case study on renters insurance

Renters Insurance Saved Me: Common Scenarios

Published on May 05, 2022

Buying renters insurance is something that can get pushed down the priority list because you’re not legally required to have it. However, even though you don’t have to buy a renters policy, many good reasons exist to carry this surprisingly affordable insurance. Let’s explore some common renters insurance scenarios where this coverage can save the day.

Theft is one of the best reasons to have renters insurance. If your place is burgled, a renters policy can cover the cost of any items damaged or stolen. A “cover my stuff” renters insurance policy is always a good investment — especially considering how affordable the premiums are.

Jenny lived in a good neighborhood and did not think she would ever need theft insurance, but one day she came home from work to find her apartment in shambles. She was devastated. The first thing she noticed was that her electronics, computer, and an antique clock that was an heirloom from her grandmother were gone. She walked into the bedroom to find that her jewelry box and files containing her passwords and bank account information were missing, too.

While some items can never be replaced, like her grandmother's antique clock, renters insurance helped Jenny replace the missing electronics, computer, and jewelry. Her insurance company representative was also able to give her some good advice to help prevent identity theft that could arise as a result of the stolen files. Jenny’s renters insurance policy alleviated some of the financial stress of having to replace her expensive electronics and other items.

Water Damage

Water damage is one of the most common renters insurance scenarios and one that makes tenants glad they had coverage. If you live in an apartment with people living above you, it’s especially important to consider buying a renters policy. No matter how well you get along with your neighbors, they can sometimes make mistakes that affect you, your place, and your belongings.

When Steve left for work that morning, he knew that all was well in his apartment. He had no idea he would come home to disaster in the form of extensive water damage . Steve’s upstairs neighbor has small children, and, unfortunately, one of them turned on the bathtub faucet, which caused the tub to run over.

When Steve got home, he was greeted by a wet mess. Water dripped from the ceiling and ran down the walls. In addition to the sodden ceiling and walls, the water had also ruined Steve’s laptop and expensive sound system. Fortunately, Steve’s rental insurance company quickly processed his claim and reimbursed him, which allowed him to replace his personal belongings immediately after the loss.

Fire and smoke damage are some of the other most common claims insurance companies receive. Even if you practice fire safety, you can’t control the actions of your roommates or those who live around you. Moreover, when you’re dealing with electricity, anything can go wrong — from a faulty electrical appliance to rodents chewing the wiring in your home. If a fire does break out, the most important thing is to take care of yourself and your loved ones, before worrying about your possessions. But it’s reassuring to know that most renters insurance typically covers property loss due to fire.

Becky and her family had gone to bed on Christmas Eve. At 3:00 am, the smoke detector went off and they woke up to a house filled with smoke. Fortunately, everyone got out safely, including the family dog. The only problem was that they no longer had a place to stay.

Becky called her renters insurance company and was happy to find out that they would begin paying for a hotel room immediately. The policy helped replace many of the family’s belongings and paid for temporary housing until they could find other suitable accommodation. It was an unfortunate situation but having a good renters policy helped ease some of the pressure.

What Can You Use Renters Insurance For?

The examples above are some of the most common renters insurance scenarios that cause policyholders to file claims. One of the most important things you can do is to familiarize yourself with what your policy covers and what is not covered by renters insurance . A Wawanesa renters policy covers a lot of unfortunate situations, such as theft of your belongings, water damage, and certain weather events. Check out the full list of what’s covered .

Many people don’t realize the extent of what renters insurance covers. For instance, renters can cover medical expenses if, say, your friend slips and falls in your apartment during a get-together. Most policies also cover theft of your belongings outside of your home — say, your gym bag gets stolen from your fitness facility locker or car. Your policy can also cover the cost of staying in a hotel if your place is damaged to the point where you have to move out.

In some cases, renters insurance will help even if the damage was your fault. Say you accidentally allowed the tub to overflow or left the stove on when you headed out . Renters won’t always cover these types of circumstances, but in certain cases, it will.

