Farmers Insurance Renters

If you are a renter, you need renters insurance. It gives you protection for your personal property, as well as liability coverage. Farmers Insurance is one of the leading insurance companies that offer renters insurance policies. In this article, we will discuss what renters insurance is, what Farmers Insurance renters cover, and some frequently asked questions about Farmers Insurance renters insurance.

What is Renters Insurance?

Renters insurance is a type of insurance policy that provides coverage to people who rent their homes. Renters insurance protects renters from financial loss due to theft, fire, vandalism, and other covered losses. It also provides liability coverage in case someone is injured in your home or by your personal property. Renters insurance typically covers personal property, loss of use, personal liability, and medical payments to others.

Personal Property

Personal property coverage is the most basic coverage offered by renters insurance policies. It covers damage or loss of your personal property, such as furniture, electronics, and clothes. The coverage limit is usually determined by the value of your possessions, and you can choose to add or subtract coverage based on your needs.

For example, if your personal property is worth $50,000, your coverage limit will be set at $50,000. If you add a $10,000 rider for jewelry, your coverage limit will be $60,000. If you subtract coverage for expensive items you don’t own, your coverage limit will be reduced accordingly.

Loss of Use

If your rental home is damaged or destroyed and you can’t live there, your renters insurance policy will pay for additional living expenses, like hotel or rental costs, until you can return home. This coverage is known as loss of use coverage. The coverage limit is typically a percentage of your personal property limit, such as 20% or 30%.

Personal Liability

Personal liability coverage provides protection if someone is injured in your home or by your personal property. If you are sued, your renters insurance policy will pay for your legal defense and any damages awarded against you, up to your policy limit.

Medical Payments to Others

Medical payments to others coverage pays for medical expenses if someone is injured in your home or by your personal property, regardless of who was at fault. This coverage does not cover medical expenses for you or members of your household. The coverage limit is usually around $1,000 to $5,000.

What do Farmers Insurance Renters Cover?

Farmers Insurance renters policies cover the same basic types of coverage as other renters insurance policies. Farmers Insurance renters policies also offer some additional coverage options, like identity theft protection and valuables coverage.

Identity Theft Protection

Farmers Insurance renters policies offer identity theft protection as an optional coverage. This coverage provides up to $25,000 in coverage for expenses related to identity theft, such as legal fees, lost wages, and credit monitoring services.

Valuables Coverage

You can add valuables coverage to your Farmers Insurance renters policy to protect expensive items like jewelry, artwork, and musical instruments. This coverage provides higher limits and broader coverage than standard personal property coverage.

FAQ

1. Do I need renters insurance if my landlord has insurance?

Yes, you need renters insurance even if your landlord has insurance. Your landlord’s insurance only covers the building and not your personal property or liability.

2. What does renters insurance cover?

Renters insurance typically covers personal property, loss of use, personal liability, and medical payments to others.

3. How much renters insurance do I need?

You should have enough renters insurance to cover the value of your personal property and provide adequate liability coverage. A good rule of thumb is to have coverage equal to the value of your possessions and at least $100,000 in liability coverage.

4. How much does renters insurance cost?

The cost of renters insurance varies depending on your location, coverage limits, and other factors. The average cost of renters insurance in the US is around $180 per year.

5. Can I get renters insurance if I have bad credit?

Yes, you can still get renters insurance if you have bad credit. However, your premium may be higher than someone with good credit.