Who needs Renters Insurance? The answer is anyone residing in a home they do not own. Renters insurance can cover a variety of your personal belongings such things as clothing, electronics, furniture, sporting equipment and much more. Not only will your personal belongings be covered while in your residence, but the coverages can also extend outside of the home, even while traveling worldwide. Your surfboard may be covered if it is stolen while you are at the beach and there may also be coverage if your luggage and belongings are stolen while traveling in a foreign country.
Prior to starting a Renters Insurance policy, we recommend you make an inventory of property you own within your residence. You can do this by writing down a physical list or even taking a video throughout your home and uploading it to a cloud-based storage for future reference. Also please take note there may be specific limitations of coverage for high valued items like jewelry, art, firearms and antiques. Some policies will allow you to add a special rider for these items to cover them up to their actual value and an appraisal may be needed to validate the insured value of these items.
In addition to coverage for personal belongings, the Renters policy will provide Personal Liability coverage for the tenant as well. This can protect you to pay for injuries or damage you are found liable for rather than having to pay out of your own pocket. Liability coverage with most insurance carriers has a maximum limit of $300,000 but here at Atlas we do have carriers that can accommodate a $500,000 limit now required by many property managers.
It is important to know all the requirements from your Property Manager or Landlord upfront to get the necessary insurance coverage needed before looking into Renters Insurance. Once those requirements are met, your agent will be able to customize the Renters Insurance coverage that works best for you.