Renters Insurance for High-value Items: What’s Covered?

Renters insurance is an essential safeguard for anyone living in a rented property. It provides coverage for personal belongings in the event of theft, fire or other unexpected incidents. However, standard renters insurance policies may not offer sufficient coverage for high-value items.

Understanding Standard Coverage Limits

Standard renters insurance policies generally include coverage for personal property, but they often limit the amount that can be claimed for high-value items. These limits can vary depending on the insurer and the specific policy, but they are typically set at a certain dollar amount per category of items.

Review your policy’s coverage limits and understand what is included. If you own high-value items that exceed these limits, you may need additional coverage to ensure they are fully protected.

Enhancing Coverage With Scheduled Personal Property

Scheduled personal property coverage is an add-on to your standard renters insurance policy, providing additional protection for high-value items. By scheduling these items, you can insure them for their full appraised value, ensuring that you are adequately compensated for a loss.

Some insurers may require a professional appraisal or proof of purchase to verify the item’s worth. Once the items are scheduled, they will be covered for their full value, often with fewer restrictions and lower deductibles than standard coverage.

In addition to providing higher coverage limits, scheduled personal property coverage can offer protection against a broader range of risks. While standard renters insurance policies typically cover perils such as fire, theft and vandalism, scheduled coverage may include additional protections, such as accidental damage or loss.

Learn More

Contact Garlesky Insurance Agency for a renters insurance quote.

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.