Anybody who rents needs renters insurance. A standard policy isn’t usually sufficient for most people either. Take a look around you, and determine what coverage you need. These examples will get you thinking about additional coverage endorsement.
Personal property replacement cost
Most personal property is covered for actual cash value. That’s the amount that you paid for it minus depreciation. Try replacing your personal property at actual cash value. You won’t be able to replace much. You’re likely to do far better for yourself with replacement cost coverage as opposed to actual cash value.
Special personal property replacement cost
Special personal property might include artwork, jewelry, furs, musical instruments or electronics. Your total coverage amount may not be sufficient to replace just one such item. Look into special endorsements for particularly valuable personal property. You might only get $1,000 even if it’s a Picasso.
A guest in your home might slip on a wet kitchen floor, hit their head and need surgery. After your liability policy limits are extinguished, you’ll be on the hook for the balance of the damages. Make sure you have sufficient coverage. Umbrella coverage might even be available that provides additional liability and medical payments coverage in case a third party is injured in your unit through your negligence.
Increased personal property coverage for another residence
Many people have two residences. There are often different coverage limits for personal property located at one residence or the other. You want both residences to be fully covered.
You might have a terrific dog, but a landlord might turn you away if you don’t have appropriate insurance coverage for your dog. Most renters insurance policies will insure you under your liability insurance coverage if your dog attacks somebody. If you have a dog, you’ll want it covered. About 33 percent of all homeowners insurance liability claims involve dog attacks.
Home computer coverage
Your home computer and accessories are generally covered under your renters policy, but you’ll want to look into the specific terms of what’s covered and what isn’t. Business computers are usually excluded. If you work at home or bring work home with you, speak with your agent about obtaining coverage necessary to protect business computer equipment on your rental premises.
Take a look around you. A standard renters policy may not be enough. Talk with your agent about increasing your rental coverage all around you.