It’s important to understand that your belongings are not covered by your landlord’s policy. And while you may not think you have much stuff, when you take stock, you’ll find that the cost to replace all, or even some, of your personal possessions will add up quickly. Unfortunately, many renters don’t realize the full cost of a disaster until something happens.

The best part about having a renters policy is that it allows you to focus on life and not worry about what you would do if something were to happen. No one wants to dwell on potential mishaps, but they do occur. No matter what kind of rental you call home, renters insurance gives you the peace of mind that comes with knowing you’re protected should the worst happen.

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The above content is for informational purposes only and is not a direct representation of coverages offered by Wawanesa or its policies. The information does not refer to any specific contract of insurance and does not modify any definitions, provisions, exclusions or limitations expressly stated in any contracts of insurance. All references within the above content are illustrative and may not apply to your situation. The terms and conditions of the actual insurance policy or policies involved in a claim are determinative as to whether an accident or other loss is covered. To understand the coverage under your current policy, please log into the account management platform to review your policy or contact an agent directly.

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A Renter’s Story & Why You Should Have Renter’s Insurance

• April 22, 2013
• No Comments

I got a text message from a client and friend of mine, John Brooks.  John’s a realtor with Keller Williams in Dallas ( www.johnbrookstherealtor.com ) and he and his wife, Aggie, live in a loft style apartment near downtown.  The text message was a picture of their dog watching a fan blow air across the floor that let me know they’d experienced a water leak.  I called John while m y wife, Sheri, and I were heading to meet some friends for dinner, so I could get the full scoop.

Like most busy couples, John and Aggie had gotten up that morning and gone in different directions, both had meetings.  Once John’s meeting had ended, he’d gone home to take care of a few things then headed off to another meeting.  Aggie stopped by their home 15 minutes later only to find water pouring from their ceiling into their apartment.  Aggie called John with the news, so he turned around to help her with the water in their apartment.  While on the way, John called the property manager to report the situation.

It turns out, their upstairs neighbor had left water running in a sink that eventually overflowed and built up enough to cause it to “rain” in their apartment one floor below.  The maintenance people turned the water off and brought fans to both apartments to help dry them out and keep the hardwoods from warping.  John and Aggie were extremely fortunate for several reasons.

• The water had only been falling into their apartment for maybe 15 minutes as that was the time between when John left and Aggie arrived at their home.
• The management company was able to quickly shut the water off upstairs and begin cleaning up the water damage.
• The water fell in an area where there was minimal damage.  The only damage they experienced was to sheet rock and flooring, not their personal property.
• They have ample renters insurance to protect themselves if the results of the leak had been much worse.
• By catching it early they didn’t even have to file a claim.

There are two insurance applications their experience helps demonstrate.

• The physical building (exterior & interior)
• The finish out of John and Aggie’s home – cabinets, sheet rock, flooring, etc.
• John and Aggie’s renters’ policy covers all their personal property – clothing, furniture, dishes, computer equipment, electronics, etc.

In fact, if John had filed a claim, his policy would have even paid for them to rent a motel room while their apartment was being repaired, had that been needed.

John and Aggie’s story could have had a much different outcome, had Aggie not walked in the door 15 minutes after John had left.  Had it been several hours:

• Their apartment could have been flooded.
• They could have experienced a lot of damage or loss to their personal property that totaled thousands of dollars.
• They may not have been able to stay home that night or for several nights thereafter.

They were protected from something they never thought would happen to them.  Are you?  If you don’t have renter’s insurance, let us help you.  We have access to 10 excellent companies that can help you affordably.

Share your comments, questions or suggestions with us in the comments section of our blog or on our Facebook page.  I’d love to hear from you.  And if you need an excellent realtor, give John a call.  His number’s on his webpage and he writes a very informative and entertaining blog at http://johnbrookstherealtor.wordpress.com/ .

