Renter’s Insurance 101

It's all about protecting your home

While your landlord has homeowners insurance coverage for the physical dwelling, as a renter, you need insurance to cover your personal property, such as clothing, furniture or electronic equipment, in the event of loss from fire or theft or other perils.

Renter's insurance will also protect you if you are responsible for bodily injury or property damage to others, for example, if a visitor trips over a rug and breaks a leg.

Read on the find out more about the protection offered by renters insurance:

While your landlord should have insurance coverage for the building in which you live, you need to be aware that that coverage does not extend to protect your personal possessions. Renters insurance provides protection for your furniture and personal possessions - at home or away from home - against damage from such hazards as fire, lightning, windstorm, hail, explosion, smoke, vandalism, and plumbing leakage. A renters policy also protects your property against practically every type of theft loss in your apartment or anywhere in the world.

This personal property coverage is also called contents coverage since it insures the contents of your apartment. You determine the value of your property and the renters premium is based on this amount. An independent agent or SunState representative can help you if you have questions as to the amount of personal property coverage that's right for you.

Since each of us enjoys a unique lifestyle, you may require special coverages for your individual needs. The following coverages can be purchased separately:

• Contents Replacement Cost: pays full cost to repair or replace most personal property in your apartment with no deduction for depreciation.
• Valuable Items Plus: provides higher limits and worldwide protection for special property such as jewelry, silverware, fine art, furs, cameras, firearms, musical instruments, and home computers for an extended variety of losses. For your convenience, no appraisal or listing of insured items is required.
• Additional Coverage Endorsement (ACE): extends protection or increases limits on special types of property (for example: jewelry, firearms, or silverware). This coverage also increases personal liability coverage by $100,000 and includes coverage for personal injury.

Stuff happens...and sometimes it's not always good. In the event that you are sued, your renter's personal liability protection helps to cover the associated legal costs and related damages.

Most renters policies provide $100,000 (minimum) of financial protection against liability claims and lawsuits brought by others for accidental bodily injury or damage to their property:

• while in your apartment
• caused by your personal activities, including most sports
• caused by your children or pets.

Liability protection also includes medical payments coverage. For example, SunState will pay up to $1,000 per person -- regardless of your legal responsibility -- when an accident involves bodily injury to others. Higher amounts of coverage are available.

If you are forced out of your apartment by a covered hazard, SunState pays you up to 20% of the contents coverage for necessary additional living expenses (hotel, meals, laundry, etc.) while your damaged apartment is being repaired.

Many renters spend considerable time and money on alterations or redecorating. Under a renters policy, you may apply up to 10% of your contents coverage to repair or replace these damaged improvements.

This feature protects you if you're held legally responsible for any fire damage to the building in which you live. And this coverage not only protects your home, but also any vacation property you rent.

Renters insurance automatically provides you with up to $1,000 of coverage (in most states) for losses resulting from forgery or any alteration made in connection with credit cards, automated teller cards, and checks used by you and your family.

A deductible is the amount of loss you agree to assume before your insurance coverage takes over. The higher your deductible, the lower the cost of your policy premium. The deductible applies to property losses only. Liability protection does not require a deductible.