Insurance Coverages for Renters and Condominium Residents

Last updated: March 29, 2016

Personal Property and Liability Coverage

Personal Property Coverage

Personal property coverage covers repairs or replaces your damaged, destroyed, or stolen belongings.
  • This could include: electronics, clothing, furniture, jewelry, carpets, appliances, and most other personal items.  
Most personal property is covered anywhere in the world.
  • For example, a camera stolen from your car, or luggage stolen from your hotel room.
But there are special limits on some kinds of personal property.
  • For example, theft of jewelry and furs is usually limited to $1,000.
  • Check your policy for a full listing of limits. For a higher premium, you may increase the limit of coverage on these items.
Additional living expenses provides coverage to protect some of your extra expenses if your apartment or condo is damaged and you cannot live there while repairs are made.

  • (Some examples of covered items are extra food costs, lodging, relocation costs and storage expenses.) 

This benefit covers only the difference in excess of your normal expenses. Keep your receipts for extra living expenses. Submit these to your insurance company for reimbursement.

Perils

Perils insured against refers to the events that may cause damage to property. Most standard condo or renters policies are named-perils policies. Perils typically insured against are

  • Fire
  • Lightning
  • Smoke
  • Theft
  • Vandalism or malicious mischief
  • Breakage of glass
  • Falling objects
  • Freezing

Additional Coverages:

Condo and renters policies may contain additional coverages. Check your policy closely for actual coverage. Additional coverages may include the following:

  • Food spoilage
  • Lock replacement
  • Loss of use of residence
  • Fire department service charge
  • Reasonable repair
  • Debris removal
  • Personal property at another location
  • Moving
  • Storage
  • Travel
  • Trees, shrubs and other plants
  • Property removal
  • Theft or illegal use of credit and debit cards
  • Condo and townhouse association loss assessment
  • Collapse of a building
  • Tenant’s water bed liability

Exclusions:

Most renters or condo policies do not cover the following:

  • Animals, birds or fish
  • Motor vehicles, including equipment and accessories
  • Aircraft and parts
  • Flood or rising water damage
  • Water damage from sewer backup
  • Damage resulting from war, terrorism or nuclear hazard
  • Neglect
  • Earthquakes
  • Power failure

The above exclusions are only examples of personal property not covered. Review your policy to determine what exclusions apply to your policy.

Personal Liability Coverage for Renters and Condo Residents

Personal liability protects you financially from accidents others suffer on your property. 

  • The policy is usually written to pay up to $100,000 per claim. Higher limits are available for an additional charge.

Damage to the property of others provides coverage for damage to property you borrowed from a friend or relative. 
  • It also protects you if you damage another person’s property in his or her home.

Medical expenses for injury to others provides coverage for the medical expenses of others accidentally injured on your property. 

  • Policies are typically written with a $1,000 per person limit. Higher limits are available for an additional charge. 
  • This does not not cover injuries or activities involving business conducted on your property.

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