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• Renters Insurance

Why Renters Insurance Is Worth It (5 Reasons)

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Updated: Jun 20, 2024, 5:43am

Are you paying more in rent than you would like? If so, the idea of adding another monthly bill isn’t a very attractive option. So it’s easy to dismiss renters insurance, thinking you don’t have anything worth insuring in the first place.

However, the best renters insurance goes beyond safeguarding personal belongings. It also provides liability insurance, temporary living expenses and more. All for around $10 bucks a month.

5 Reasons Why Renters Insurance Is Worth it

If you’re on the fence about renters insurance, it’s time to climb down. Here’s why renters insurance is worth it.

• Renters Insurance Is Cheaper Than Buying New Stuff
• Renters Insurance Can Help Pay Your Legal Costs After an Accident
• Renters Insurance Can Pay for Temporary Housing
• Renters Insurance Covers Minor Injuries to Others
• You Can Not Rely on Your Landlord’s Insurance

1. Renters Insurance Is Cheaper Than Buying New Stuff

So let’s address a renters insurance myth for the naysayers: You don’t own enough stuff to buy insurance.

You do. Think about your wardrobe, furniture, pots and pans, bicycle, laptop and all the things you rely on every day. What would you do if a fire wiped them out? Would you be able to afford to buy all new stuff? Even if you could afford it, would you really want to pay out of pocket?

If you’re not convinced, do a home inventory . It can be as simple as a written list or you could even take pictures or videos with your smartphone. A home inventory will give you a good idea of how much stuff you actually own and its worth.

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2. Renters Insurance Can Help Pay Your Legal Costs After an Accident

Accidents happen. Like a guest tripping over your rug and getting hurt. Or maybe you’re reliving your glory years and accidentally kick a soccer ball through a neighbor’s picture window.

That’s where the liability portion of your renters insurance comes in. It covers accidental property damage and injuries to others. For example, if your dog bites someone, liability insurance can cover their medical expenses. It also pays for your legal costs, settlements and judgments if you are sued because of an accident.

If an accident happens and you are without liability insurance, you could be on the hook for medical expenses, property damage repairs and legal costs.

3. Renters Insurance Can Pay for Temporary Housing

Suppose a problem covered by your policy makes your rental unit uninhabitable. The additional living expenses portion of your renters insurance policy can cover expenses like hotel bills, restaurant meals and other services, like pet boarding or laundry services.

For example, if a pipe accidentally bursts and you can’t live in your home while your landlord makes repairs, you can tap into your ALE coverage to pay for temporary housing.

4. Renters Insurance Covers Minor Injuries to Others

Another overlooked aspect of renters insurance is the medical payments to others coverage. It’s typically used to cover small medical bills, no matter who is at fault for an accident. It’s usually sold in small amounts between $1,000 and $5,000.

For example, if your guest needs stitches after accidentally bumping their head on an open cabinet door, your medical payments to others coverage can pay for the trip to urgent care.

Read More: How Does Renters Insurance Work?

5. You Can Not Rely on Your Landlord’s Insurance

If a problem like a fire or theft occurs, you can’t make a claim against your landlord’s insurance to replace your personal belongings or pay for a hotel room. That’s because landlord insurance covers your landlord’s interest, such as the building structure and your landlord’s possessions, not yours.

Landlord insurance does cover accidental property damage and injuries to others, but that’s usually limited to accidents that happen in common areas. For example, if a guest hurt themselves on a staircase outside your apartment, that would typically fall under your landlord’s liability insurance.

Is Renters Insurance Required?

Renters insurance is not required by law, but a landlord might require you to have renters insurance as a condition of the lease.

Even if your landlord doesn’t require renters insurance, it’s still a good idea. Without it, you’ll have to pay out of pocket to replace belongings if stolen or damaged in covered problems, like a fire, and miss out on protection for accidental injuries or property damage to others.

How Much Does Renters Insurance Cost?

The average national cost for renters insurance is $125 per year , according to a Forbes Advisor analysis of renters insurance rates. That’s for $15,000 of personal property coverage, $100,000 in liability coverage and a $2,000 deductible.

Here’s a guide to how much renters insurance costs in your state.

