If you rent or lease, you need renters insurance to protect your personal property and your lifestyle.
What does renters insurance do?
Renters insurance provides three key protections: coverage for your personal belongings, liability coverage, and loss of use coverage. These are essential for renters because your landlord’s insurance typically only covers the building itself, not your personal possessions or any liability you might face.
Are your personal belongings protected?
When you rent, your landlord’s insurance typically only covers the building structure, leaving your personal belongings unprotected. Renters insurance is the solution to safeguard your valuables, and it’s surprisingly affordable. The coverage amount you need depends on the value of your possessions so they can be replaced if something happens. It’s worth noting that renters insurance covers a range of events, but typically excludes things like earthquakes and floods. Some of the most common covered events in a renters policy includes:
- Burst Pipe
- Fire/Smoke
- Lightning
- Theft
- Vandalism
- Water Back-Up
- Wind
Find Your Coverage
We’re here to help you explore your coverage options.
Contact Chip Berry Insurance
Milford, OH Office
1077 OH-28 Ste 205,
Milford, OH 45150
Call: 513-444-2100
Email: cberry@berry-agency.com
Limits and Exclusions
Some types of personal property are subject to limits of coverage under renters insurance policies. These limits vary by the type of property and by what caused the loss or damage. For example, jewelry, bicycles, collectible cards, and coins may have limited coverage or may not be covered.
Obtain a personal floater or schedule your valuable possessions to ensure you’ll have the money to replace them.
Note: Actual policies must be consulted for specific terms and conditions.
Premises Liability
Risk Factor
You may be responsible for damage to your apartment or dwelling should you, for example, have a leaking sink or accidentally start a fire.
Solution
Be sure your policy has liability coverage that includes tenants legal liability or premises liability. Your landlord may require that you to have this type of insurance protection in place as a requirement before renting the property to you.
Note: Actual policies must be consulted for specific terms and conditions.
Liability
Risk Factor
You are responsible if you or a guest in your unit trips and falls or sustains an injury while on your property.
Solution
Be sure that you have adequate liability insurance to protect for claims made against you for bodily injury or property damage – such as a slip and fall or other allegation. Liability coverage also provides protection should you become legally liable for unintentional bodily injury or property damage anywhere in the world.
Note: Actual policies must be consulted for specific terms and conditions.
Additional Living Expense
If the building you live in has a loss from a covered peril under your renters insurance policy that makes your apartment or home uninhabitable, you will need to find somewhere else to live while the repairs are undertaken. This can be expensive and inconvenient.
Be sure your insurance policy includes additional living expense coverage. If you need to move out and rent another location, this coverage provides for the increase in living expenses–such as moving costs, increased food costs, and other expenses.
Landlord
Risk Factor
You may not be able to rent the apartment or home if your landlord or property manager requires renters insurance and you do not have it.
Solution
Having a renters insurance policy allows you to provide a certificate of insurance to the landlord or property manager showing that you have the coverage required to rent the apartment or home.
Note: Actual policies must be consulted for specific terms and conditions.
Contents Away from Home
Risk Factor
You may take your valuable property outside of your unit. For example, what happens if your laptop or golf clubs get damaged or stolen while traveling?
Solution
Be sure to add off premises theft coverage to your policy to cover your personal property while your belongings are away from your home. Auto insurance does not usually cover personal property stolen from your car.
Note: Actual policies must be consulted for specific terms and conditions.
Medical Expenses
Risk Factor
You're responsible if a guest is injured while on your property and you may be required to pay their medical expenses.
Solution
Ensure your insurance policy covers this risk. In the event a person is injured in your unit, he or she can submit medical bills to your insurance company. Medical expenses are usually paid without a liability claim being filed against you, with typical limits ranging from $1,000 to $5,000.
Note: Actual policies must be consulted for specific terms and conditions.
Personal Property
Risk Factor
Unpredictable losses can occur to your property due to burglary, fire, water damage, storm, and more.
Solution
Personal property, such as furniture, rugs, TVs, stereos, clothes, and more may be covered under your basic insurance policy. However, items like jewelry, furs, silverware, antiques, collectibles, and other valuables should likely be insured separately.
Note: Actual policies must be consulted for specific terms and conditions.
Improvements or Betterments
Risk Factor
Any improvements or betterments that you have made to your unit are subject to damage.
Solution
Be sure to obtain coverage for improvements or betterments that you have installed in your apartment or home.
Note: Actual policies must be consulted for specific terms and conditions.
Get coverage for additional living expenses.
If a covered event like a fire or severe storm makes your rental uninhabitable, renters insurance can provide a safety net by covering additional living expenses. This means you may receive reimbursement for hotel bills, temporary housing, meals, and other costs you incur while unable to live in your rented home. This coverage prevents you from facing those unexpected expenses out-of-pocket during an already stressful time.
How does liability coverage protect you while renting?
Liability insurance in your renters policy protects you financially if someone gets injured in your apartment or if you accidentally damage their property. It helps cover legal costs and any settlements. You might also want to add no-fault medical coverage, which pays for minor injuries regardless of who’s at fault. It’s crucial to choose the right liability limits based on your individual needs and risks. Be sure to review your policy details, as there’s typically a maximum payout for the entire policy period and a separate limit for any single claim.
Exceptions of renters insurance.
Renters insurance doesn’t cover everything. For instance, if your car is parked at your rental property and gets stolen or damaged, it usually won’t be covered by your renter’s policy. You’ll need separate car insurance for that. Similarly, damage caused by floods or earthquakes typically requires additional coverage that you’d need to add to your policy. And finally, if you have roommates who aren’t listed on your renter’s insurance, their belongings won’t be protected.
Whether you rent a home, condo or a studio apartment, make sure you protect yourself with the industry’s best renter’s insurance. Contact us today to learn more about renters’ insurance for your home!
Step 1
Fill out the form.
Step 2
Review your options with us.
Step 3
Get the coverage you need.
Renter’s Insurance Quote Request
Don’t like forms? Contact us at 513-444-2100 or cberry@berry-agency.com.