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Renters Insurance: Adding an Umbrella for Special Items

By Compuquotes Team on March 27th, 2008

Renters Insurance

Most often when you get renters insurance you are covering the contents of your home (but not the building itself). Your contents are your own belongings - things that you own that you brought into the home. Your insurance doesn't cover appliances unless you brought them in yourself (and doesn't need to, your landlord`s insurance covers that). Basically, you are insuring your electronics, your furniture, your clothing, your personal items, even your jewelry.

However, if you have a special item - heirloom jewelry, an expensive painting - you may want to purchase umbrella insurance for those items. Basically an umbrella policy is insurance for a specific item that isn't usually covered under your standard renters insurance policy.

Some of the products that may not be covered under your regular renter's insurance policy include:

Jewelry
Computers
Expensive cameras
Expensive paintings
Oriental rugs (real, expensive)

Expensive jewelry as well as heirloom jewelry can be very difficult to replace. Be sure to talk to your insurance agent about the jewelry that you own and it`s worth. You will likely have to prove its worth with an appraisal slip done by a professional jewelry appraiser. If your jewelry is quite pricey, you will have to purchase separate insurance coverage for it.

Most renters insurance policies have a limit of $5,000 for computers, but if you've upgraded yours, or if you own more than one, you may need to purchase an umbrella renters insurance policy to cover your electronics.

Cameras can be very expensive - some of the lenses for a professional-grade camera are in excess of $10,000 each. Now, we`re not talking about your home digital camera that is worth under $1,000 - but rather professional cameras that are pricey as well as their accessories, such as lenses and flashes. Be sure to keep your receipts for your camera pieces, and give a copy of them to your insurance agent. If you own a professional camera, and accessories such as flashes and lenses, then you will likely need to purchase an umbrella policy to cover them.

Paintings and sculptures are another item that often falls into the necessity for extra insurance category, especially if they are an irreplaceable, one of a kind painting. If you own a painting like this, you may want to ensure that it has its own renter's insurance policy to be covered from damage and theft.

Real Oriental area rugs are quite expensive - they can be worth up to a half a million dollars and then some. If you are the proud owner of one, you may want to look at an umbrella policy to cover it should it be ruined, damaged or stolen. You will, once again, need to have it properly appraised for its value by a licensed appraiser.

If you aren't sure if your items are covered under a standard renter's insurance policy, ask your agent. They will be able to tell you if your item or items are not covered and what you can do to get them covered. Be sure to release information on every item you own to your renters insurance agent to be sure that you have adequate renter's insurance coverage.

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