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Why do I need renter's insurance?

What would you do if all your personal belongings were lost? Our renters insurance policies can help replace your personal belongings in the event of a loss. In order to qualify as a covered loss, losses are due to fire, theft, and accidental or sudden discharge of a sprinkler system. Water damage can be as destructive as fire — don't get swamped without the right insurance! Insurance can help you with your peace of mind, knowing that in the event of a covered loss, your damaged home will be rebuilt and your destroyed belongings will be replaced.

Personal Property

Renter’s insurance also provides coverage for your household contents and personal belongings. You may think your couch, coffee table, sweaters, shoes, coats, TV, bed and CD player aren't worth a lot, but those items all add up when you have to replace them. We can also insure any valuable jewelry like wedding/engagement rings, watches, etc. over $1000 in value to your renter’s policy.

  • Replacement Cost Vs. Actual Cash Value – Our agency recommends “replacement cost” coverage in order to get the money to repurchase your damaged or stolen items in the case of a claim. Actual Cash Value or “depreciation” in other words will pay you the depreciated amount for your personal property in the case of the claim. Once you depreciate everything you own in a major claim it can put you backwards financially.
  • Off-Premise Coverage – We will insure up to 10% of your personal property “off-premise” in the case someone breaks in to your car and steals your laptop bag or anything of value. Women – now your purses are covered in the case of a theft. Feel safe when you travel knowing your luggage is also covered.

Personal Liability

Finally, in the event someone is injured on your property or you damage property that belongs to others, you could be held legally liable for the injury or damage. A renters policy from Rafail Insurance provides liability coverage and personal property insurance should this ever occur. Our agency has standards in order to provide the maximum liability limits of $500,000 on all renters’ policies at virtually no additional cost ($24 per year!).. If your fire makes the 6 o’clock news and you are liable to fix the damaged units which can cost hundreds of thousands, then it feels good to know your renters insurance is there for the “big stuff”.  Your liability is your lawyer!

What if I don't have insurance?

Without insurance, you'll be responsible for protecting your property, possessions and liability exposure.

For instance, if your house burns down to the ground you started the fire then you are ultimately responsible. If someone gets injured during a get together and sues you is another example of how renters insurance protects you.  Do you readily have $500,000 readily available in case something like this happens? It is a whole lot easier to have a renter’s insurance policy than it is worry about a financial burden or damaging your credit.

Loss of Use Coverage

Our renter’s insurance policies will cover all of your out of pocket expenses during a claim. If you need to rent a place or stay in a hotel while your rented home or apartment gets repaired then you are covered.  This means you don’t have to ask your family or friends for a place to live during a claim.

Flood Insurance

Keep in mind no renters or homeowners insurance policy covers natural rising waters from the outside in. Only flood insurance covers floods. You can obtain coverage for your personal articles for as low as $70 per year for $8,000 in coverage. This will typically only apply to rented homes or apartments on the 1st floor. Some coverage is better than no coverage when it comes to a flood.

Available Discounts

Depending on your state, you may be eligible for a variety of renter’s insurance discounts.* Find out what discounts are available in your state. Farmers currently offers discounts in these categories.moving in couple

  • Occupational Groups (Doctors, RNs, Dentists, Teachers, Police, Firefighters etc...)
  • College Degree Discounts
  • Multi-Line Discounts (Auto/Renter/Life)
  • Renovations to the building
  • Nonsmoker
  • Protective Devices
  • Fire Safeguards
  • Age 50+
  • And more!

* Discounts apply to selected coverages, perils and policy types. Eligibility and actual percentage of discounts may vary. See the Insurance Terms Glossary for full descriptions. Ask us for help - we will be happy to sit down and do a careful review with you to make sure you have no "gaps" between your policies!

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