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How Do I Get Renters Insurance?

Here’s how to get renters insurance in five easy steps:

• Understand what’s covered . Renters insurance can be broken down into three main coverage types: personal property coverage, liability insurance and additional living expenses.
• Determine your coverage amounts . The next step is to figure out how much renters insurance you’ll need. Here’s where that home inventory will come in handy. You can adjust your additional living expense and liability coverage as needed. It’s a good idea to buy enough liability insurance to cover what could be taken from you in a lawsuit .
• Research renters insurance companies . The best renters insurance companies combine fair prices and good customer service. Make sure you also check for any available discounts.
• Compare renters insurance quotes . You can get free quotes at a renters insurance company’s website or by using a comparison site that can generate multiple quotes at once. If you prefer to speak to someone, an independent insurance agent can help you out.
• Apply for a policy . Once you’ve found a company that has the coverage you need and a price you’re comfortable with, it’s time to apply for a policy. You can typically apply for a policy on most insurance company websites. If your application is accepted, you can usually make your first payment and have coverage on the same day.

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As a former claims handler and fraud investigator, Jason Metz has worked on a multitude of complex and multifaceted claims. The insurance industry can be seemingly opaque, and Jason enjoys breaking down confusing terms and products to help others make well-informed decisions.

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A Homeowner’s Guide to Understanding Renters Insurance: A Case Study in Financial Protection

Are You Protected? A Renters Insurance Case Study

Imagine coming home after a long day only to find your belongings destroyed in a fire or your identity stolen. Without renters insurance, you could be facing significant financial losses and emotional distress. This case study highlights the critical need for renters insurance and its ability to protect your belongings, your finances, and your peace of mind.

Financial Protection

Renters insurance provides financial protection against covered events such as fire, theft, and vandalism. In the event of a covered loss, your policy will help you replace your belongings and cover any additional living expenses, such as temporary housing or meals. Without insurance, you would be responsible for paying for these expenses out of pocket, which could quickly become a financial burden.

Identity Theft Protection

Many renters insurance policies also include identity theft coverage. This coverage can help you recover financial losses and repair your credit if your identity is stolen. Identity theft can be a devastating experience, and renters insurance can provide peace of mind knowing that you have protection in place.

Renter’s Insurance Protects More Than Just Your Belongings

While renters insurance primarily covers your personal belongings, it also provides liability protection. If someone is injured on your property or if you accidentally damage someone else’s property, renters insurance can help cover the costs of medical expenses or repairs.

Key Takeaways

• Renters insurance is essential for protecting your belongings, your finances, and your peace of mind.
• Financial protection: Covers losses due to covered events such as fire and theft.
• Identity theft protection: Helps recover financial losses and repair credit in case of identity theft.
• Liability protection: Provides coverage for medical expenses or repairs if someone is injured on your property or if you damage someone else’s property.

Renters Insurance: A Comprehensive Case Study

Introduction.

In today’s dynamic rental market, renters insurance plays a crucial role in safeguarding individuals’ belongings and financial well-being. To illustrate its importance, we present a comprehensive case study that delves into the real-life experiences of tenants and their insurance coverage.

The Case of Emily: A Fire That Ravaged Her Home

Emily, a young professional, lived in a modest apartment. One evening, a fire broke out in the building, leaving her home and all her possessions destroyed. Fortunately, she had renters insurance, which covered the cost of her lost belongings and provided temporary housing while she searched for a new apartment. Without insurance, Emily would have faced overwhelming financial hardship.

The Value of Contents Coverage

Renters insurance policies typically include contents coverage, which protects personal belongings from theft, fire, and other perils. In Emily’s case, her policy covered the replacement cost of her furniture, electronics, clothing, and other items. This coverage allowed her to rebuild her life quickly and easily after the devastating fire.

Liability Protection: Peace of Mind for Accidents

In addition to contents coverage, renters insurance provides liability protection, which covers the policyholder’s legal responsibility for injuries or damage caused to others. For instance, if a guest slips and falls on Emily’s apartment floor, her renters insurance would help cover medical expenses and legal fees. This protection gives tenants peace of mind knowing that they are financially secure in case of accidents.

