Personal Property Replacement Cost Coverage for Renters

Get Paid the Actual Cash Value for Items at the Time of Loss


Personal Property Replacement Cost Coverage for Renters

If you are a renter, you may have heard about Personal Property Replacement Cost Coverage. This is an optional coverage that you can add to your Renters Insurance policy. The main benefit of this coverage is that it covers the total cost to repair or replace most damaged items with their brand new value in the event of a covered loss.

This means that if any of your insured items are damaged or destroyed due to a covered event, you will receive the full cost of replacing the items with new ones rather than just the depreciated value of the items. 

With Personal Property Replacement Cost Coverage, you have the ability to choose how you would like your items valued if they are damaged.

This can be a great advantage, as it allows you to receive the full value of your items and replace them with new ones, even if the items have depreciated in value over time. 

It is important to note that the deductible for this coverage is your Property deductible. This means that you will need to pay this deductible amount before your insurance coverage kicks in and covers the remaining cost of repairing or replacing your damaged or destroyed items.

Replacement Cost Coverage for Renters

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Get the answers you’re looking for: Renters Insurance

How much is your stuff worth?

Well, you’re in luck because we have an easy way of estimating the value of all those items. Our Personal Property Insurance calculator will help make it simple and allow us to find out what kind of coverage would best suit you.

I am a renter, not a homeowner. Do I still need insurance?

Yes, renters insurance is recommended for when you live in someone else building structure or other rented living space. Without renters insurance to protect your belongings from damages caused by events such as fire or theft, you might potentially be responsible for paying out of pocket to replace them.

Doesn't my landlord's insurance covers my personal belongings?

While your landlord most likely does have insurance, Your insurance is not the same. Landlord insurance only covers the physical structure of the building but not your personal belongings within it.

I live in an apartment with roommates. Do we each need a renters policy?

Yes, renters insurance covers your belongings but also if you happen to be the cause of the accident that places your roommates’ stuff in harm, they might want to be compensated or might end up suing you for damages.

Having renters insurance would ensure that you would all be covered separately if something happened. Any time you create a claim it shows on your record, you dont want to carry claims from someone else fault.

Does renters insurance cover my stuff while it's being used?

Coverages vary for renters insurance, but they include Personal Property and Contents Coverage. If you happen to be using or taking part in an activity that puts your Personal Property at risk, renters insurance might kick in and protect you.

Who decides how much my property is worth??

Settling on property damage coverage is based on the actual cash value rating of your renter’s policy. Renters insurance protects you from incurring a financial loss when your property is lost or damaged in an unforeseen event. Using the calculator above will help us determine what dollar value rating best fits your needs.

  • Actual Cash Value (ACV) – The amount it would cost to repair or replace your renter’s belongings after depreciation.
  • Replacement Cost Coverage (RCC) – The amount it would cost to repair or replace your renter’s belongings, regardless of depreciation. With renters insurance, you’re not required to settle for the actual cash value of the property if it’s damaged.


Does my renter's insurance cover my possessions even when I go on vacation?

You might think that renters insurance is only applicable if you live in an apartment building, but it’s not. It provides coverage for all your possessions, no matter where they are. Whether or not the location matters about a covered event happening at home – as long one has paid up his monthly premium beforehand!

What if I am sued or found responsible for injuring another person?

Under renters insurance coverage, you are insured if someone sues you. insurance liability also covers legal expenses, up to the limits of your renter’s policy, should you be found liable for injuring another person or damaging another person’s property.

How do I create an inventory after getting renters insurance?

This may not be the most fun part of renters insurance, but creating an inventory could save you money in the long run. There are great renters insurance checklist templates to make it easy for you.

Does a college student need insurance for their apartment?

Yes, renters insurance is an excellent option for college students! In the unfortunate event that they have to make a claim, you will want to look into coverage limit. This type of policy covers items such as furniture and clothing even if they’re lost in a fire or damaged by severe wind or hail.

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