Everything you need to know about insurance basics, like coverage types, limits, cost and more.
Questions to Ask Your Agent About Renters Insurance
If you’re in the market for renters insurance — good for you! It’s a smart, affordable way to protect the things that you worked so hard for. But before you purchase your coverage, you’ll want to make sure you ask the right questions. We’ve highlighted some key questions to ask your agent about renters insurance, so you understand your coverage options and can protect your stuff with confidence.
How Much Renters Insurance Coverage Do I Need?
This depends on how much stuff you own. Start by adding up the value of your belongings. Basically, you’ll want a coverage limit that helps cover the cost to replace all your belongings should the unexpected happen. Then, your agent can help you determine a coverage amount from there.
Our advice? Create an inventory of all your belongings and try to include receipts when you can. This will come in handy if you have to file a claim, since you’ll need proof of ownership. An inventory can help move your claim along more quickly — and make the process much less stressful!
Is All of My Personal Property Covered by Renters Insurance?
Typically, renters insurance policies cover most of your personal property, like clothing, furniture, electronics, etc. But there may be limits on things like jewelry and other high-end items you own, so be sure to check with your insurance agent and ask if you need additional coverage for them.
For example, do you have a record collection that you’ve spent years accumulating? Your renters insurance will help cover it if it’s damaged or destroyed by a covered event on your policy, but it might only be covered up to a certain amount. The good news is you have the option to add itemized personal property coverage, which provides an increased level of coverage for more valuable items, like your record collection.
What Type of Events Are Covered by a Renters Policy?
Your renters insurance commonly covers hazards like theft, fire, wind, smoke damage, water damage from bursting pipes and overflows, and even offers liability coverage.
Ask your agent if you’re concerned about anything specific. For instance, if your area is prone to certain dangers, such as flooding, you’ll have to add that on as a separate coverage through the National Flood Insurance Program.
What Is Renters Liability Insurance?
You know now that renters insurance helps financially protect you against losses to your own personal property, but there’s a part of your renters insurance policy that is lesser known: liability coverage.
Liability coverage is a part of your renters policy that helps cover the costs due to accidental bodily injury and property damage of others. It also will help cover the cost of lawsuit expenses should something happen in your apartment.
For example, if you’re found liable for breaking your neighbor’s window when playing catch, your landlord most likely won’t cover the cost to fix it — but your renters liability insurance will. Or if you were to start a fire in your apartment by leaving a pizza too long in the oven, your landlord might have you cover the cost to repair damages to the unit. Your liability coverage on your renters policy will help pay that hefty price!
What Is Medical Expense Coverage?
Another facet of the liability coverage on your renters policy is that it helps cover medical expenses for guests injured in your rental unit. Say a guest breaks their leg by slipping on your freshly mopped floor — instead of using their own health insurance, they can submit their medical bills directly to your renters insurance company. Keep in mind, this coverage won’t cover your own medical bills or anyone who lives with you — that’s why you have health insurance.
The medical expense coverage on your renters policy gives you peace of mind that you’re protecting yourself from any unexpected expenses that could occur when having a guest over. Talk to your agent about your limits for medical expense coverage, and be sure to ask them any other questions you may have about this liability coverage.
Can I Move My Renters Insurance to Another Apartment?
Absolutely! Most of the time, moving your renters insurance from one apartment to another is as easy as calling up your agent. With American Family Insurance, we simply ask a few questions about your new location, and typically your coverage will stay in effect.
What Are the Payment Options for Renters Insurance?
Usually, since renters insurance is so affordable, you can pay for a full year upfront! Otherwise, you’ll have the option to pay your premium in monthly installments, or bi-annually (every six months). Talk to your agent about the best option for you.
Will a Renters Policy Cover My Roommate?
A renters insurance policy does not extend coverage to any of your roommates unless their names are specifically written in the policy. Typically, roommates don’t share renters insurance, but this is a question you can ask your agent if you want to better understand your options. In the meantime, learn more about roommates and renters insurance.
Am I Covered If My Property Is Stolen When I’m on the Go?
Many people don’t know that one of the great benefits of renters insurance is that it can help cover the cost to replace your belongings that were stolen if you’re traveling. So, if your laptop was stolen while you were at a coffee shop or your tennis racket was taken while you were at the park, your renters insurance could help cover the cost to replace them. Here’s more about renters insurance coverage that follows you.
Keep in mind, renters insurance isn’t the same as travel insurance, so be sure to check with your agent how your renters insurance works while you’re on the go, especially traveling to a different country.
Is My Pet Covered?
They won’t be covered with a basic renters policy, but you have the option to cover your pet with American Family’s special add-on pet coverage. Talk to your agent to make sure you’re protecting your furry friend!
How Do I File a Renters Insurance Claim?
You have a number of options to file a renters insurance claim. Download the MyAmFam app or sign up for My Account, where you can not only file a claim, but make payments, access your policy information and more. You can also file your claim online or by calling our 24/7 customer care center at 1-800-MYAMFAM (1-800-692-6326).
At American Family Insurance, your agent is your trusted advisor. They’re here to help answer any of your questions you have about getting renters insurance — because we want to make sure you understand exactly how you’re proactively protecting the place you call home. Connect with your American Family Insurance agent today.