The Landlord’s Responsibility: What Insurance Does Not Cover

It is important to note that renters insurance does not cover the landlord’s property or structural damage to the apartment. The landlord is responsible for maintaining and repairing the building and its common areas. Emily’s renters insurance covered her belongings but not the cost of repairing the fire damage to the building itself.

Determining Coverage Limits: A Careful Balance

When purchasing renters insurance, it is crucial to determine appropriate coverage limits. Emily chose a policy that covered the replacement cost of her belongings, ensuring that she would have enough money to replace everything if they were destroyed. Tenants should carefully consider their possessions’ value and select coverage limits that provide adequate protection.

The Deductible: A Factor to Consider

Renters insurance policies typically have a deductible, which is the amount the policyholder must pay out of pocket before the insurance coverage kicks in. Emily had a $500 deductible, which meant she needed to pay that amount before her insurance would cover the rest of her losses. Weighing the deductible against the premium and coverage limits is important.

Filing a Claim: The Process Simplified

In the event of a loss, tenants need to file a claim with their insurance company. Emily promptly contacted her insurer after the fire, and an adjuster visited her apartment to assess the damage and determine the amount of her claim. The claims process was straightforward and relatively stress-free, allowing Emily to focus on rebuilding her life.

The Role of Inventory: A Crucial Documentation

To ensure a smooth claims process, tenants should keep an inventory of their belongings and take photos or videos for documentation. Emily had a detailed inventory, which made it easier for her insurance company to assess the value of her lost possessions and process her claim quickly.

Prevention Measures: Steps to Minimize Risk

While renters insurance provides financial protection, it is also essential to take proactive measures to minimize risk. Emily installed smoke detectors and a fire extinguisher in her apartment. She also took precautions to prevent theft by using locks and other security devices. These measures helped reduce the likelihood of an incident occurring in the first place.

Renters insurance is an invaluable asset for individuals who rent apartments or homes. It provides financial protection for personal belongings, peace of mind against liability, and assistance in the event of unexpected events. Emily’s case study highlights the importance of having adequate coverage and understanding the coverage and claims process. By choosing the right policy and taking preventive measures, renters can ensure their well-being and financial security in case of unforeseen circumstances.

Frequently Asked Questions

1. what is the difference between renters insurance and homeowners insurance.

Renters insurance covers personal belongings and liability for renters, while homeowners insurance covers both the structure of the home and the renter’s belongings.

2. How much does renters insurance cost?

The cost of renters insurance varies depending on factors such as location, coverage limits, and the insurance company. However, it is typically affordable for most renters.

3. What is a deductible?

A deductible is the amount the policyholder must pay out of pocket before the insurance coverage kicks in.

4. How do I file a renters insurance claim?

In the event of a loss, tenants should promptly contact their insurance company and provide details of the incident and the extent of their losses.

5. What are some ways to prevent losses covered by renters insurance?

Tenants can take proactive measures to prevent losses, such as installing smoke detectors and fire extinguishers, using locks and security devices, and maintaining a clean and organized apartment.

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Why You Should Buy Renters Insurance: 5 Things to Know

The coverage is affordable and easy to buy, and provides a safety net if something goes wrong

When a deep freeze hit Texas in February 2021, Amani Elsawah was among the millions of residents who lost power and suffered water damage from burst frozen pipes.

The 41-year-old pharmacist, who was living in Coppell, Texas, lost many of her belongings, and the damage to her one-bedroom rental apartment was so bad that she was forced to move to a hotel.

Fortunately, Elsawah has renters insurance, which covered much of her losses and helped pay additional living expenses while she stayed in the hotel. The policy costs $20 per month.

“I’m just really grateful that I have this coverage,” says Elsawah, who estimates her losses at several thousand dollars. She has since relocated to Irving, Texas, where she is still sorting through the damage to her belongings.

