If you are renting an apartment or house, or own a condo, you can protect yourself and your personal property through renter’s insurance (also called tenant homeowners insurance). This coverage is relatively inexpensive and will give you peace of mind that your personal property is protected in case of a loss.
Unlike a homeowner, you do not need to purchase insurance for the structure of your home. Your landlord should take care of that. However, just like a homeowner, you need to be sure you have liability protection and insurance coverage for your personal property.
You can ensure that you are fully protected against:
- Damage to your furniture and other personal property caused by a covered peril. Your personal property is covered, anywhere in the world.
- Claims and lawsuits brought against you and members of your household for injury to others or damage to their property
- Your expenses when damages force you to leave your home temporarily
For Condo Owners
Your coverage includes appliances, alterations, fixtures and improvements that are part of your unit, up to your policy limit.
Your personal property is covered, anywhere in the world, for its purchase price minus depreciation, up to your policy limit.
Certain types of property are covered only for limited amounts:
- Money, bank notes, bullion, gold, silver, platinum and precious metals
- Securities, accounts, deeds, manuscripts, passports, tickets and stamps
- Jewelry, furs, watches and precious stones
Limits and coverage may vary by state. You can also purchase added protection with our additional coverages and higher limits.
Penn National Insurance automatically increases the covered value of your personal property each year to protect you against inflation. We apply this inflation protection to your personal property and loss-of-use coverages.
Joint Purchase of a Policy
To decrease expenses, some renters have roommates and wonder if they can purchase a joint policy. The answer varies from state to state, and even from company to company. Ask your agent for recommendations. To be certain of your coverage, you may want to have each roommate carry their own insurance policy to avoid disputes in case of a loss. Also, be sure that the true ownership of property is clearly defined before a loss occurs.