Key Elements of a Renter’s Insurance Policy

Key Elements of a Renter’s Insurance Policy

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Rental insurance policies are a great way to safeguard your belongings when you live in rented accommodation, after all, if anything happens to your personal belongings they won’t be covered by your Landlords insurance, so it’s time to take charge of your own stuff.

For most people renter’s insurance is the one of the cheapest insurances you can buy. Most typical renter’s insurance policies are around $10-25/month.

Renter’s Insurance Policies

Let’s take a look at some of the key elements of a renter’s insurance policy, some of which you’ll have thought of already, some of which you may not!

There are different loss settlement provisions for personal property, depending on the type of cover you choose:

Limited replacement cost loss settlement is for the purpose of providing the payment needed to repair or replace the damaged property at the time that it needs to be replaced.

Depreciation loss settlementon the other hand, provides sufficient payment to repair or replace the aforementioned damaged property, but takes into account the depreciation at the time of the loss (ie if you’ve had the item of property since the year dot you won’t get as much dosh for it!)

Personal property special limits are the limits which apply to certain items of damaged property. Many of these types of property have a “dollar limit” which is the maximum allowance for such items. These include:

  • bank notes and coins (including collections)
  • securities, travelers checks, gift cards etc
  • stamps, comics, trading cards (including collections)
  • home computers
  • trailers
  • watercraft
  • theft – including the loss of firearms, jewelry, furs, gold and silverware, tapestries, wall hangings and rugs.

Anything which is unable to be replaced (antiques, fine art etc) will also have a special limit, although for pieces of extreme value you are generally advised to take out extra optional cover.

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