Richmond Times-Dispatch: Place an Ad | Subscribe | Manage Account | Advertise With Us

A look at renters insurance

By Staff Reports
Published: September 4, 2009

What's generally

covered
Fire and lightning
Windstorm or hail
Explosion
Riot or civil commotion
Vehicles
Smoke
Vandalism
Theft
Accidental water or steam damage from plumbing, heating or air-conditioning systems

What's generally not

Flood
Sewer back-up
Earthquakes
Power failures
Neglect
War
Nuclear hazard
Intentional acts

SOURCE: State Corporation Commission, Bureau of Insurance

Other survey findings

98 percent of college-aged renters own computers; 83 percent own DVD/Blu-ray players; 83 percent own a digital or video camera; and 80 percent own an iPod or MP3 player.
Only 42 percent of renters report owning a fire extinguisher.
Two-thirds of Virginia's college-age renters mistakenly believe that auto insurance will cover items stolen from a car in a parking lot (those items would be covered under renters insurance).
Three-fourths of Virginia renters have not documented or made a record of their possessions.

SOURCE: Allstate Insurance Co.

Tips

Make a list of the items you have that could be stolen or destroyed in a fire. Update the list regularly.
Take pictures or do a video walk-through of your house in case you need to file a claim.
Ask your insurance agent about the type of policy that is best for you. Replacement insurance is more expensive but pays you what you pay to replace an item and not its fair market value at the time of the claim.
Determine how much coverage you need. The average renters insurance policy covers about $25,000.
Find out what your policy limits are and discuss the need for additional options.
Review your list of stuff with your insurance agent to talk about additions for jewelry, artwork and antiques.