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General FAQ:
+ What is renters insurance?
Renters insurance provides coverage for your personal belongings, liability coverage and temporary expenses if your rental property becomes uninhabitable. Renters insurance protects you from the unforeseen such as fire, theft, water damage, and wind damage.
If you are renting in a building that consists of several other units you're also susceptible to the mishaps of other renters. Do you think everyone is 100% safe, all of the time? What if you live in an older building with outdated construction or if there is damaged electrical wires that are prone to start fires? Coming home to flashing lights doesn't have to be a complete nightmare. A renters insurance policy gives you the security you need to know your items are protected.
+ How much is the average renters insurance policy?
Security First Insurance's average renters policy premium is $220. The premium will vary based on the coverage you select, the location of the rental property and any discounts that may appliy.
For instance, a policy with the minimum personal property coverage of $15,000 can run as low as $85 per year. That's less than two cups of coffee per month.
Talk with your insurance agent to determine your coverage needs and if you qualify for any discounts.
+ How do I purchase a renters insurance policy?
Contact your insurance agent and they'll be able to assist you with any questions you have and help you to determine how much coverage you need. Don't have an insurance agent? User our agent locator tool to find an agent near you.
+ My landlord told me she had an insurance policy on the building. Does this mean I don’t need insurance?
Your landlord's policy does not include coverage for your personal belongings. The property management company or landlord's policy only includes coverage for the structure of the building and any property owned by the landlord such as appliances or furnishings permanently affixed to the unit.
+ My condo association told me they had an insurance policy on the building. Does this mean I don't need insurance?
Your condo association's policy does not include coverage for your personal belongings. Their policy only includes coverage for the structure of the building and any property owned by the condo association, such as appliances or furnishings permanently affixed to the unit.
+ If I am renting a room in a home, isn’t my stuff covered under the homeowners policy?
Most homeowners policies specifically exclude coverage for “roomers and boarders”. Therefore, coverage is not provided. For example, in the case a theft or burglary, the landlord's policy would cover damage to the structure of the apartment building and units, but not the tenant's stolen items. A renters insurance policy will give you protection for your items.
+ What do the different coverages included in a renters insurance policy mean?
Coverage C - Personal Property* is coverage for the personal belongings you own located on or off the property. This coverage also includes the personal property belonging to your guests when their belongings are located on the property you are renting. There are policy limits for special items such as art collections and computers. You may purchase optional coverage to protect items like these.
Coverage D - Loss of Use* applies when the property you are renting becomes uninhabitable due to damage. This coverage provides additional living expenses for alternate housing while the unit is being repaired, replaced or until you can arrange for another place to rent.
Coverage E - Personal Liability* coverage provides protection if someone were to file a lawsuit against you claiming you unintentionally caused them bodily injury or damaged their property. Liability can protect you in situations that may be unforeseen, such as a friend twisting their ankle in a small hole in the yard or falling on a loose step. Liability coverage also covers certain defense costs—even if the lawsuit filed against you is false, groundless or fraudulent.
Coverage F - Medical Payments to Others* will pay the medical expenses related to personal liability claims where you are responsible for bodily injury to another person.
All of the above coverages are limited based on the coverage amounts you select. Contact an insurance agent to determine the coverage that's right for you and if you need any optional coverage such as insurance for high value items like jewelry and artwork.
*Policy limitations apply.
+ Are there any discounts available?
Security First Insurance can help you save with the following discounts:
- Burglar and fire alarms
- Indoor sprinkler system
- Age 55 and older
- Roof shape
- Secured community
- Structures reinforced to better withstand wind damage (i.e., shutters)
+ Whose items are protected under my renters insurance policy?
The personal property belonging to you, your spouse, your resident-relatives and your children (under age 21) are covered by your renters policy, even if they are not listed on the policy. Limitations and conditions apply to property belonging to your children and property located off of the rented property. The renters policy also provides coverage for the policyholders personal items that are kept off the rented property. This coverage provides a reimbursement of 10% of the Coverage C amount or $1,000, whichever is greater, for items that are lost, damaged or stolen and located away from the rental property. A roommate can be listed as an additional insured on the policy for a minimal charge and this would extend Coverage C – Contents, Coverage E – Liability and Coverage F – Medical Payments to Others (residence premises only) to them.
+ How do I know how much coverage I need?
The best way to determine your coverage needs is by taking an inventory of your personal belongings. Creating a home inventory list can be tedious and frustrating. Our My Choice Home Protection system makes it easy.
First you'll create a household profile by answering a few questions such as whether or not you own pets and how many people live in your home. Based on this information we'll generate a home inventory list that you can fully customize to determine the coverage you need. As you refine your list, the total value of your personal property estimate will also change. Watch our demo video for more information:
+ What affects the price of a policy? Do I have options?
