Renters Insurance FAQ

By Compuquotes Team on March 26th, 2008

What is HO-4 insurance?
HO-4 insurance is a technical term for renters insurance. It is the insurance that a renter purchases to cover their property in a rental home, apartment, townhouse or condominium.

I'm renting a place-do I need renters insurance?
Yes, if you are renting a place, you need to have renters insurance.

What do I have to cover under my renter's insurance?
You only have to cover your property and liability under your renters insurance.

Who is responsible to cover the building with insurance?
Your landlord is responsible to cover the actual building with insurance, in case of a loss, such as a fire. The renter isn't responsible to cover any of the building with insurance.

What about the appliances in the house?
It depends on who owns them. If the appliances were there when you moved in, then your landlord is responsible to add the appliances on to his or her house insurance policy. If you brought appliances with you, such as a washer and dryer, then you need to add those appliances specifically to your renters insurance.

What about living expenses that I will have if I have to move out temporarily because of a claim on the insurance my landlord carries?
Your renters insurance usually also covers your living expenses in case you have to move out temporarily from your home.

Why am I, the renter, responsible for liability insurance?
Unless your landlord is responsible for the upkeep and maintenance of the property, you are responsible to keep the sidewalks free of debris, snow and ice, and to maintain the property. It wouldn't be fair if you were responsible to keep the sidewalks free of ice and snow and someone fell and sued your landlord, now would it? If you are not responsible for the outdoor maintenance, then you may not need liability insurance. However, accidents happen inside the home as well, and you should include liability coverage to ensure that you are covered in case there is a claim that you are held responsible for.

What perils does renters insurance typically cover?
Renters insurance usually covers vandalism, malicious theft, fire or lightning, windstorm or hail, explosion, riot or civil commotion, aircraft, vehicles, theft, damage by glass or safety glazing material that is part of a building, volcanic eruption, falling objects, and weight of sleet, ice or snow.

I have expensive items in my home, do I need separate insurance for them?
If you have expensive paintings, jewelry, antiques, etc. in your home, then make sure your insurance company knows about them when you are applying for renters insurance. The insurance company may require you to have a separate umbrella policy for your expensive items.

What is ACV?
ACV stands for actual cash value, this is when the insurance company will pay you the cash value of your belongings should you file a claim. This could translate to you not having enough repayment from the insurance company to replace your items with new items.

What is RV?
RV stands for replacement value. Your insurance company in this case would pay to replace your items with new items, regardless of the worth of your lost items.

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