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.
What does my renters policy cover?
Under a standard Gulfstream renters policy, you’ll get coverage for the following:
Personal property includes furnishings, clothing, jewelry, electronics, housewares (such as pots, pans and dishes), medicines, health and beauty supplies.
Liability protects 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 if 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 if your home is damaged and you can not live there while it’s being repaired.
Additional coverages you may want to consider include:
- Personal Property Replacement Cost Coverage
Adds coverage* which will (usually) pay the replacement or repair cost. The standard policy provides Actual Cash Value coverage for personal property, which is today's market value minus depreciation.
*Property such as antiques and collectibles (which cannot be replaced) are excluded.
- Scheduled Personal Property Coverage
Broader protection for your valuable property such as 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 Overflow Coverage
Adds coverage for damage caused by water that backs up through sewers or drains, or water that overflows from a sump pump.
- Business Property and Permitted Incidental Occupancies
Coverage for property used in a trade or business is limited or excluded under the standard policy. This endorsement adds coverage for eligible occupancies, such as a home office.
- Golf Cart Coverage
Adds specialized coverage like physical damage protection, and liability protection if someone is injured by your golf cart.
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 Gulfstream 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.
Find an AgentInsurance 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.
