventory can be as simple as a written list, or you can use an app or take video with your phone. Then estimate the cost to replace what you have."

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