Frequently Asked Questions

Renters insurance is a policy that protects your personal belongings if you rent a home or apartment. Normally, your landlord’s property insurance covers the building’s exterior, it will not extend to your personal belongings. Renters insurance protects you from unexpected dangers like fires or floods. With the right policy, you can have peace of mind knowing you’re secure.

No, your landlord’s insurance generally does not cover losses to your personal belongings only the building structure. Landlord insurance typically focuses on protecting the building and its structure, rather than the tenant’s possessions within it.

Yes, landlords can require renters insurance. If you don’t want it, find a property without this requirement. However, we recommend getting renters insurance for valuable protection of your belongings.

Renters insurance covers personal property damage or loss due to theft, fire, and other hazards. It also provides protection if a visitor is injured, or their property is damaged while in your home.

Your insurance should include coverage for:

• Theft and vandalism
• Fire and smoke
• Windstorm and hail
• Water damage from plumbing, furnace/AC, or water heater

We strongly advise ensuring that you have sufficient coverage to meet your protection needs.

Your policy does not cover:

• Earth movement
• Flood damage
• Power failure
• Neglect
• Intentional loss
• War
• Nuclear hazard
• Ordinance or law or governmental action

Additional exclusions, limitations, and reductions in coverage include:

• Removal of fallen trees only covered if they damage your house, outbuilding, or block access
• Limits on coverage amounts for jewelry, guns, silverware, cash, coins, certain collections, art, and computers/equipment
• Limited or excluded coverage for automobiles, watercraft, and aircraft; consider comprehensive car insurance for parked vehicle damage
• Property claims settled on Actual Cash Value basis until repair or replacement
• Losses intentionally caused by insured not covered
• Losses from water or sewage backup through sewers and drains not covered

The insurance company will cover the cost of repairing or replacing your personal items once you’ve paid the deductible. Whether it’s the replacement cost or actual cash value, depending on your policy, you’ll be reimbursed fairly. Additionally, if someone gets injured in your home, your insurance company will assist with their medical expenses and any loss or damage to their personal property.

In certain situations, you may be able to deduct your renters insurance from your taxes. If you run a business from your home and have coverage for items primarily used for business, like a work laptop or equipment, you can potentially deduct a percentage of your policy. For more details and to determine if you qualify, it’s best to consult a tax professional.

The amount you need varies based on your belongings and potential liability. Consider the value of your items, affordability to replace them, and potential legal issues. On average, people have at least $35,000 worth of belongings at risk in their homes.

Yes, you are able. However, sharing the same insurance policy with your roommate for belongings is generally discouraged. This is due to complications that may arise if your roommate moves out, leaving you with coverage for items that are no longer needed on your policy. It can also be challenging to determine financial responsibility based on specific items within the shared living space.

The best place where you can get renters insurance is Acceptance Insurance! With comprehensive coverage and competitive rates, we are here to help you safeguard belongings related to your rental. Call us today at 877-405-7102, receive a quote online, or visit one of our nearby offices.