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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 (“RI”) provides coverage for your personal property against damage or loss, not only where you rent, but also while you travel anywhere in the world.

What you own is worth more than you think. Protecting it, and yourself, with renters insurance is a smart investment, and can provide peace of mind and security.

Contact FIFS today to discuss your options, so that you can make an informed decision.

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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.

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 my renters insurance cover me if a friend trips in my apartment and is injured?

It may. Most renters insurance policies include personal liability coverage, which can help protect you if a guest is injured in your apartment and you’re found legally responsible.

For example, if a visitor trips and falls while visiting your home, your policy may help cover injury-related costs or legal expenses if a claim is made against you, subject to your policy’s terms, conditions, and limits.

Many renters policies also include Medical Payments to Others coverage, which may help pay for certain minor injuries to guests, regardless of who was at fault.

Because every situation is different, coverage depends on the circumstances of the accident and the details of your policy. If you have questions about your specific coverage, we’re happy to help.

 

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 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 them 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
What happens if my luggage or laptop is stolen while I’m on vacation?

In many cases, yes. Renters insurance typically covers your personal belongings wherever they go (worldwide), not just inside your apartment or rental home.

For example, if your luggage is stolen from a hotel room, your laptop is taken while you’re traveling, or your belongings are vandalized during a trip, your renters insurance may help cover the loss, subject to your policy’s deductible, limits, and exclusions.

It’s important to remember that renters insurance covers your personal property, not the vehicle you’re traveling in. Damage to or theft of your car is handled by your auto insurance policy. (If you are renting a vehicle, check out the FAQ for more information).

Because coverage limits and exclusions can vary, it’s always a good idea to review your policy and talk with our Personal Insurance Advisors before traveling, especially if you’ll be taking valuable items like jewelry, cameras, or electronics.

 

 

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. 
My e-bike was expensive. Is it covered by my renters insurance policy?

 

Likely not. Many renters insurance policies exclude e-bikes because they’re considered motorized vehicles. If you own an e-bike, ask us about stand-alone e-bike insurance that can provide coverage specifically designed for electric bicycles.

 

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. 
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.

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.

Can my landlord require me to have renters insurance?

 

Many landlords require tenants to carry renters insurance because it helps protect both parties if something unexpected happens. While your landlord’s insurance typically covers the building itself, it does not cover your personal belongings or your liability if you accidentally cause damage or someone is injured in your rental unit.

A renters insurance policy can help pay to repair or replace your belongings after a covered loss, provide liability protection, and in some cases help cover temporary living expenses if your rental becomes uninhabitable. Requiring renters insurance helps ensure tenants have their own financial protection in place.

 

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 my renters insurance cover me if my child breaks a neighbor’s window?

 

Yes, in many cases. If your child accidentally breaks a neighbor’s window or causes other unintentional damage to someone else’s property, your renters insurance liability coverage may help pay for the damage.  The policy limit may not be enough to cover the entire cost of replacing the window but could make a significant difference in how much you would have to pay out-of-pocket for the damage. The claim would be subject to your policy’s terms, conditions, and limits. 

 

Are you in the process of looking for a place to rent?

There are many factors to consider such as location, ammenities, and more. Whether you are renting for the first time or you just need a refresher, use our checklist to spot potential red flags before signing a lease. Once you are in your new place (or even if you decide not to move), dust off your reenters policy for a quick once-over. 

Apartment Hunter's Checklist
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They are experts in their field. They provide efficient, proactive, knowledgeable advice. And they work hard on our behalf. We couldn’t ask for anything more and I would highly recommend them for all your personal and business insurance needs.

Jessica M.
Telford

“...helped me avoid unnecessary coverage..."

We’ve relied on FIFS for our insurance needs for years, and their team has always been helpful and knowledgeable. During a stressful car rental situation, they provided our insurance documents within minutes. It helped me avoid unnecessary coverage and added frustration. It’s a great reminder of the value of working with a responsive, trustworthy local company.

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Hatfield, PA

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I appreciate the expertise that FIFS provides in aligning product offering with what I actually need. I especially appreciate the professionalism and kind approach from their staff. They are a great community asset!

Robin L.
Perkasie

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FIFS has been our church’s insurance connection for as long as I’ve worked here, 17 years. They have been there for every need, question and problem that we have had. They have responded to all issues with calmness, quick answers and clear guidance.

Leslie R.
Telford

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FIFS service and personal attention is second to none! It is a pure pleasure dealing with Joanne for our business insurance and my homeowners insurance is always burden-free due to the knowledgeable staff.

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Souderton

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The strengths of FIFS are their staff and personal service. They are always quick to respond to phone calls or email. They go above and beyond what other companies might do. I would give FIFS an A+ for their service and expertise.

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Spring Hill Realty

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