Renters Coverage Options

Tenants policies have different provisions though they generally provide two types of coverage: Property and Liability.

Property coverage in a Renters policy:

Covers personal property for a variety of circumstances (i.e. fire, windstorm, smoke, theft, and vandalism).

Liability coverage offers protection, including the cost of legal representation, from covered claims made against you or a resident family member for property damage or bodily injury. This section of your Homeowner's coverage is broken into two parts:

Personal Liability Coverage Bullet Personal Liability coverage - this coverage pays, up to your limit of liability, when you or a resident family member is found legally responsible for damage to the property of others or injuries to persons who are not members of your household. For example, a delivery person slips on the ice on your doorstep and is injured. If you are found legally responsible, your Personal Liability coverage will cover the damages (e.g., medical expenses, lost wages) incurred by the delivery person.
 
Medical Payments Bullet Medical Payments to Others - Pays medical bills if someone (outside of your family) is injured while on your property, or is injured by you or a resident family member away from your property. This coverage is available regardless of whether or not you are legally responsible for the injury.

You're covered – Much more than you think

More protection than you may have imagined is included in your Homeowners coverage. (Of course, that statement is limited to your individual policy.) Here are general descriptions of some surprising and welcome benefits of Homeowners insurance:

Loss of Use BulletLoss of Use – Pays for necessary increases in living expenses you incur if your home is not habitable after a loss.
 
Necessary Repairs BulletNecessary Repairs – Pays for temporary repairs to prevent further damage after a loss.
 
Debris Removal BulletDebris Removal – Pays for debris that may have to be removed after a loss.
 
Property Removed BulletProperty Removed – covers your property for any direct loss if you remove it because it is endangered by a covered peril.
 
Credit Cards BulletCredit Cards – You may be reimbursed for up to $500 for unauthorized use of your credit cards. This provision also protects you from losses related to innocent acceptance of counterfeit money.

A few things to keep in mind…

Certain categories of personal property have limited coverage in a standard Homeowners policy. Some examples are money, securities, business property, watercraft, and theft of jewelry, furs, firearms, and silverware. Additional coverage many be secured for an additional premium. Beyond policy limits, there are some outright exclusions to your Homeowners policy. For example:

Earthquake Exclusions BulletEarthquake
Flood Exclusions BulletFlood
War Exclusions BulletWar
Nuclear Hazard Exclusions BulletNuclear hazard
Intentional Loss Exclusions BulletIntentional loss caused by the insured
Business Pursuits of the Insured Exclusions BulletThe business pursuits of the insured
Failure to Render Service BulletThe rendering of or failure to render professional services
Motor Vehicle Liability Exclusions BulletMotor vehicle liability.

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