Renters insurance policy premium is based primarily on coverage limits and the deductible chosen. For instance, a policy with a higher coverage limit and a lower deductible would be priced higher than a policy with a lower coverage limit or a higher deductible. Of course, a higher deductible means a greater “out-of-pocket” expense if your personal items are damaged, stolen or lost.
Your coverage options are:
- Coverage C (Personal Property): You may choose any value from a minimum of $15,000 to a maximum of $100,000.
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Coverage E and F (Liability and Medical Payments To Others) There are four combined options available.
- $100,000/$1,000
- $200,000/$2,500
- $300,000/$2,500
- $500,000/$5,000
+ What is Replacement Cost coverage?
The base policy insures personal property at Actual Cash Value—replacing used items that are damaged, lost, or stolen with the value of used items. Replacement Cost coverage is optional coverage you can purchase that will replace used items with the value of items that are brand new.
The T.V. you purchased five years ago for $500, may only be worth $125, today. In the event of a loss, are you comfortable receiving a value of $125 or would you rather receive enough reimbursement to purchase a brand new television?
+ I’ve never seen a renters insurance policy. Help me better understand what to look for and identify what all this stuff means.
We've made it easy for you. Check it out our renters insurance policy guide.
[Download Here]
+ Is there optional coverage I should know about, so I can be sure my stuff is fully protected?
In addition to the base policy, you may purchase Scheduled Personal Property, Dog Liability and Golf Cart optional coverages.
Scheduled Personal Property is optional coverage available for specialized coverage on items that may not have a standard market value. Personal property such as artwork, collectibles are usually best insured under the Scheduled Personal Property coverage. This coverage will allow you to list the items and their value on your policy.
Dog liability optional coverage will provide you with extended protection if the dog you own or are in care of injures another person. There are certain dog breeds that are not eligible for this coverage.
Golf cart coverage will provide you insurance for losses caused by the ownership and operation of a golf cart.
For more information on optional coverage, please contact your insurance agent. Don't have an agent? Use our agent locator to find an agent near you.
Students FAQ:
+ I'm in college, do I need renters insurance?
College is exciting—new friends, study groups, cookouts—there's a lot going on. All the more reason to make sure your stuff is protected. Your new laptop, smartphone, books, wallet or purse are all subject to theft or damage.
Take a minute to add up the items you own and determine if paying less than $1 per day is worth the peace-of-mind of knowing your items are protected.
+ I don’t own very much. I don’t think I need a policy?
Once you actually begin an inventory of the items you own, in most cases, you'll find that your personal belongings are worth a lot more than you originally estimated. Also, the flexibility of our renters program allows you to choose only the coverage you need.
Use our My Choice Home Protection system to create a home inventory and determine the coverage you need. It's quick and easy.
+ My parents have a homeowners insurance policy, isn’t my stuff covered under their policy?
There is limited coverage for your property when it's located away from your parent's home, and in most cases, conditions such as your age, apply. Depending on their policy terms, your items may be limited to 10% of the amount of personal property coverage they have on their policy or $1,000, whichever is greater. So if your personal property is stolen or damaged, the max you'll receive under your parent's policy could be $1,000—does that cover everything you own?
+ I often leave items in my car when traveling back and forth to class. Are these items covered under a renters insurance policy?
Coverage is provided for your personal property while in your vehicle, however, our renters insurance policy has certain limitations if the items are stolen from your car. You are also responsible for the deductible prior to being reimbursed for any lost, stolen or damaged items.
According to the U.S. Department of Education, approximately 36% of all college campus crimes are robbery/burglary-related. Make sure you always check your surroundings and never leave items in your car in plain view.
Retirement FAQ:
+ Now that we're retired, I’m doing a lot more and have taken up a few hobbies. Are items such as bikes, crafts, and golf clubs covered under a renters insurance policy?
Renters insurance covers all of your personal property, however, limitations apply to items that are not individually listed on your policy. Bicycles, for instance, are subject to a limit of $1000 in the event of a loss by theft.
Optional coverage is available to custom fit your coverage to your lifestyle. First, work with your agent to determine what is and is not covered. Next, take a look at our available optional coverages such as Scheduled Personal Property to determine if you need this coverage to protect specific items.
+ I’ve really simplified my life. I don’t think I own enough to justify purchasing a renters insurance policy.
Renters insurance is an affordable way to protect even the smallest amount of personal property. Our policy coverage limits are flexible and our premiums for minimal coverage can be as low as $85 per year. Keep in mind, renters insurance is more than just insuring the items you own, it also provides liability protection for those unforeseen circumstances that could significantly affect your retirement—or your ability to stay retired.
+ A hobby of mine is spoiling my grandchildren. Are the items I buy for them covered under my renters policy?
Congratulations on having grandchildren. We know every grandparent earns the right to spoil their grandchildren and that usually comes with lots of gifts and toys.
If you purchase items for your grandchildren and keep them on the property or a guest leaves items at your residence, then their items will be covered by your renters policy.
+ I have a lot of items I’ve collected and saved over the years that have sentimental value. Are these items covered under a renters policy?
No amount of money can replace items of sentimental value, but you can arrange for items to be insured at their unique appraised value. Specialized items, such as artwork and collectibles, are often best covered by purchasing optional Scheduled Personal Property coverage.
This coverage allows you to insure specific items at their appraised value. Our base policy's personal property coverage has limitations, so if you own items that you'd like insured at an amount beyond standard limits, then review Scheduled Personal Property coverage with your insurance agent to determine if it's right for you.
Parent of Student FAQ:
+ Doesn’t my homeowners policy cover my child’s belongings?
Certain coverages are provided by your homeowners policy for your child attending college. Limitations and conditions may apply, such as the age of your child, whether or not they are enrolled full-time, and if they resided in your home prior to leaving for school. Many homeowners policies limit coverage for your child's personal belongings away from home to 10% of the personal property coverage amount on your homeowners policy or $1,000, whichever is greater.
Your homeowners policy does not provide liability protection for your child. Our renters insurance policy provides liability coverage if someone were to file a lawsuit against your child claiming he or she unintentionally caused them bodily injury or damaged their property. Liability coverage can protect your child in situations that may be unforeseen, such as a friend twisting their ankle in a small hole in the yard or falling on a loose step. Liability coverage also covers defense costs—even if the lawsuit filed against your child is false, groundless or fraudulent.
If your child does not purchase a separate renters insurance policy, any claims they file under your policy could result in a cancellation of your homeowners insurance policy or an increase in your policy's premium.
+ Can I purchase a renters insurance policy for my child through my current homeowners insurance provider?
Yes. In fact, we recommend it. Our online policyholder service center will allow you to manage all your policies in one place. You'll have access to make premium payments, file claims, enroll in paperless and evaluate coverage.
If you want to have the ability to make premium payments or file a claim on your child's renters policy, make sure you are listed as an Additional Interest on the policy. You can work with your insurance agent to determine coverage needs and to purchase the policy.
+ What if my child’s items are stolen or damaged—can I file a claim for them?
To file a claim, make a premium payment or adjust coverage you must be listed as an Additional Interest on the renters policy. This would allow you to assist them in filing a claim and also provide you with important notifications and coverage changes associated with the renters policy. Our online policyholder service center allows you to file claims, evaluate coverage and make premium payments for all the policies you register in the system.
Parent FAQ:
+ My child is joining several school programs this year that require uniforms, musical instruments and sports equipment. Are these items covered?
Coverage is provided for these items under a renters insurance policy. However, items such as musical instruments may best be covered under the optional Scheduled Personal Property coverage.
Taking items away from the residence not only increases the possibility of items becoming damaged but also stolen. If items are stolen, Scheduled Personal Property will provide you with reimbursement for the amount you've listed on the policy for that specific item. Without this optional coverage the maximum amount you would receive is $1,000.
Additionally, the cost of uniforms and sporting equipment should be contemplated when completing your home inventory. Unusual items such as uniforms and children’s school materials are often overlooked.
+ We have a playground in our backyard. If my child is injured will the renters policy cover medical expenses?
Your child's injury and medical expenses will not be covered by the renters insurance policy. This coverage is typically provided by a health insurance plan. Medical payments coverage under the renters policy is intended for third parties only. This means that if your child's friend was injured at your home, medical payments would be covered. Coverage also depends on if the playground is owned by the rental property owner and shared by other tenants. In this case the coverage would fall under the rental property owner's insurance policy.
+ What if my child's items are stolen out of a locker at school? Are these items covered?
Coverage is provided for your child’s items while at school, however, there are limitations on items that are stolen, a loss by theft. If your child is taking items back and forth to school that you want covered at a value more than $1,000 then we recommend you purchase Scheduled Personal Property coverage to ensure you are reimbursed for the agreed upon value.
+ My child left her cell phone in my car and it was stolen. Are items left in my vehicle covered?
Items such as cell phones or removable GPS are extended coverage under a renters policy. Limitations may apply to individual items or classes of items. The policyholder is also responsible for the deductible selected on the policy. If you have a deductible of $1,000 it may not be worth filing a claim for items under this amount. It's important to choose a deductible you can afford at the time of a loss and one you're comfortable with in the event smaller value items are damaged, lost or stolen.
