Renters Insurance

The following definitions are offered for educational purposes only and do not represent contractual agreements. The definitions, terms and coverages in a given policy may be different than those suggested here and such policy will be governed by the language contained therein.
 
Standard Renters Insurance Policies
When Shopping for Renters Insurance, Keep in Mind That Renters Policies
 

STANDARD RENTERS INSURANCE POLICIES
Your landlord´s insurance will not cover your personal belongings in the event of a fire or theft. Renters insurance covers stolen, damaged, or destroyed household goods and personal property and also provides liability coverage.

 

There are two standard renters insurance policies:

  • The Broad Form (HO-BT) covers your personal property against events specified in the policy, such as fires and thefts.

The Comprehensive Form (HO-CT) protects your personal property for all events not specifically excluded in the policy.

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WHEN SHOPPING FOR RENTERS INSURANCE, KEEP IN MIND THAT RENTERS POLICIES:

  • Normally pay only the actual cash value of your losses. Replacement cost coverage is available for an extra premium.
  • Fully cover your personal property only at home. When traveling, your luggage and other personal items are protected up to 10 percent of the policy´s total amount of coverage.
  • Automatically provide $25,000 of liability coverage in case someone is injured on your premises.
  • May duplicate other coverage. For instance, if you are still a dependent, your personal property may be covered by your parents´ homeowners policy. This coverage is limited, however, to an amount equal to 10 percent of the total personal property coverage provided by the policy.
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