Here at Sterling Group Insurance, LLC we have relationships with several A+ rated companies so that we can find the right renters insurance for the right price for you. Protecting you contents, and having liability coverage is a must. Fill out the form below, or click here for our contact information.
What Does Renters Insurance Cover?
A typical renters insurance policy provides personal property coverage, renters liability, and additional living expenses. Different companies sometimes give different names to these coverages types, but in general, the are the same. Click here for more information about things that can be included on your renters policy.
Personal property coverage is what most people think of when it comes to renters insurance. This includes thinks like furniture, electronics, appliances, kitchen equipment, clothes, and home goods such as bedding and towels. Certain personal belongings may be excluded from a standard policy if they are about a certain value. Such items would be jewelry, artwork, collectibles, and specialized computer equipment. There may be other items, that is why it is important to speak with a professional. There are options to add these things if you need to.
There are two settlement options for property. Actual Cash Value (ACV) and Replacement Cost (RC). ACV coverage will pay for what your items are worth in used condition. Your premiums might be lower with ACV, but if your items are stolen or destroyed by a covered peril, depreciation will be figured into your payout. With a RC policy you may (but not always) pay more, but you will be covered for what it cost to replace your possessions with new ones.
Renters liability or personal liability coverage covers the policyholder in case of a lawsuit resulting from incidents originating on the rental property. Such as accidental injuries, injuries from pets, or accidental damage to a neighbors property. Your personal liability coverage can be increased with an umbrella policy.
Additional Living Expenses
Additional living expenses provides coverage for if a covered disaster results in needing to relocate from the rental property. This insures you are compensated for additional lodging, food, and other living expenses while living somewhere else. Covered perils usually include smoke, fire, explosions, theft, vandalism, windstorms, lighting, and water damage from internal sources. Water damage from plumbing or intrusion from neighboring units can be covered as well Earthquakes, floods from weather or other external water sources are usually excluded.