What does my renters insurance cover?
Despite how inexpensive renters insurance can be compared with the coverage benefits it provides, only about 40% of renters have it.2 Many people think their personal belongings simply aren’t worth enough to justify the expense, but you may have more to lose than you realize. The out-of-pocket cost of replacing the contents of even a modestly furnished living space, including furniture, clothing, electronics and appliances (if you own them), can add up.
Amica’s Renters Essentials® is an affordable option, and you can save up to 15% when you combine your auto and renters insurance with Amica.3 With Renters Essentials®, you can earn credits – up to $100 per year, for each year the policy is active, up to $5004 – to apply toward a future homeowners or condo insurance policy with Amica. More often than not, renters insurance is less costly than individually insuring expensive items, such as a mobile phone or tablet, upon purchase. It also protects your items wherever they are – in your car or on vacation, for example. If there are items that significantly exceed the value of your coverage limits – such as jewelry, art or high-end electronics – you can add an endorsement to your renters policy. An endorsement could cover these items for the full replacement value without being subject to a deductible in the event of an unforeseen loss from fire, theft, vandalism and more.
In addition to coverage for personal belongings, renters insurance includes what’s known as additional living expense coverage, or loss of use, if your home becomes uninhabitable after a covered loss. While your unit is being repaired or rebuilt from an insured disaster, this coverage will pay for any necessary increase in living expenses you incur so that your household can maintain its normal standard of living.
Finally, your renters policy offers liability insurance, which provides valuable protection for situations where you or a resident family member are legally liable for injuries occurring in your home (for example, your dog bites a visitor) or even on other properties. Amica’s Renters Essentials® is great for first-time renters, bundling coverage for furniture, electronics, jewelry and clothing with liability insurance and identity theft protection.