Frequently Asked QuestionsRENTERS INSURANCE

My apartment is covered by my landlord’s policy, why do I need renters insurance?

While the structure you live in and pay rent on is covered by your landlord’s property insurance, renters insurance covers the contents of your apartment as well as your personal liability. In the event of theft or fire, for example, your renters insurance would help you re-place your clothing, furniture, electronics, appliances, and more. In the event that the building or neighboring apartments are damaged by your actions or negligence, rental insurance offers liability pro-tection. For example, if an unattended candle sparked a build-ing-wide blaze, or you accidentally left the water in the tub running and it ended up in your downstairs neighbor’s living room, then you’d be protected financially.

I don’t own very much, it it still worth purchasing renters insurance?

Absolutely. Even if you live a minimal lifestyle, you’d be surprised at the replacement value of your possessions. An insurance agent can help you assess the right level of coverage that corresponds with your needs.

Money is tight. How expensive is renters insurance?

Renters insurance delivers great value for the cost. Most policies cost approximately $20 per month or less. So, for less than the price of a weekly coffee habit, you can enjoy the peace of mind that renters in-surance delivers.

Can I share a renters insurance policy with my roommates?

While some companies allow room-mates to split the cost of a policy, it may be wise to consider separate policies. For approximately 50 cents per day, renters insurance covers all of your possessions and personal lia-bility. In the grand scheme of things, that’s a modest investment. Further-more, with an individual policy you don’t need to worry about false or excessive claims on your account, nor will you have to modify your policy in the event that your room-mate unexpectedly moves out before the end of your lease.

Will renters insurance cover the cost of replacing my computer?

If your computer, TV, or other electronics were damaged as a result of fire, theft, or vandalism, then your policy will cover it. If your computer died after a long and productive life, or from negligence or misuse, then your policy will not cover the cost of replace-ment.

What’s the difference between actual value and replacement value?

Actual cash value is the cost of replacing your belongings, less depreciation. So if your computer cost $2000, but you bought it 5 years ago, it may only be worth about $750 today. Replacement value allows you to replace your belongings with new goods, up to a certain maxi-mum dollar amount. Discuss your options with your agent to decide which is best for you.

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