You've found the perfect space to call home. Now you need the right renters insurance to protect what's inside.
While your landlord has insurance to protect the structure of your home, that policy doesn’t provide protection for you or your belongings. That’s where a renters policy comes in. It provides protection for all your valuables like clothing, furniture and electronics. It also provides you liability protection if someone is injured in your home and sues you. And your renters insurance protects you and your things even if you are away from your home.
What does my renters policy cover?
Under a standard Gulfstream renters policy, you'll get coverage for:
- Personal property. Includes furnishings, clothing, jewelry, electronics, housewares such as pots, pans and dishes, free-standing appliances such as washers and dryers, medicines, health and beauty supplies, and much more.
- Liability. Includes coverage for your assets that may be at risk if you or a family member were accused of causing injury or damage to others or their property. Coverage is also available is someone is injured in your home. Liability insurance covers legal defense costs in these cases.
- Loss of use of your property. Covers relocation costs and temporary living expenses, such as food and rent if your apartment is damaged and you cannot live there while damage is being repaired.
Additional coverages you may want to consider include:
- Personal Property Replacement
Adds coverage so that personal property losses are paid based on the cost to repair or replace the property with products of like kind and quality. Certain property, such as antiques and collectibles, which cannot be replaced, are excluded. The standard policy provides Actual Cash Value coverage for personal property.
- Scheduled Personal Property Coverage
Adds coverage for valuable property at its appraised value. Valuables you may want to consider scheduling include jewelry, silver, fine arts, antiques, and coin collections.
- Personal Injury Coverage
Provides liability coverage, including legal defense costs for claims that may occur due to false arrest, libel or malicious prosecution.
- Identity Theft Expense Coverage
Adds coverage for expenses incurred from identity theft, such as attorney fees, the cost of notarizing affidavits and other costs associated with restoring your identity.
- Water Back up and Sump
Adds coverage for damage caused by water that backs up through sewers or drains or water that overflows from a sump.
- Business Property and Permitted
Adds coverage for personal property and structures used for home business purposes.
- Golf Cart Coverage
Adds specialized coverage a golf cart owner needs, like liability protection if someone is injured by your golf cart and physical damage protection if your golf cart is ever dented or scratched.
Not sure how much coverage you need?
Calculating the value of your belongings can sound like an overwhelming task, but it doesn’t have to be. We recommend using a free home inventory guide, like this one from the Insurance Information Institute available at www.KnowYourStuff.org. Smart phone apps are also available, making it easy to upload photos to your inventory list. Once you’re done, print your inventory and talk to your agent to secure the right amount of coverage for your belongings.
How much does a renters insurance policy cost?
A Gulfstream renters policy can cost as little as $300 per year…a small price to pay when considering all the valuable items it protects. The price may vary depending regulatory requirements where you live, the deductible you select, the amount of coverage you need and any discounts you may qualify for. The best way to determine the cost of your renters policy is to contact an agent and get a quote.
As a renter, you may be eligible for discounts including:
- Burglar Alarm Discount
- Fire Alarm Discount
- Gated or Guarded Community Discount
Ready to get started with renters insurance? Contact a Gulfstream agent for a quote today.
Insurance terms, definitions and explanations are intended for informational purposes only and do not in any way replace or modify the definitions and information contained in individual insurance contracts, policies or declaration pages, which control coverage determinations. Such terms may vary by state or area, and exclusions may apply.