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Renter's insurance options and deductibles

Deductibles
The deductible is the portion of a covered loss that is your responsibility. Although deductibles vary by state, they are typically available in amounts such as $250, $500, or $1000.

For example, if you had a $500 deductible, you would need to pay $500 of the covered loss.

Generally speaking, higher deductibles lower your premium, but increase the amount you must pay out of your own pocket if a covered loss occurs. Ask yourself how much you are willing to pay in order to save on premium.

Coverages
Here are brief descriptions of your possible renter's insurance coverages:

Personal Property - Coverage B
This coverage protects personal property in your home like clothes and furniture. It also provides protection for your personal property with you while away from home in many places throughout the world.

Coverage for your personal property may include losses caused by:
  • Fire or lightning
  • Weight of ice, snow or sleet
  • Explosion
  • Aircraft & vehicles
  • Smoke
  • Sudden and accidental tearing or bulging of heating or cooling systems
  • Windstorm or hail
  • Theft
  • Riot or civil commotion
  • Falling objects
  • Vandalism or malicious mischief
  • Sudden and accidental water discharge from plumbing or appliances
  • Freezing of plumbing systems
Loss of Use -- Coverage C
This coverage provides payment for certain losses when your home is damaged and rendered uninhabitable because of an insured loss.

Additional living expense: Most policies cover the actual loss incurred for increased expenses over and above what you normally spend for food, shelter, and related items for the shortest time required to repair or replace the premises, or for your household to settle elsewhere up to 24 months.

Inflation coverage
This coverage automatically increases the amount of your insurance coverages on your personal property as inflation changes the cost of living. The changes are based on the movement of an inflation index and are reflected in the premium at each annual policy renewal.

Personal Liability -- Coverage L
This coverage provides payment for your legal liability up to the limits in the policy for damages because of bodily injury or property damage caused by an occurrence to which this insurance applies. In addition, it may provide for the payment of your defense against these claims or suits.

Medical Payments to Others -- Coverage M
This coverage pays medical expenses up to the limits in the policy for people who are on your premises with your permission and are accidentally injured. The coverage also extends to people accidentally injured by your activities. However, the coverage does not pay for medical expenses for you or members of your family that live with you.

Losses Not Insured
All property coverages are subject to the Losses Not Insured provisions of your policy.

While all policies provide comprehensive coverage, they do not provide coverage for every loss. Examples of losses not insured may include:
  • Water damage caused by flood or underground water.
  • Earth movement including earthquake or landslide.
  • Damage caused by nuclear hazard. Please refer to the policy for a complete list of Losses Not Insured
Optional coverages
Coverages available for an additional premium may include:
  • Personal Articles Policy. Special worldwide coverage in the amount needed for your valuable possessions.
  • Personal Liability Umbrella Policy. A million dollars or more of personal liability protection for many situations which may not be covered by your basic insurance.
  • Earthquake Damage.
  • Waterbed Liability.
  • Increased Business Property.
  • Incidental Business Liability.
  • Increased Liability Limits.
Other things you should know about our renters insurance policies

Loss Settlement Provisions--Personal Property

  • Limited Replacement Cost Loss Settlement
    Provides payment based on the cost to repair or replace the damaged property at the time of loss, if actually replaced.
  • Depreciated Loss Settlement
    Provides payment based on the cost to repair or replace damaged property less depreciation at the time of loss.

Personal Property Special Limits
While the Personal Property Loss Settlement provisions determine the loss payment on your personal property, it’s important that you know that special limits apply to certain types of property.

For example:
Money, Bank Notes, Coins (including collections) $ 200
Property used or intended to be used in business  
     On premises $ 1,000
     Off premises $ 250
Watercraft and equipment $ 1,000
Securities, Checks, Traveler’s Checks $ 1,000
Trailers (not used with watercraft) $ 1,000
Stamps, trading cards, comic books (including collections) $ 2,500
Theft loss of:  
       Jewelry and Furs $ 1,000
       Firearms $ 2,500
       Silverware and Goldware $ 2,500
     Rugs, tapestry, wall hangings  
       Per Item $ 5,000
       Aggregate $10,000
Home Computers $ 5,000

Antiques, fine arts, painting, statuary, and similar articles that cannot be replaced by new articles, and property not useful for its intended purpose, is limited in coverage to its market value. Higher limits on some of these items may be available through optional coverages.

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