This material is for informational purposes only. All statements herein are subject to the provisions, exclusions and conditions of the applicable policy. For an actual description of all coverages, terms and conditions, refer to the insurance policy. Coverages are subject to individual insureds meeting our underwriting qualifications and to state availability.
While your landlord has homeowners insurance coverage for the physical dwelling, as a renter, you need insurance to cover your personal property, such as clothing, furniture or electronic equipment, in the event of loss from fire or theft or other perils.
Renter's insurance will also help protect you if you are responsible for bodily injury or property damage to others, for example, if a visitor trips over a rug and breaks a leg.
Read on to find out more about the protection offered by renters insurance:
- Personal property coverage
- Optional property coverages
- Personal liability protection
- Additional living expenses
- Improvements
- Fire legal liability
- Credit card and check forgery
- Deductibles
While your landlord should have insurance coverage for the building in which you live, you need to be aware that the landlord's coverage does not extend to protect your personal possessions. Renters insurance provides protection for your furniture and personal possessions - at home or away from home - against damage from such hazards as fire, lightning, windstorm, hail, explosion, smoke, vandalism, and plumbing leakage. A renters policy also helps protect your property against practically every type of theft loss in your apartment or, in most cases anywhere in the world.
This personal property coverage is also called contents coverage since it insures the contents of your apartment. You determine the value of your property and the renters premium is based on this amount. An independent agent or Travelers of Florida representative can help you if you have questions as to the amount of personal property coverage that's right for you. Or, you can use our Personal Property Worksheet if you'd like to figure it out on your own.
Since each of us enjoys a unique lifestyle, you may require special coverages for your individual needs. The following coverages can be purchased separately:
Contents Replacement Cost: pays full cost to repair or replace most personal property in your apartment with no deduction for depreciation.
Personal Articles Floater: coverage that is broader than what a basic Homeowners policy provides. It is the right coverage for people who own valuable possessions such as jewelry, artwork cameras and computers. (A recent appraisal may be required for this type of insurance.)
Stuff happens...and sometimes it's not always good. In the event that you are sued, your renter's personal liability protection helps to cover the associated legal costs and related damages.
Most renters policies provide $100,000 (minimum) of financial protection against liability claims and lawsuits brought by others for accidental bodily injury or damage to their property:
- while in your apartment
- caused by your personal activities, including most sports
- caused by your children or pets.
Liability protection also includes medical payments coverage. For example, Travelers of Florida will pay up to $1,000 per person -- regardless of your legal responsibility -- when an accident involves bodily injury to others. Higher amounts of coverage are available.
If you are forced out of your apartment by a covered hazard, your insurance may pay up to 20% of the contents coverage for necessary additional living expenses (hotel, meals, laundry, etc.) while your damaged apartment is being repaired.
Many renters spend considerable time and money on alterations or redecorating. Under a renters policy, you may apply up to 10% of your contents coverage to repair or replace these damaged improvements.
This feature protects you if you're held legally responsible for any fire damage to the building in which you live. And this coverage not only protects your home, but also any vacation property you rent.
Renters insurance may provide you with up to $1,000 of coverage for losses resulting from forgery or any alteration made in connection with credit cards, automated teller cards, and checks used by you and your family.
A deductible is the amount of loss you agree to assume before your insurance coverage takes over. The higher your deductible, typically the lower the cost of your policy premium. The deductible applies to property losses only. Liability protection does not require a deductible.
Florida homeowners policies also have a Calendar-Year Hurricane Deductible. The hurricane deductible will only apply once per calendar year. This means if you have one hurricane loss, your Calendar-Year Hurricane Deductible will be applied. However, if you have losses from subsequent hurricanes during the same calendar year, the deductible for the additional hurricane losses will be the greater of:
The remaining amount of the “Hurricane Deductible” (if not exhausted by the original loss), or
The “All Other Perils Insured Against” Deductible.
For more information on condo insurance, click on the links below:
