Without a doubt, renters insurance is something every renter needs to have in place. Renters insurance offers a substantial amount of coverage at little cost. Most renters insurance policies we write, our clients pay less than a dollar a day to insure their rented apartment's and condo's contents.
Our insurance agency strives to give you the best resources to stay educated on your insurance needs. Even if you are confident you have good renters insurance for your contents, there are exceptions that can exists and exclude some property. Depending on your contents some contents may exceed your coverage limit and may require further action.
What Is Not Covered By A Renters Insurance Policy
Most renters insurance policies have a limit. That agreed upon limit, specific to your policy, leaves potential room that high value items may likely exceed. Find out your limit and decide if it is an appropriate coverage by contacting your insurance agent. Your limit can be changed at any time if you acquire contents that would insist in additional renters insurance coverage options. The most common expensive items that exceed your renters insurance coverage are:
- Jewelry
- Art
- Collectables>/strong>
- Electronics
If you have fine jewelry, collectors or irreplaceable art pieces, high value collectables, and/or luxury electronics we recommend you have them appraised and if they exceed your coverage limit insuring them separately from your renters insurance. There are ways to cover all of the things mentioned and other high priced items you may own. The simplest way to insure such items is through a stand alone scheduled policy. This is an additional policy placed on each item that is deemed necessary.
In Conclusion
Because renters insurance policies have limits and high cost items like the ones listed above can often exceed the coverage blanket, these items need to be insured on a scheduled stand alone "floater" policy.
A scheduled personal property is the answer to avoid common limits on renters and homeowners insurance coverages. Often this is a misunderstanding and many of our renters insurance clients believe because the contents are in their apartment they are safe. Let us help you protect your property and rest in the assurance of good insurance.
Bonus:The apartment complex pictured (first picture) is from a popular television show. Which show?
