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Do I Need Renters Insurance? How much is my stuff worth?

Most people don’t realize how much their possessions are worth, so may not have renters insurance. The average single renter in Seattle owns $25,000 worth of property – not including their car or other investments. How much would you be able to replace, if something were to happen?

If you were robbed, you would likely only need to replace your jewelry and electronics. But in a fire, you probably would have to replace everything… Jewelry, electronics, your bed, your entire wardrobe, furniture, appliances, movies, music, and other personal effects.

You can’t rely on your luck, nor can you rely on your landlord’s insurance. Their insurance does not protect renters or their belongings - only the rental structure itself. It’s up to you to make sure that you and your assets are covered with renters insurance.

Renters Insurance Will Cover

• Your possessions.
• Liability if someone sues you for an injury they got at your home.
• Possessions when they are away from your rental home, including in your car.
• Additional living expenses. If you can’t stay in your home or apartment because of something like fire or pipes exploding, your renters insurance policy will cover some of the costs for living somewhere else while repairs at the residence take place.
  • Living expenses coverage is usually limited to either a specific period of time, or what the renters insurance company considers a “reasonable length of time.”
  • To prevent abuse, there is a cap on the amount of additional living expenses the insurer will pay, usually a percentage of the total renters insurance liability limits.

Renters Insurance Won’t Cover:

• Renters insurance policies do not cover damage or losses resulting from flooding, landslide or earthquake – although it's possible to buy insurance for these separately.
• Certain types of coverage in a renters insurance policy may have dollar limits. Additional coverage or specific policies (endorsements/floaters) may need to be added for the items below:
  • Money, bank notes, coins
  • Business property (on and off premises)
  • Securities, negotiable instruments
  • Watercraft, including trailers, furnishings and equipment
  • Trailers (other than boat trailers)
  • Jewelry
  • Furs
  • Firearms (limitation applies to theft only)
  • Antiques
  • Collectibles
  • Silverware and goldware (limitation applies to theft only)

Extra renters insurance doesn't have to cost a lot

What happens if your loss goes over your renters insurance limit?

What you have items that are worth more than your renters insurance policy limits?

Many people supplement their renters insurance with personal umbrella liability insurance for broader protection. And if you have special possessions such as jewelry, art, antiques, or collectibles, ask about scheduled personal property coverage that comes with no deductible when you experience a covered renters insurance loss.  

Like other kinds of insurance, you can save money by raising your renters insurance deductible.

If you are married, living with a significant other, or live with a roommate, you ought to have everyone - and all the possessions - on the renters insurance policy.

Combine your policies (auto insurance and renters insurance, for instance) with the same insurance company. Discounts can go as deep as 15% for multi-policy clients.

• Model numbers
• Serial numbers
• Date of purchase
• Price

The big decision – Actual Cash Value or Replacement Cost… What’s the difference?

There are two ways to insure your possessions – Actual Cash Value, or Replacement Cost.

Simply put, Replacement Cost is better.

Insuring at Replacement Cost has a higher up-front cost (about 10% to 15%), but if something happens to your possessions, the potential payout from the insurance company tends to be much higher.

Overall, though, renters insurance tends to be fairly affordable. Renters insurance in Seattle tends to be between $80 and $400, depending on your limits and how much your renters insurance is covering.

How To Save Money on Renters Insurance

What Do You Own?

You should be keeping a written and visual inventory of all of your possessions. Especially for items with higher sticker prices, you should write down:

Make a written copy of your inventory and keep it at another location, along with your photographs and/or video of the items. A safe deposit box is a good place to keep such records.

At Balcos Insurance, we’re here for you. Our Seattle renters insurance professionals are independent agents and can shop many different companies for you to find the best price and coverage available to you. Call today for a free, no-obligation quote.