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Renters Insurance

Renters Insurance Policies

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Renters insurance protects a tenant’s personal property. This type of insurance, also called tenant’s insurance, covers personal possessions, liability and additional living expenses.

 

Personal Possessions

A standard insurance policy protects a tenant’s possessions against incidents such as theft, fire, smoke and vandalism. A home inventory that lists the value of all personal possessions is needed to determine how much insurance coverage is needed.

 

Liability

Liability protection protects a tenant against any lawsuits for property damage or injury that may occur at the home. Liability protection typically starts around $100,000, but at least $300,000 worth of protection is needed. This policy pays for a tenant’s court costs as well as any court awards a tenant may have to pay. A tenant may also submit any injury that occurs at his or her home directly to their insurance company by way of the no-fault medical coverage portion of liability protection.

 

Additional Living Expenses

Additional living expenses, also known as ALE, is an additional feature of renters insurance. This policy reimburses any relocation costs caused by disaster. This includes hotel costs, rentals, meals and more.

 

Tenants have the choice between an actual cash value insurance policy and replacement cost insurance. An actual cash value insurance policy deducts a depreciation based on use and age on any possessions being replaced, and a replacement cost pays the actual cost of the possession.

 

Once any damage occurs to a tenant’s personal property, he or she should call their insurance company immediately and ask these questions:

 

- What are the time limits on filing a claim?

- Does the claim surpass the deductible?

- Am I properly covered?

- How long will the claim take to process?

 

No damaged items should be thrown out; all evidence should be kept until a claims adjuster takes note of it. Photographs should also be taken of all damaged property.



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