Millions of Americans have discovered the benefits of renters insurance. Because landlords aren’t liable for any personal possessions or activities in your apartment, these policies can provide an important safety net if something happens.

“For less than the cost of a coffee a day, renters insurance provides you with valuable financial protection for your possessions and moving expenses if your rental becomes uninhabitable,” says Amy Bach, executive director at United Policyholders, an insurance consumer advocacy group.

More renters are realizing just how important it is. Some 57 percent now say they have it, up from 42 percent in 2018, according to a 2020 survey (PDF) by the Insurance Information Institute, an industry group.

Part of the increase may be the result of more landlords requiring or recommending coverage, says Janet Ruiz, the institute’s director of strategic communications.

Still, that leaves a sizeable group of renters who don’t have insurance. Here’s a guide for those who aren’t covered—but probably should be.

What's Covered by Renters Insurance and What's Not

If there’s damage to your rental, whether from, say, a fire or a break-in, your landlord is responsible only for repairs to the building, not for the cost of fixing or replacing your personal property.

Renters insurance will pay for your personal belongings up to the policy limit. It can also cover your possessions if loss or damage occurs outside your apartment, such as items stolen from your car or while traveling.

If disaster or damage to your home forces you to move elsewhere temporarily, such as a hotel or another rental unit, the coverage can pay for those additional living expenses, including the cost of meals, for a certain period of time or up to a dollar amount.

Renters insurance also provides liability coverage, often up to $300,000, in the event you’re sued for injury or damages by someone visiting you, perhaps as a result of a fall or a dog bite. (If you have substantial assets, you should also consider umbrella liability coverage , which can give you a higher amount of protection than a renters policy.)

As with homeowners insurance, renters insurance won’t cover damage caused by natural disasters, such as floods or earthquakes. If you’re at risk for these events, you’ll need to purchase separate policies for that coverage.

It’s easy to shop for renters insurance. You can compare quotes at online insurance brokers or you can work with an independent insurance agent , who can get quotes from several carriers.

Be sure to check the policy carefully to understand what’s covered and what losses may be excluded. Although the policies are fairly standardized, the coverage may vary depending on the insurer and the regulations in your state.

“Make sure the policy will provide the protection you want, whether it’s coverage for your electronic equipment or reimbursement for a stay in a hotel if your rental unit is damaged,” says Bach of United Policyholders. “If you’re confused by the wording in the policy on these items, ask your agent or the insurance company to clarify what it will and won’t cover.”

Go for Full Replacement Cost

The typical premium is $15 to $30 per month, according to the National Association of Insurance Commissioners . But your cost will depend on such factors as the neighborhood you live in, the condition of your building, and the amount of coverage you need.

You have the choice of buying coverage for the full replacement cost of your items or their cash value, a cheaper option that will reimburse you only for their depreciated value. Go for the full replacement value if you can.

“It’s worth a few extra dollars to have full replacement coverage for property that could be worth thousands of dollars,” Bach says.

You may be able to get a discount on your premiums by taking certain safety measures, such as adding a deadbolt to your front door or installing a burglar alarm. Bundling a renters policy with your auto insurance can sometimes lower the cost, perhaps by 10 percent. But be sure to first compare the premiums of stand-alone policies, Bach says.

Aim for Higher Coverage

To figure out how much personal property coverage you really need, do a home inventory . You may be surprised. For the average renter, the cost of replacing all of their belongings—including clothes, cookware, and computers—could easily exceed $35,000 , according to State Farm.

Aim on the high side for your coverage amount. “You won’t know what you actually have till you lose it,” says Maria Polio, account manager for the personal life department at Rust Insurance Agents in Washington, D.C.

A policy that provides $50,000 in personal property coverage and $500,000 in liability coverage, with a $1,000 deductible, may cost around $300 per year, Polio says.

If you own a large number of high-cost items, such as expensive jewelry or art, their value may exceed the typical policy’s personal property limit for such categories, which may be just $1,000 or $2,000. But you can add a rider, also known as scheduling an item, which will provide a higher level of coverage. You’ll pay a bit more, however.

