Renter FAQs
Q:
Why would I want to buy renters insurance?
A: If you live in an
apartment or a rented house, renters insurance provides important coverage
for both you and your possessions. A standard renters policy protects
your personal property in many cases of theft or damage and may pay for
temporary living expenses if your rental is damaged. It can also shield
you from personal liability. Anyone who leases a house or apartment should
consider this type of coverage.
Q: How does a renters policy protect my personal property?
A: A renters policy provides named perils coverage. This means that the policy only pays when your property is damaged or destroyed by any of the ways specifically described in the policy. These usually include:
- Fire or lightning
- Windstorm or hail
- Explosions
- Riots
- Aircraft
- Vehicles
- Smoke
- Vandalism or malicious mischief
- Theft
- Falling objects
- Weight of ice, snow, or sleet
- Accidental discharge or overflow of water or steam
- Freezing
- Sudden and accidental damage from artificially generated electrical current
- Volcanic eruptions (but this doesn't include earthquake or tremors)
Renters coverage applies to
your personal property no matter where you are in the world. This means
you're covered when you are on vacation as well as at home.
Q: Why do some apartment complexes require tenants to have renters insurance?
A: Owners of apartment
complexes buy insurance policies for their liability and to cover their
buildings and personal property. However, these policies do not cover
any of the tenant's property or liability. By requiring their tenants
to have renters insurance, the apartment owner is assured that the tenants
will not mistakenly believe the apartment complex owner's policy will
provide coverage for a tenant's property or personal liability. Although
this type of requirement benefits that apartment complex owner, there
are benefits to the renter as well. We recommend that you purchase renters
insurance regardless of what your landlord requires.
Q: What if I share my apartment with a roommate? Do we both need to have renters insurance?
A: Standard renter's policies cover only you and relatives that live with you. If your roommate is not a relative, each of you will need your own renter's policy to cover your own property and to provide you liability coverage for your own actions.
8360 W. Sahara - Suite 110
Las Vegas NV 89117-1873
Phone: 702-796-9100
Fax: 702-796-6834
Toll Free: 1-800-745-3065
