For Consumers

What to consider when buying renter insurance

Here are some tips:

  • Policies and prices can vary from company to company.
  • Some companies only offer renter insurance if you have other insurance with them, such as auto coverage.
  • Check your rental or lease contract with the landlord, who may require you to carry specific coverage.

Buying additional insurance

A list of additional insurance coverage to consider adding to your renter policy:

  • Full value contents coverage (also called replacement cost coverage) - This pays the actual cost to replace your property with a like kind and quality product.
  • Earthquake and flood insurance.
  • Scheduled personal property - This insures jewelry, furs, cameras, musical instruments, silverware, guns, fine art, postage stamps, coin collections and some sporting goods.
  • Increased limits for business property - This protects your business from loss to any structures or contents you use to run your business.
  • Business merchandise coverage - This covers goods or items you sell or buy.
  • Incidental business liability - If you have a home business, this protects you from business-related claims.
  • Volunteer coverage - If you volunteer, this protects you from someone who makes a claim against you for damages you cause while you're volunteering.
  • Outboard-motor boat insurance - This covers damage to your insured boat or damage you cause to another boat.

Renter insurance for college students

If you're a college student who rents an off-campus apartment or house, consider buying renter insurance. This coverage protects your personal property if it gets damaged, destroyed or stolen, such as your computer, TV, stereo, bicycle, or furniture.

If you're a parent with dependent children included on your home insurance policy, their personal property may not be covered while they're at college. Check your policy or contact your insurance agent to see if your homeowner insurance provides enough protection.