Renter Insurance FAQ

Renters insurance typically protects three main things:

• Your personal belongings - furniture, electronics, clothing, etc., if they're lost, stolen or damaged by a covered event like fire or theft. (ccrentalpro.com)
• Personal liability - if someone is injured in your rental unit or you accidentally damage someone else's property, the policy helps handle legal costs or damages you're responsible for. (AmFam)
• Additional living expenses (loss of use) - if your rental becomes uninhabitable due to a covered event, your policy may help pay for temporary housing, meals, etc. (Investopedia)
• However - it doesn't cover everything. For example, standard policies usually exclude flood or earthquake damage unless you buy separate coverage. (Investopedia)

Yes - very much so. Your landlord's insurance covers the structure (walls, roof, building) and common areas, but not your personal items, your personal liability, or your costs if you have to move temporarily. Renters insurance fills in those gaps. It's an affordable way to protect you, not the building owner.

• For personal property: Start by doing a simple inventory of your belongings (furniture, electronics, clothes, etc.) and estimate their replacement cost. Make sure the policy covers enough to replace everything if you had a total loss.
• For liability: Many policies start around $100,000 of liability coverage, but depending on your situation (pets, frequent guests, hobbies), but we recommend a minimum of $500,000, its only a few more dollars per year.
• Don't forget any valuables (fine jewelry, high‑end equipment) may need additional coverage-ask about "scheduled personal property" endorsements.

Often yes-for many policies, your belongings are covered even when they're off‑premises (for example, your laptop stolen from your car, or your things in a storage unit) though coverage may have limits or special rules. Always check the policy's "off premises personal property" limit and any exclusions.

Yes. Standard renters insurance typically excludes certain perils like floods (rising water outside), earthquakes, mold caused by lack of maintenance, and intentional or business‑related losses. (Investopedia) If you live in a flood‑prone area, or have unique valuables or business equipment, you might need separate or additional coverage.

Key cost drivers include:

• The amount of personal property coverage you choose and the liability limit you select.
• Your deductible (the amount you pay out‑of‑pocket first).
• Your location, the building's construction, crime rate in the area, and the claims history for the property.
• Discounts for features like smoke detectors, burglar alarms, or bundling with other insurance (auto, etc.).
• The good news: renters insurance is usually very affordable compared to the risk it protects against.

Great question. If you share a rental with a roommate(s), you'll need to clarify:

• If each roommate gets their own policy, each covers their personal belongings and liability.
• If you try to share one policy, be sure both names are listed and the policy limits are sufficient for all contents. Some insurers don't allow shared policies, or they may split the coverage limit among all occupants.
• It's important to update your policy promptly when occupancy changes, so you're fully protected.

• Actual Cash Value (ACV) means you get paid the value of your item today, factoring in depreciation (age, wear & tear).
• Replacement Cost means you get paid enough to replace the item with a new one similar in quality, without depreciation. (Travelers)

If you choose ACV, you may receive less when you file a claim-so for many people, replacement cost is worth the extra premium.

• As soon as damage, theft or loss occurs-document everything: take photos, list lost/damaged items, keep receipts if you have them.
• Contact your insurance broker at Vargas to report the claim and get next steps (they'll guide you on what forms/information the insurer needs).
• Keep proof of value and ownership of items if possible (photos, receipts, serial numbers).
• Understand your deductible, and what your policy covers for temporary living expenses if you're displaced.
• The smoother your documentation and communication, the faster your claim resolution.

You should review your policy at least annually - or anytime you have a major life change, such as:

• Buying new expensive furniture, electronics or valuables
• Moving to a new rental location
• Having a pet or new roommate, or changing your household occupancy
• Changing your deductible, coverage limits, or adding an endorsement (for say, business equipment or flood risk)

Making sure your coverage keeps up with your life ensures you don't discover you're underinsured when you need it most.