Renters Insurance

Renters insurance helps cover the cost of replacing your belongings if they are damaged or stolen and protects you against personal liability. Here are key facts to know if you’re a renter.

Main coverage components:

Liability | Personal Property | Additional Living Expenses

Renters Insurance FAQs

I don't own much...why would I need renters insurance?

You’d be surprised at the value of your property – TV, furniture, clothes, electronics. Can you afford to replace it all without renters insurance?

Does my renters insurance cover my roommate’s possessions?

No (unless they are a family member or relative). Your roommate would have to be a “named insured” on your renters or would need a separate policy.

Does a renters insurance cover more than just my personal property?

Yes. A standard renters policy will include “Medical payments coverage” for injuries caused by you, your family members, or pets, as well as “additional living expenses” if your rental becomes uninhabitable due to a covered loss.

Is Renters Insurance expensive?

Because you’re not insuring a building, renters insurance is relatively inexpensive. It typically costs $14 a month for $30,000 property coverage and $500,000 liability coverage.

Can I add optional endorsements to my renters policy (similar to a homeowners policy)?

Yes, there are additional (optional) policies and endorsements available:

Money, bank notes, and coins
Business property
Securities and negotiable instruments
Watercraft and related items
Jewelry and furs
Firearms
Silverware and goldware

Some policies include “Personal Injury” coverage, and others require it to be added as an endorsement. This protects you if you are accused of libel, slander, or other non-physical damage to a person or business.

What is a renters insurance deductible?

If you have a covered loss to your personal property, the deductible is the amount you pay before the insurance kicks in. For example, if your policy has a $500 deductible and you have a covered loss of $15,000 to your belongings, you would pay the first $500, and the insurance would pay the remaining $14,500, or up to your policy limit.

The deductible amount affects the annual premium. If you select a higher deductible, you are taking on more risk, which will lower the premium. Choosing a lower deductible will increase your premium.

Does renters insurance cover flood damage and other water-related problems?

Not always.

A standard renters policy covers many causes of loss, but damage to your property due to flooding, earthquake, or sewer and drain backups is excluded. The good news is that coverage is available for these types of situations. It may be an endorsement to a renters policy to expand coverage, or a stand-alone policy.

The best plan is to work with and FIFS Advisor to ensure you have the coverage that is most important to you.

What happens if I can’t live in my apartment after a fire or other covered loss?

If you must temporarily move out of your rental unit while repairs are made due to a covered loss, a renters policy may help pay for your additional living expenses.

This coverage can help pay for reasonable extra costs you incur because you cannot live in your home, such as hotel bills, restaurant meals, laundry expenses, and other expenses that would be outside your normal living expenses.

The extra living expenses limit is listed on your policy. An FIFS Advisor can work with you to ensure you have the right coverage should the unexpected occur.

What does renters insurance actually cover?

A typical policy may help cover your personal belongings if they’re damaged or stolen due to a covered event such as a fire, smoke, theft, vandalism, or certain types of water damage, like a burst pipe.

It can also provide liability protection if you’re found responsible for accidentally causing injury to someone else or damaging another person’s property. For example, coverage may help if a guest is injured in your apartment, your dog bites someone, or you’re sued for a covered liability claim. Many policies also help pay for legal defense costs associated with covered claims.

Some renters policies include coverage for living expenses if you are displaced from your rental.

Because coverage varies by policy, it’s important to review your specific policy details and discuss any questions with one of our advisors.

Are there “discounts” available for Renters Insurance policies?

Yes, if you have multiple policies with the same insurer, or your rental has a security or sprinkler system, smoke detectors, deadbolt locks, etc.

If my landlord has insurance, do I still need renters insurance?

If your rental property burns down, your landlord’s insurance enables him/her to rebuild, and you’d be homeless, with only the shirt on your back. Having renters insurance is how you can protect yourself if disaster strikes because your landlord’s insurance does not have coverage for the personal property of tenants.

How do I determine how much renters insurance I need?

Take an inventory of your personal property, including the original price, purchase date, and serial and/or model number. Consider the value of your furniture, mobile phone, computer, electronics, jewelry, sports equipment, and wardrobe. The amount of money it would take to replace everything is the amount of coverage needed on a renters policy.
Take photos or a video of your personal property and store them in the cloud. Update the photos/video annually.
Obtain certified appraisals of valuable items
Store the originals (or a copy) of all of the above off premises

Am I covered if...?

…A friend trips on my rug and breaks her arm in my house? Yes*

…My son accidentally breaks a neighbor’s window? Yes (up to $1,000)

…The property I take with me on vacation is stolen or vandalized? Yes, worldwide*

*Up to your coverage limits

My engagement ring and other jewelry are valuable. Does renters insurance fully cover them?

Not always.

Jewelry, watches, and other treasured items are covered by a standard insurance policy, but there may be a special limitation if they are damaged or stolen. Also, the types of losses covered under the standard policy are limited.

A scheduled jewelry endorsement can be added to your renters policy to broaden coverage to more types of damage, including accidentally losing a ring or a stone in a ring.

It’s best to discuss your options with us so that you can make an informed decision about insuring your valuable jewelry, watches, or other treasured items.

Does renters insurance cover my belongings when they're in my car or away from home?

Yes. In most cases a renters policy provides coverage for your personal belongings not only in your rental unit, but anywhere in the world. That includes items in your vehicle and your luggage when travelling.

For example, if items are stolen from your vehicle or your hotel room, or your backpack is stolen, the renters policy helps cover the loss of the items, subject to the policy deductible, limits. and exclusions.

Your property in your vehicle is covered by your renters policy, but your vehicle is not. Damage to vehicles is covered under an auto policy, therefore excluded in the renters policy.

If you are unsure how coverage will work while travelling or storing your possessions elsewhere, we are happy to discuss the coverages and options available.

If my gaming system or laptop is stolen, will renters insurance pay for a new one?

It depends on the coverage you have on your renters policy.

A renters policy coverage is either actual cash value (ACV) OR replacement cost coverage. A policy with ACV will depreciate the value of property based on the age, wear, and tear. If stolen property is covered for ACV, you would receive less amount that it would cost you to purchase a new one.

When there is a loss to personal property insured on a renters policy with replacement cost coverage, such as theft, you will receive the amount it costs to replace the property with similar kind and quality at today’s price, after the deductible and up to the policy limits. There is no deduction for depreciation with replacement cost coverage.

Replacement cost coverage is the preferred option but it is not automatically included in all renters policies. We can work with you to ensure you have the coverage needed for your personal property in case the unexpected occurs.

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Renters Insurance