Renters Insurance
All Tenants Are Required To Maintain Renters Liability Insurance During The Rental Lease Period.
Monthly Cost is $14.50
$100,000 Personal Liability Pays for damage due to covered perils (fire, water, smoke and explosion) or injury to others at the insured location
$10,000 Personal Property Pays for the insured’s personal belongings at the insured location, and up to $1,000 for belongings located away from the insured location due to a covered peril. (Subject to a $250 deductible)
Replacement Cost With this coverage you will be reimbursed for the cost of replacing your personal property without penalty for depreciation
Additional Living Expenses Pays additional living expense you may incur as a result of your loss. (Limited to 20 percent of your personal property coverage)
Frequently Asked Questions
GENERAL COVERAGE
Does my property owner's insurance cover me?
No. The property owner’s insurance generally covers only the building where you live. There is no coverage for your personal belongings or any liability coverage in the event you are negligent and legally responsible for causing bodily injury or damage to someone else’s property.
What is the difference between Renters Insurance and Liability-Only Insurance?
Renters Insurance provides personal property coverage against the perils listed on your policy. Plus it provides liability coverage, which protects you in the event you are legally liable for damages because of bodily injury or property damage to someone else's property.
A Liability-Only policy protects you only in the event of bodily injury or damage to someone else's property for which you are legally liable. Please note, Liability-Only policy is only sold on a group basis and only residents that are part of such group will be offered this coverage.
What should I keep as proof of personal property in the event we have a loss?
Receipts of purchase are the best proof of ownership; however, if not available, pictures of the items with the brand names, serial numbers and models are also acceptable.
PERSONAL PROPERTY COVERAGE
How are claims for personal property with replacement cost paid?
If your personal property is damaged by a covered peril we will pay the cost of replacement of the item without deduction for depreciation. The item(s) must first be replaced before the replacement cost can be paid. Otherwise, Actual Cash Value will be paid.
Is there a deductible?
You could have a $100, $250 or $500 (where available) deductible per occurrence on property coverage. To see which deductible amount is applicable in your state, refer to your coverage selection. Deductibles do not apply to Liability or Involuntary Unemployment Insurance coverage.
In the event of a tropical storm or hurricane, is my personal property in my Renters Insurance policy covered?
Yes, if the direct force of the wind or hail damages the building causing an opening in a roof or wall and the rain, snow or sleet enters through this opening and causes water damage to your personal property.
What is loss of use coverage?
If you suffer a loss by a covered peril and your residence is not fit to live in, this policy covers either Additional Living Expenses or Fair Rental Value. Additional Living Expenses means it covers any necessary increase in living expenses incurred by you so that your household can maintain its normal standard of living. Fair Rental Value means it covers the expenses for you to live in a new location of similar value, while your unit is uninhabitable, minus any expense that does not continue while the premises is uninhabitable.
Does my policy cover flood?
No. This policy does not cover water damage as a result of flood, which includes the accumulation of surface water in normally dry land areas, overflow of a body of water, water which backs up through sewers or drains, or water below the surface of the ground.
For more information about flood insurance, contact the National Flood Insurance Program or your insurance agent. You may also visit www.abicflood.com for more information.
Is there a special limit on certain personal property?
Yes. These are some items with special limit. These include fine art, jewelry, silverware, stamps, cards, guns, and gold ware. Refer to your policy and forms for a detailed list and limits.
Is my computer and cell phone covered?
If you purchased a Renters Insurance policy, your cell phones and computers are covered if damaged as a result of a covered peril.
Are my items covered when in storage?
If you purchase a Renters Insurance policy, your items are covered when in storage, but the storage location cannot be used as the insured address. The insured location must be the residence of the insured.
Please note: Coverage for belongings in an off-site storage facility, is limited to 20% of your Personal Property coverage, except in FL and PA. In NC, coverage is limited to 10% of your Personal Property coverage or $1,000, whichever is greater.
Is mold covered?
If you purchase Renters Insurance, damages due to mold may be covered. Please refer to your policy for details, including availability, exclusions and limitations.
How do I schedule personal property?
Once you have purchased your Renters Insurance policy, contact customer service at 1-800-432-8612, Monday through Friday between 8 a.m. and 8 p.m. ET. A friendly customer service representative will be happy to assist you schedule your personal property.
What does the pet damage endorsement cover?
The pet damage endorsement is available for an additional premium with the Renters Insurance program. The cost is $20 annually and it provides up to $500 of liability coverage if your pet causes damage to your rental unit. Losses must exceed $500, your security deposit, or pet deposit - whichever is greater. Coverage is not available in all states.
PERSONAL LIABILITY COVERAGE
Why do I need liability insurance?
Imagine how much you may have to pay out of pocket if you accidentally start a fire. As a result, most property managers are now requiring evidence of liability insurance when tenants rent an apartment. Liability coverage will pay for damage you accidentally cause to the rental property as a result of fire, smoke, explosion and water damage.
Why does my community require liability insurance?
Liability coverage pays the community for damage caused to the rental property as a result of Fire, Smoke, Water Damage and Explosion caused by residents.
Many renters do not realize that they are financially responsible for damage caused to the rental property they are renting as a result of their negligence. For example, if you accidentally start a fire in your apartment that causes damage to the building, you are legally responsible for the damage. What if your neighbor upstairs leaves the water running in the tub and it overflows causing damage to your personal belongings as well as your rental property? Since your neighbor is responsible for the damage, his liability policy will pay for the damage.
What if your neighbor upstairs leaves the water running in the tub and it overflows causing damage to your personal belongings as well as your rental property?
Since your neighbor is responsible for the damage, his liability policy will pay for the damage.