Q and A: FAQs
Do I need renters insurance if I live away at college in a dormitory?
Your parents' policy would provide some coverage for your property—often 10% of their coverage amount. If this is not adequate, this limit can be increased. Liability coverage would extend from your parents' policy.
What if I live off-campus in an apartment while away at school?
It might be best to purchase your own renters coverage because of increased personal property values and the increased liability exposure of maintaining an apartment.
When I've graduated and am out on my own renting an apartment, do I need renters insurance? Why?
Yes, because you are no longer covered by your parents' policy. You are on your own now and need your own coverage.
What if I'm out of school, working a job, but still live at home. Am I covered by my parents' policy or do I need to purchase a separate renters insurance policy?
As long as you are a resident of your parents' household you are covered by their policy.
If I rent an apartment with a friend, can I purchase renters insurance to cover my stuff?
Yes. Your roommate would also need to purchase a renters policy for his/her property and liability exposures.
Can I add my friend to my policy to provide protection for his/her stuff, too?
Some insurance companies will do this but many will not. The roommate may need separate coverage.
When I have a claim, how do I "prove" that I owned the property?
The company may ask for receipts or other proof. It's a good idea to keep receipts. Also, you might want to take photos or videos of your property so that the company adjuster can see what you had.
What can I expect if I file a claim with my insurance company?
You can expect to complete paperwork for the company including an inventory of your lost items. The policy explains your duties in the event of a property and liability loss. You should become familiar with these duties.
Is renters insurance expensive?
Not really. Depending on the amount of coverage and any special endorsements, you can expect to pay $15 - $25 per month. This is certainly much cheaper than replacing all of your property or paying a large liability claim out of your pocket.
What is the minimum amount of contents coverage that I can purchase under the renters insurance policy?
This varies from company to company. Usually $10,000 -$15,000 in personal property coverage is the minimum.
What is the minimum amount of liability coverage that I can purchase under the renters insurance policy?
Typically $100,000 is included in the basic premium. Higher limits are available and should be considered.
If someone sues me because they were injured while at my apartment, I understand my renters insurance policy provides protection for defending me in the case. Does the money spent defending me lower the available limit of insurance as provided on the policy declarations page?
No, the cost of defending you is paid in addition to your liability limit.
This is one of the great values of liability insurance.
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