If you rent, you need Renter’s Insurance. There is a misconception that your landlord will cover all losses should something happen to the property. If something like fire, theft or vandalism occurs you will be responsible for replacing your possessions as well as anyone else’s personal property if it was your fault. Your landlord is not responsible for damages to the building caused by you or what’s inside your apartment. Your belongings are your responsibility. Could you really afford to replace EVERYTHING you owned?
It’s easy to think it won’t happen to you. The reality is that it could. Let MyRenterPolicy help prepare you for that possibility.
Below are just a few examples where the unexpected happened and how MyRenterPolicy was there to help.
Scenario #1: Fire
“A small fire started in my apartment while I was at work. The Fire Department was able to put out the fire quickly; however there was substantial water and smoke damage and my apartment was declared uninhabitable. Not only did I have to replace all of my stuff that was destroyed but I also needed a place to live while repairs were being made. MyRenterPolicy helped me through this rough time so I could get back on my feet.”
Scenario #2: Theft
“My apartment was broken into and my computer and new TV and entertainment system were stolen. The window was also broken where the thieves entered and damaged some of my furniture that now needs to be repaired. Without MyRenterPolicy I would have never been able to not only replace the stolen items but fix the damaged items as well.”
Scenario #3: Personal Liability
“I hosted a small dinner party for a few friends in my apartment and one of my guests slipped on a piece of ice on the kitchen floor and broke their ankle. Since it happened in my home, I was liable and had to pay for reimbursement of all medical bills, loss of time away from work, and pain and suffering on top of all that. MyRenterPolicy helped protect me through the personal liability coverage included in my personal property policy.”
Personal Property
A common myth associated with Renter’s Insurance is that your belongings are not worth enough to need Renter’s Insurance. Take a few minutes to fill out the Personal Inventory List to assist in figuring out what it would cost to replace some of your belongings. You’ll be surprised to learn how much you actually own and the replacement cost for these items.
Most of your personal possessions under MyRenterPolicy are insured against fire, water, smoke damage, vandalism, theft, windstorm, lightning and explosion. This protection pays the cost to repair or replace most covered items at replacement value (see definition in the FAQ section) up to the Personal Property Limit you choose. Coverage also includes reimbursement for additional living expenses if it is determined your home is uninhabitable and you are forced to move out of your residence resulting from a covered loss. This coverage is paid from your Personal Property Limit. Your personal property inside your automobile is also insured and could be covered for a loss. The Personal Property deductible is $250 per claim.
Personal Liability
What if it’s not your property that’s damaged or lost but rather someone gets hurt at your home. It might not be your fault but that doesn’t prevent them from suing you. This could mean expensive legal bills for which you’d be responsible. Personal Liability Insurance can help cover some of these costs and protect you and your assets. MyRenterPolicy offers Personal Liability protection within the Personal Property policy for up to $100,000. Examples of Personal Liability claims include bodily injury or property damage to others and Personal Injury Offenses, such as Libel, Slander and False Arrest. Personal Liability claims do not have a deductible.
Who's Covered?
Coverage is provided to everyone listed on the lease regardless if they are related or not. Children 18 years or younger living with a parent are automatically covered on their parent’s policy. MyRenterPolicy is perfect for roommate situations. If, for example, you are sharing the apartment with one, two or more roommates, you can share a policy but may want to consider increasing the personal property limit since the policy will be shared collectively.
The above information is meant to serve as a guide. Please refer to the individual policy for specific details.