SterlingRent

Contents

"Contents insurance" typically refers to coverage for property you own. Contents insurance covers the financial cost of repairing or replacing the personal possessions and furnishings including furniture, clothing, electrical appliances, computers, TVs, jewelry and sporting equipment. Your contents are your personal belongings or any personal possessions that you keep in your home. These are also the items you would take with you if you were to move.

Liability

Liability insurance is included in your standard renters insurance policy. It offers protection should you be sued by a guest injured in your home. For example if a guest in your home slipped and injured themselves and needed medical attention. Your renters insurance liability coverage can help pay for legal expenses, their medical bills and other damages should you be found responsible for the injury. An important element of liability insurance is making sure you have enough coverage for this risk.

Water Backup

As a homeowner, you will want water backup coverage in the event of a sewer system backup or a sump pump failure that results in an overflow. Water backup coverage is an endorsement you can add to your renters insurance policy.

Replacement Cost Value

Replacement cost value (RCV) renters insurance allows you to replace your lost or damaged possessions with similar items at current market value. So, for example, if you had a digital camera with 3x optical zoom that you owned for two years was damaged, this coverage would provide you the current market value to replace the item, rather than paying you the actual cash value of the camera after two years of use. You would have enough from your insurance company to replace your damaged camera.