What is Covered
Would renters insurance cover your laptop that got stolen when you went to the restroom at the local cafe?
Yes! That is covered by renters insurance!
** Personal Property Coverage
What is the monthly cost of renters insurance?
$12-14 a month
- State Farm
- All state
- Liberty Mutual
- USAA
Me and my friend go on vacation across the country and I cause her injury! Will my renters insurance cover her medical expenses?
Personal liability coverage on your renters policy may cover you if you're liable for another person's injuries or damages. You may also be covered for additional living expenses if you must leave the building temporarily due to damage from a covered loss.
**Without renters insurance plan you would need a travel insurance plan
If your apartment is damaged by a small grease fire, would renters insurance help pay for a temporary place to stay?
No! Renters Insurance will only cover things damages in your home because of the fire. Unless it becomes inhabitable- they will cover a place for you to stay and meals etc.
**Personal Property Coverage
**Additional Living expenses (ALE)
How much would your renters insurance pay for your 2 year old laptop that you bought for $800
A) The full amount $800
B) 75% of initial value ($600)
C) 60% of initial value ($480)
(B)
Depending on your insurance company, coverage will vary, but most policies would cover 75% for a 2 year old, $800 laptop.
What if I own my house? Will renters insurance cover it?
If you own your home: renters insurance coverage includes everything that homeowners HO3 insurance covers, except for damage to the rental property itself
If my Renters Insurance covers my friends injuries on my property, does it cover mine too?
No,
only health insurance will cover your bills
only renters insurance will cover your friends'
My 98 inch TV that me and my roommate split gets stolen. Does renters insurance cover it to get replaced?
No! That falls into the category of **Roommates Property. Unless it is explicitly added to your policy, it will not be covered.
How much will my renters insurance pay for my 5 year old, 55 inch TV
(avg $1200 inital price)
A) $800
B)$400
Something like a TV is considered to depreciate by value up to 25% a year so your insurance companies policy will most likely give you (B) $400 to cover it.
What percentage of U.S households rent?
1/3
Do I pay a claim expense?
No your insurance company will cover any fees associated with creating a claim including an inspection or loss assessment
If someone slips and falls in your apartment, will your renters insurance cover their bills?
Liability coverage within your renters insurance plan will cover your friends bills for you!
How much will renters insurance pay to cover a $2000 closet destroyed when your house burned down?
A) $2000
B) $1000
C) $1500
Your renters insurance company might pay you up to C) $1500 to replace a stolen or damaged wardrobe.
Does my renters insurance cover my tools taken from my shed behind my house?
Yes! It will cover any belongings on your property.
Im away in college and im considered to "still be under their policy" and I get robbed! Am i covered?
No! Your belongings on campus will not be covered under your parents plan if you're off to college
At your friends apartment, you convinced your buddy that you could throw a football. After a horrible throw, you knock over and break your friends' vase. Does YOUR renters insurance replace THEIR vase?
Yes! YOUR liability coverage will replace your friends vase!
You just bought a used couch off of Facebook Marketplace for $500! Will Renters Insurance pay to replace it for the full price you paid?
Because the value of the sofa can vary from so many factors, and it was purchased off of Facebook Marketplace, your policy will most likely only cover up to $300 even though you just bought it.
The apartment downstairs sues you for leaving ur tub running and creating water damage to their ceiling. Are you protected?
Yes, your insurance company will protect you in court against a law suit and all expenses associated with law suit.
Do I get ANY coverage under my parents when off to college?
Limited Coverage for SOME personal property, but you're better off purchasing your own policy.