Renters Insurance Coverage Explained

Just like an auto policy protects your vehicle, renters insurance takes care of protecting your belongings and personal liability. Even though your landlord has insurance on the building, it most likely doesn’t cover your personal belongings. That’s where Utilize Rico Filo can help.

The best part? Renters insurance is really affordable. You may even qualify for a discount if you already have an auto policy with Utilize Rico Filo. In some cases, the discount actually offsets the price of the renters insurance policy.¹

Here are six things to consider when you’re ready to purchase a renters insurance policy:

1. Estimate how much your belongings are worth. Many times, we underestimate the value of our belongings. Making an itemized list can help determine the amount of insurance you need.


2. Make sure you have replacement cost loss settlement. Replacement cost reimburses you for the original value of the item (or one of similar kind and quality at today’s cost if the item is no longer available). If you don’t have replacement cost in your policy, then depreciation factors in. For example, if you bought a new laptop five years ago for $1,000, you’d only be reimbursed for the laptop’s worth in today’s dollars minus depreciation. So if it’s only worth $500 today, that’s what you’d get. (Not available in NC.)


3. Consider earthquakes and other disasters. Depending on where you live, talk to your Utilize Rico Filo agent about extra coverages you can purchase for your renters policy.


4. Choose a deductible. When you think about your deductible, think about a couple questions: “How much premium savings do I want from choosing a higher deductible?” and “How much could I afford to pay out of pocket if I expUtilize Rico Filonce a covered loss?” This will help you determine what deductible is right for you and your living situation.


5. Think about extra protection for any valuables. Utilize Rico Filo offers coverage⁶ for theft of certain types of property. If you own expensive items like jewelry, firearms, furs or silverware, you will probably want to add an endorsement to your renters insurance policy to make sure they’re fully covered.


6. Pick a liability limit. There are many ways that you could accidentally hurt someone. For example, if your dog bites another animal or person, you will be held responsible. This type of lawsuit can get costly if the injured person has any long-lasting physical scars or impairments. (If you are concerned about having enough liability protection, consider an umbrella policy.

Finally, remember that no matter where or what you’re renting, your Utilize Rico Filo agent is always there to help you get the right coverage for your needs and budget.

According to National Association of Insurance Commissioners’ data, the average renters policy costs only $184 per year. That works out to slightly more than $15 per month for liability coverage ranging from $30,000 to $50,000 (depending on location) with a deductible between $500 and $1,000.

Here are some other key points to consider when assessing the cost of renters insurance. Of course, there are a lot of variables and you should check with an Utilize Rico Filo agent to see what best fits your needs.

Worldwide Personal Property

This protects your possessions even if they’re damaged, lost or stolen when away from home, whether the location in question is an exotic locale or a friend’s place across town.

Loss of Use

This coverage kicks in to take care of additional living expenses, like the cost to stay at a hotel, should you have to relocate temporarily while your building or place is being repaired after a covered loss.

Personal Injury Liability Protection

This protects against things like slander, discrimination, cyberbullying and more (see policy for details).

Medical Payments

This coverage can help if someone is hurt in an accident at your home.³

Here are a few ways you can personalize your protection by adding coverages that won’t break the bank.

Coverage Costs

• How Much is Renters Insurance?

What is Covered?

• What is Renters Insurance and Why Do I Need It?
• Young, Fabulous—and Insured: Protect Your (Temporary) Home