What does renters insurance cover?

Renters insurance 

What does renters insurance cover? Along with the great answers already here, be sure that you understand that insurance (like car insurance) usually covers only the depreciated value. You won’t get replacement costs unless you upgrade the policy to include that.

Ask your renter's insurance agent if you need to list items like this or need a rider.

You may also get an argument over expensive items if you have no proof that you owned them and that they cost that much. Ask your agent if you need to list items like this or need a rider.

My basic homeowner’s policy (so my agent and I concluded) would not cover my guitars. It’s not that any were of high value, but they’d have issues with my claiming that I had 22 guitars and basses. I have pictures of each, S/N, notes of anything unusual about ‘this’ guitar (if anything), original buy price, when I bought it, and when it was made. Now I’m covered for a small added premium because the company knows about my list and has accepted the risk.

If you only have one or two guitars of average value, not to worry. Though of course, you should have proof of ownership and value. The same may be true of any collection you have if it’s extensive and in total worth more than hey average person would have in a home.

Joseph Schuermann makes a critical point: have a copy of your assets list and pictures off-site, outside your immediate area. I’m not sure I trust clouds yet, but that’s an age thing. That or a trusted relative who lives some distance from you, etc. will work.

The same advice applies to your computer, especially if you keep vital records on it. Have a disk image (ideal) or at least all critical files, passwords, and so on in an off-site location like a business. Do you know all your banking and vendor links and all the passwords or do you rely on them being stored in your browser’s Favorites file? : would someone else be able to access your records should you be incapacitated?

What do renters insurance cover state farm?

What is covered in all your stuff? The stuff you move into your rental unit. It doesn’t cover your vehicles or the stuff you use in a business very well. There is a $1000 limit on items used in a business. Other than that your stuff is covered for 18 named perils like lightning, fire, theft, smoke, windstorm, hail, etc. Get a brochure from an agent. It will list all the perils covered in your state. Also, you will have personal liability insurance that covers defense costs and liability claims if you hurt someone or someone’s property. It is a good deal and a no-brainer for anyone that owns a few things they need to have a happy existence. Also, with most companies, you get a multiline discount on your auto policy that helps pay for some of the renter's insurance premium.

What does renters insurance not cover? It does not cover malicious damage you may do to your dwelling. It does not cover the physical building for damage.

Your policy covers your belongings (for destruction or repair due to a covered loss), your liability for accidental incidents (mowing the lawn and a rock launches through a neighbors window; you accidentally leave the faucet running and overflow the sink/tub and cause water damage; you host a super bowl party and friends get sick from the food you serve, or your dog bites someone); costs you may incur should you be forced out of the dwelling for a fire or damage caused by a storm (temporary lodging, emergency expenses associated with food, clothing, etc.).