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What Does a Standard Policy Cover?

Renters insurance is a great choice for protective coverage, even though it is strictly optional and is not required by law for renters to carry. A standard renters policy includes property and liability coverage for the insured parties named in the policy. The personal property part of the policy is based on a financial figure. It represents a sum of money the insurer is pledging to provide as a maximum in response to a covered loss. This sum of money is specifically earmarked for property losses only, as this part of a renters insurance plan has both its own limits and its own deductible. A typical default personal property policy might include anywhere from $20,000 to $30,000 in coverage, depending on the state in which you live and on the provider. But you can always increase your coverage as needed.

Personal Liability Renters Insurance

Personal property protection might be the more well known of the two, but personal liability insurance is just as important in a renters insurance plan. You can get a policy without a liability component, but the extra cost is so minimal that it makes sense to add it if you're going to get insured at all. Personal or family liability insurance protects the policy holder or holders from civil liability circumstances that could arise in their lives as renters. For example, a liability policy could pay for damage you cause to someone else's property at your apartment complex. (It must be noted that only accidental and not malicious damage is covered.) This coverage can also be applied to medical expenses and other costs stemming from an injury sustained by a visitor at your rented home. Liability policies vary in their levels of coverage, as do personal property plans, but a very common default policy is $100,000.

Other Areas of Coverage

There are additional areas of coverage worth noting in a renters policy. As a traveler, you can add coverage for your belongings you take with you on the road. For example, you could file a claim for stolen luggage and its contents. As with any claim on a property policy, the more information you can provide about the loss, the better off you will be and the faster a claim will be processed. Another area of available coverage in renters plans is cost of living expense coverage for situations where your rented home is rendered unlivable due to a covered claim. For example, if you have to live elsewhere while fire damage is being repaired, you can get reimbursed for the cost of your hotel and even your food.

Final Considerations on Renters Coverage

There are, of course, exclusions to coverage. Floods, earthquakes and certain other events are not covered in a standard renters plan. You can find out all about specific limitations and exclusions when you take a closer look at different providers and get some quotes together for renters insurance policies. Gather some quotes and find out more.

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