Tenant Insurance aka Renter Insurance 101 – FAQ about Tenant Insurance
Real Estate Residential Rental Property Tenant Insurance Renter Insurance FAQ
Frequently Asked Questions
Q. Is my bicycle covered by renters insurance?
A. Your bicycle and other recreational or sports equipment are covered. There are also special policies you can buy for very expensive sports equipment.
Q. Is my car covered?
A. Vehicles aren’t covered by renters insurance. You need to get a separate auto insurance policy to drive legally and protect your car, van or motorcycle.
Q. As a student, am I covered by my parents’ insurance?
A. If you’re a college student living in a dorm and are still part of your parents’ household, their homeowners or renters insurance provides coverage. If you live off campus, you’ll probably need your own renters policy. Policies can vary, so speak to your insurer about this.
Q. Can I purchase a renters policy with my roommate or domestic partner?
A. Regulations differ from state to state, and policies might also differ from company to company. Find out what regulations apply where you live. Some insurance companies allow unmarried couples who have been living together to buy joint coverage. But a domestic partner is usually not automatically insured, like a husband or wife, under the partner’s policy. He or she must be specifically named.
Q. What happens if something I have rented or borrowed is stolen?
A. Items that are “in your possession” are covered under a standard renters policy, whether they are things that you’ve bought, received as gifts or borrowed.
Q. Is my property covered away from home?
A. Yes, most renters polices include what is called Off-premises coverage. This means that belongings that are outside of your home are also covered against the same disasters listed in your policy. For example, property stolen from your car would be covered. However, there are generally dollar limits on the amount you can be reimbursed. For example, if you have $25,000 worth of personal possessions insurance, you may be covered for up to $2,500, or 10 percent of the total.
Q. Are my valuables covered by my renters insurance policy?
A. In general you are covered for up to $1,500 for jewelry or other expensive items that are destroyed or lost to fire, windstorms, theft or other perils that are listed in your policy. If your valuables are worth more than that, you should consider purchasing a “floater,” also called an “endorsement,” to increase the amount of coverage.
Q. How can I protect my house or apartment against a flood or earthquake?
A. Renters insurance does not cover floods or earthquakes. Flood coverage is available from the National Flood Insurance Program ( 888-379-9531 888-379-9531, www.floodsmart.gov ) and from a few private insurers. You can get this coverage, however, from the same agent or company representative who sold you the renters insurance policy. Earthquake coverage can be a separate policy or an “endorsement” to your renters policy.
This blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies is brought to you by SimplifyEm Pay Rent Online and Property Management Software
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