Renters insurance coverage with Root
Learn how renters insurance protects you, your stuff, and visitors.
What is renters insurance?
If you rent your living space, renters insurance is an important protection against the unexpected. (You should also be sure to have any insurance coverage required by your landlord.) Renters insurance typically breaks down into two categories of coverage: Personal Liability and Personal Property. Read more about these below.
Personal Liability coverage
Personal Liability (also called Renters Liability) helps protect you legally if someone is unintentionally injured inside your rented home or apartment, or outside your living space because of negligence (such as the person falling on a broken step). It also protects you if you accidentally damage the building your rental is in.
Example: A friend comes to visit and trips on your indoor welcome mat, spraining her wrist. She sues you for the damages. Though the situation is unfortunate, Personal Liability is there to help you out with your legal costs.
Example: While cooking, you accidentally start a fire that damages your neighbor’s apartment. If they sue you, Personal Liability coverage will help cover your legal costs.
Personal Liability is not meant to protect your landlord or the property owner. And, if you operate a business out of your home, anything that happens related to your business is not covered under your renters insurance policy.
Medical Expenses for Others
Medical Expenses for Others is a coverage used when someone is injured on your property and has medical expenses as a result of the injury.
Personal Property coverage
The property inside your rented living space is covered with Personal Property coverage. This includes electronics, furniture, jewelry, and equipment.
Example: You return home to find a leak from the apartment above you has ruined your TV. Personal Property coverage will help you buy a replacement.
While you travel
Personal Property even covers your stuff while you’re traveling.
Example: If your suitcase is stolen from your hotel room, Personal Property coverage will help replace both the contents and your luggage.
Loss of Use
Loss of Use coverage helps with the costs of staying in a hotel or other living situation when something happens to your apartment and you’re unable to live there.
Example: You accidentally set off the sprinkler system in your duplex. Unfortunately, the water damage is significant and you can’t live there while repairs are made. Your renters insurance policy helps pay for a hotel or other temporary housing.
What isn’t covered by renters insurance?
Renters insurance with Root covers a lot, but there are exceptions. Here are a few:
Property of roommates or other tenants
Property within an apartment/house you’re renting to others
Motor vehicle parts
Fancy tech, like drones and hovercrafts
Trees, shrubs, and plants
We also don’t cover damage caused by floods and earthquakes, this includes power outages resulting from either.
Replacement Cost coverage vs. Actual Cash Value
Let’s say your laptop is two years old and is stolen from your apartment. You file a claim through your renters insurance to get a new one. At Root, we use Replacement Cost for renters insurance policies. That means you’ll receive the amount needed to buy a replacement today, despite the age of your stolen laptop.
Some companies only offer Actual Cash Value. Since the value of tech devices usually decreases over time, you would be paid the amount your two year old computer is valued for today. Unfortunately, this could mean you wouldn’t have enough to buy a new laptop.
A deductible is the amount you pay before your renters policy pays the rest.
If you choose a higher deductible, your monthly rate is lower, but you’ll pay more out of pocket when you file a claim. If you select a lower deductible, your monthly renters insurance rate is higher because Root will be paying more when you file a claim.
A limit is the maximum dollar amount we’ll cover if you file a claim. The higher your limit, the more likely you’ll have less (or nothing) to pay out of pocket in case of a major accident or claim.
When you have multiple policies with one insurance carrier, it’s referred to as a bundle. This can be any combination of home, auto, renters, and other insurance. When you bundle renters and car insurance with Root, you’ll have everything you need all in one app. (Plus, you’ll save more money on your insurance.)