Does Renters Insurance Cover My Appliances?

When you buy renters insurance, your policy won’t cover the structure of the home itself. However, since you don’t own the dwelling, you won’t need this coverage. Still, you will need to insure your belongings, as well as protect yourself against the liability risks you pose to others. So, when it comes down to insuring your property’s appliances, renters insurance can likely help. However, the party that owns the item will be a factor into how your policy will provide support. Here's why. 

Renters Insurance and Personally Owned Appliances 

Your personal possessions will have coverage under your renters insurance. Thus, whatever appliances you own and move into the home, you can often insure on your policy. Your coverage might apply to any number of items like: 

To choose the right amount of coverage for these items, you will need to estimate their values. You can find a solution by having the items appraised or checking their sales receipts. Afterwards, you will add these values to the cost of your other possessions you want to insure. This will give you the approximate limit to set on your possessions policy.

When setting your possessions coverage limit, don’t forget that other conditions might apply. Sub-limits, deductibles and exclusions might restrict how much certain possessions claims will pay. Policies might only pay an appliance’s cash value (its used value) from the time of the accident.