What Does Renter’s Insurance Cover?
Your renters insurance policy (HO4) covers your personal property against theft or damage, subject to the limits and deductibles you select. Your personal belongings are typically not covered by the owner’s insurance policy, so getting an additional renters insurance policy will keep you and your valuables protected. The coverage still applies when you are away from home.
Your renters insurance policy protects you and your family against certain bodily injury and property damage claims for which you are liable. Legal defense is also provided in the event you are sued after a covered loss, subject to the limits you have selected.
For a small premium, you can choose to carry full value coverage on your personal property, which ensures that you will be paid the full replacement cost of items that are damaged or stolen without deduction for depreciation. In addition, you can select medical payments coverage which will pay for medical expenses incurred by a visitor who is injured at your residence regardless of fault. Various limits are available.
Types of Renters Insurance
There are four types of coverage that you can customize on your HO4.
- Coverage C — Coverage for your personal property: This is coverage for your personal belongings located on or off the property. This also provides coverage for your guest’s personal property, if items are located on the property you are renting.
- Coverage D — Coverage if your rental becomes uninhabitable: If the property you are renting becomes uninhabitable due to a covered loss, this coverage will provide you with additional living expenses for alternate housing while the unit is being repaired or replaced. This includes costs for a place to stay, food, and clothing.
- Coverage E — Coverage for personal liability insurance: This will provide protection if someone were to file a lawsuit against you, claiming you caused them bodily injury or damaged their property. Liability coverage also covers defense costs if the lawsuit filed against you is false, groundless or fraudulent.
- Coverage F — Coverage for medical payments: This policy will provide medical payments if someone who isn’t living on your property is injured on or by your property.
Whether you’re starting out, between homes, or downsizing, we’ll help you pick the renters insurance coverage that best fits your needs. Give Synergy a call today, and rest assured knowing you’re protected.