Renters Insurance for High-value Items

If you rent your home, you typically hold less of a financial stake in it than if you were to own the property. However, this does not mean you can afford to be complacent regarding insurance and economic security. Apartments, duplexes and other rented dwellings still often house valuable commodities, including electronics, jewelry and furniture. For particularly high-value items, you should understand how renters insurance may or may not supply sufficient coverage.

What Is Renters Insurance?

As its name suggests, this type of policy is a specialized form of coverage specifically tailored toward renters’ needs. Your insurance accounts for the fact that you don’t own your home and therefore does not typically include coverage for its structural elements (e.g., walls, foundations and attached fixtures). However, renters insurance does include several key financial protections, including personal property coverage, which may assist with losses related to your belongings.

Can My Policy Cover Valuable Items?

While renters insurance may cast a multipurpose financial safety net across many common perils, including fires, theft, burglary and certain weather-related incidents, policies may include strict limitations. You should fully understand your coverage’s specifications, including exclusions and policy limits. In the case of the latter, losses involving high-value items, such as jewelry, fine art, collectibles and designer clothing, could quickly exceed your coverage’s capabilities and impose costly out-of-pocket expenses.

How Can I Cover Valuables?

You should consider acquiring alternative coverage if your personal belongings are too valuable for a standard renters insurance policy. Specifically, you could seek out renters insurance with higher policy limits. However, this approach may still prove insufficient, as certain types of high-value items may bear specific reimbursement limitations on a per-item basis. Fortunately, you can also explore scheduled property riders and personal articles floaters, which can help cover particular items up to their full replacement costs.

We’re Here to Help

Contact Ramos Insurance in Streamwood, Illinois, today to learn more about high-value coverage options and secure an appropriate renters insurance policy.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.