Renters urged to inventory, take photos of personal property

QUESTION: What does renter’s insurance consist of?

ANSWER: Renter’s insurance consists of two major components: personal property protection and liability protection. Personal property protection protects your personal property against such perils as fire, theft and vandalism. It also protects your personal property while you are away from home. Liability protection insures you if someone is injured at your rented residence, and for damage to another person’s property if an incident occurs within your rented residence.

Q: How can a renter effectively keep track of his or her possessions?

A: A couple ways you can keep track of your possessions are to create an inventory sheet that lists all of your possessions and/or use a camera or smartphone to take photos of your possessions.

Q: How much does renter’s insurance cost?

A: At DTRIC Insurance our premium for renters insurance starts at $100 a year with coverage for the current value of possessions (not the replacement value) and increases based on the coverage selected.

Q: How does a renter figure out how much insurance to get, and how big should the deductible be?

A: Take an inventory of your possessions and then calculate the value of those items. The deductible selection will then be based on their tolerance of risk. The deductible is the amount the renter will pay if a loss occurs.

Q: Are possessions covered if they are damaged or stolen outside of the apartment?

A: As a general rule, coverage applies to possessions damaged or stolen outside of the apartment; however, there are some circumstances in which coverage is limited. To determine whether or not this is covered, renters should check with their insurance company or agent.

Q: Can renter’s insurance cover roommates?

A: No, renter’s insurance does not provide coverage for roommates.

Q: What happens if a renter needs to make a claim?

A: There are numerous ways an insured renter can file a claim. They can contact their agent or contact their insurance provider.

Q: What if a renter or homeowner owns a storage unit? Is that covered?

A: Yes, items in a storage unit can be covered by renter’s or homeowner’s insurance. Check with your agent or insurance company to determine if this is the case.

Q: Do renters and homeowners need extra insurance for flood, earthquake and wind coverage?

A: Flood is not covered by home or renter’s insurance. Earthquakes are also not typically covered. Normal wind damage is covered by a homeowner’s policy, but hurricane wind is not covered and must be purchased separately.