Usually when you get renters insurance it covers the contents in your home but not the actual building. The contents are your belongings that you own and that you brought with you into the home. Renters insurance does not cover appliances unless they belong to you and you brought them in. The landlord’s insurance will cover the appliances. You are basically insuring your personal belongings such as your clothes, furniture, electronics, jewelry and other personal items.
If you own any special items such as expensive artwork or heirloom jewelry you may want to consider purchasing umbrella insurance for them. An umbrella insurance policy is for specific items that are not generally covered under standard renters insurance policies.
Some items that may not be covered by a standard renters insurance policy include computers, expensive artwork and camera, jewelry, and oriental rugs.
Heirloom and expensive jewelry can be quite hard to replace. If you own any, be sure to discuss these items and their worth with your insurance agent. You will probably be required to prove their worth by providing an appraisal slip from a professional jewelry appraiser. If you have very expensive jewelry you will need to purchase insurance coverage separately for these items.
Renters insurance policies usually limit their coverage on computers to $5,000. If you have an upgraded computer or own multiple ones, you may need separate coverage for your electronics by purchasing an umbrella renters insurance policy.
Cameras and camera accessories can be quite expensive. Lenses on expensive cameras can cost $10,000 or more. These apply to professional grade cameras and accessories. If you do own professional camera equipment provide a copy of your receipts to your insurance agent. You will probably need to buy an umbrella policy to insure them.
Sculptures and expensive paintings also may need extra coverage, particularly if they are one of a kind and irreplaceable. If you own any artwork like this, you will most likely want to make certain that they have their own renters insurance coverage that covers theft and damage.
Oriental rugs can be very expensive. Some may be worth as much as half a million dollars or more. If you own an expensive oriental rug you will most likely need an umbrella policy to cover any damage or theft. You will need to have your rug professionally appraised.
If you are unsure which of your personal belongings are covered under your renters insurance policy, check with your agent. They will be able to let you know which of your personal items are covered and which are not, and help ensure that all of your belongings are insured. Be sure to give your agent information on all your personal belongings to make sure you get the renters insurance coverage you need to insure all your items.
