Renter’s Insurance: Frequently Asked Questions
Is my bicycle covered by renter's insurance?
Your bicycle, and other recreational or sports equipment, is covered. There are also special policies you can buy for very expensive sports equipment.
Is my car covered?
Vehicles aren't covered by renter's insurance. You need to get a separate auto insurance policy to drive legally and protect your car, van, or motorcycle.
As a student, am I covered by my parents' insurance?
If you are a college student living in a dorm and are still part of your parents' household, their homeowner's or renter's insurance provides coverage. If you live off campus, you will probably need your own renter's policy. Policies can vary, so speak to your insurer about this.
Can I purchase a renter's policy with my roommate or domestic partner?
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.
What happens if something I have rented or borrowed is stolen?
Items that are"in your possession" are covered under a standard renter's policy, whether they are things that you've bought, received as gifts, or borrowed.
Is my property covered away from home?
Most renter's 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% of the total.
Are my valuables covered by my renter's insurance policy?
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.
How can I protect my house or apartment against a flood or an earthquake?
Renter's insurance does not cover floods or earthquakes. Flood coverage is available from the National Flood Insurance Program (1-888-379-9531, http://www.fema.gov/national-flood-insurance-program) and from a few private insurers. You can get this coverage, however, from the same agent or company representative who sold you the renter's insurance policy. Earthquake coverage can be a separate policy or an endorsement to your renter's policy.
Insurance Information Institute. (n.d.). InRenters insurance. Retrieved August 10, 2016, from http://publications.usa.gov/USAPubs.php