Coverage of Renter's Insurance Policy

(FOX Providence) - If you have an apartment or condo, you might think that Landlord's Insurance Policy covers your personal property, but does it?

This is especially important because the average renter has over $20,000 woth of personal property. This value is very hard to replace! Taylor Cook is on The Rhode Show this morning to explain that we shouldn't just assume that Landlord's Insurance Policy covers us.

What does Renter's Policy Cover?
A Renter's Policy covers your personal policy from losses against any perils anywhere in the world. Not only does it cover your personal property, but it also covers medical payments if somebody gets injured on your property, as well as liability protection if you're sued for a negligent act. This policy is highly recommended if you are currently renting.

What about a Condo Policy?
It's alot like a Renter's Policy, it covers your personal property as well as liability protection, but it also gives you coverage for the dwelling itself. You should check with your condo association and check the bylaws to see what you're responsible for. In most condo units today, you're responsible from the studs - in, which includes your flooring, cabinets, coutner-tops and fixtures.

What's covered with an In-Law Apartment?
In-Law apartments are kind of tricky as to what is covered and not covered under a homeowner's policy. In most cases, we suggest you get a Renter's Policy as well. It depends on what insurance company you ask and how the In-Law Policy is defined. If you have a separate entrance and pay your own utilities, then it's usually considered to be an addtional living unit. In that case, the house is a two-family dwelling, so the structure itself is covered under the homeowner's policy, but the contents aren't.

What kind of discounts are available?
If your insurance company writes both home and auto, some companies will put the discounts on both the policies. Other companies wil put it just on the auto policy. Discounts can range from 5% to 15%, which could save your a few hundred dollars.

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