Skip to content Accessibility info

Rathbun Insurance Blog

All You Ever Wanted to Know About Insurance

Renters Insurance Refresher

Welcome to our Renters Insurance Refresher! 

Whether you're a seasoned renter or a first-time tenant, it's essential to ensure that your belongings are adequately protected. One key aspect of safeguarding your possessions is maintaining a comprehensive inventory. Capture the essence of your living space by taking photos or videos of furniture, clothes, electronics, recreational items, and jewelry. Keep track of receipts, serial numbers, and model details, storing this valuable information on the cloud for easy access in the event of a disaster. As you embark on this insurance journey, it's crucial to understand the distinction between replacement value (RV) and actual cash value (ACV). Dive into the nuances, considering how each reimbursement type aligns with your budget and the potential out-of-pocket expenses you could face in the unfortunate event of a loss. Don't overlook the importance of reviewing policy limits and exploring essential add-on coverages, from medical payments and general liability to additional living expenses and protection against specific risks like earthquakes, flooding, sewer backups, and coverage for high-value items like electronics and jewelry. 

  • Inventory your belongings:
    • Take pictures or videos of your belongings (like furniture, clothes, recreational toys, electronics and jewelry).
    • Copy receipts, and serial and model numbers.
    • Store your inventory on the cloud so you can access it after a disaster.
  • Ask your agent about replacement value (RV) and actual cash value (ACV):
    • ACV reimburses you for the depreciated value of your belongings (usually a fraction of the actual cost).
    • RV reimburses you using current pricing for your belongings.
    • Ensure your reimbursement type works for your budget, and consider how much you can afford to pay out of pocket if you lose everything in a fire.
  • Review your policy limits:
    • Medical payments help if your fur baby bites someone or a guest is injured in your apartment.
    • General liability helps if someone sues you for personal injury or defamation.
  • Don't forget about essential add-on coverages for things like:
    • Additional living expenses (If you have to relocate temporarily because of a fire, this policy would help with additional living expenses.)
    • Earthquakes (Any earth movement is excluded without this additional coverage.)
    • Flooding (Your basement storage locker might be at risk even if you're on a higher floor.)
    • Sewer backups (Sewage can back-flow into your home, regardless of where you're located.)
    • Electronics and jewelry (Most policies only cover up to $2,500.)

Call your Rathbun Account Manager for a policy refresh. They’re happy to help protect what matters most to you!