For renters who are living with roommates who are not family members, your policy will not cover their possessions. It’s best if your roommates buy their own policies, says Yael Wissner-Levy, vice president of communications at Lemonade, an online insurance broker.

Be aware that if you’re running a business from home, renters insurance might not cover your equipment. It might be best to purchase a separate business insurance policy.

College Students May Need Renters Insurance

Homeowners policies might not automatically cover students away at college, particularly if they live off-campus. The amount of coverage may also be limited. But some carriers offer a basic renters coverage specifically designed for college students, with deductibles as low as $100.

For Eyerusalem Kuma, a student at San Francisco State University, her $100-per-year policy was a financial lifesaver when a laptop was stolen from her dorm room in 2019.

“I was so upset because I didn’t have the money to replace it, and then I remembered that I had renters insurance,” says Kuma, 21, who purchased the coverage through the school.

After she filed a claim, she received a check for $900, enough to replace her laptop. Kuma moved into an apartment off-campus the following year and has kept up her renters insurance.

You can check with your college to see if it offers student renters insurance or you can purchase it individually. GradGuard is one company offering this coverage.

Another low-cost option is dorm insurance , which is designed to protect the student’s personal property, such as computers, cellphones, and textbooks.

How to Handle Your Renters Insurance Claim

First, be prepared in case something happens. Make sure you have a record of your possessions, as well copies of receipts for high-cost items, in the cloud or a safe place outside your home.

If you do suffer a loss, take pictures or videos of the damage, and call the insurance company to get the claims process started . If there’s a theft, file a police report, which you’ll need for your claim.

To avoid overlooking high-cost purchases, review your credit card statements and online shopping accounts, says Matt Fizell, a fee-only certified financial planner in Madison, Wis.

Fizell went through this process himself last year, when the Texas freeze caused pipes to burst in an apartment he was renting in Dallas. His property losses totaled about $8,300, plus about $1,750 in hotel costs, which were covered by his $126-per-year renters policy.

“I was glad I had replacement value coverage, since the actual cash value would have been only $6,800,” Fizell says. 

The insurer will assign a claims adjuster who will assess your damage and determine the amount you’ll receive in reimbursement. Most carriers will let you send in documentation of your losses via email or online, Polio at Rust says.

And don’t forget to notify your landlord. Many leases require it. That way, you’ll have a record that you reported the damage—and repairs can start quickly.

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What to know about renters insurance and what it does and doesn’t cover

File - Jorge Amezquita, from right, cousin Adalene Castillo and girlfriend Cassandra Duarte look for a TV remote under debris after a tornado ripped the roof off the apartment on Jan. 24, 2023, at Beamer Place Apartments in Houston. When natural or manmade disasters happen, renters insurance can mean the difference between catastrophe and stability. (Yi-Chin Lee/Houston Chronicle via AP, File)

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NEW YORK (AP) — When the unexpected happens — whether fire , hail, or human error — renters insurance can provide much-needed stability. But many choose not to purchase coverage, including in places most frequently and hardest hit by natural disasters , new research shows.

Linda Klamm, who works as an attorney for insurance policyholders after catastrophes , lost her home to a firestorm in Oakland, California, in 1991, and has firsthand experience with the challenges of collecting on a policy.

“The sky went from being a reddish color to the sun looking bloodied. Then it quickly became black,” she said, of that year. “I loaded my 3-year-old and not-quite-6-year-old into the back of the car. We got a few things — our dog, one of our three cats, the kids. There were two ways out. By the time I was leaving, one was engulfed in flames.”

In the wake of subsequent fires, including wildfires in California and other states, Klamm offers assistance to policyholders on recovering funds. While homeowners tend to have more financial stability, renters more often face the burden of losses without a financial cushion, she said.

For those who do acquire a policy ahead of time, which Klamm encourages, fire and many other “catastrophic events” are typically covered to a point, but most policies still exclude earthquakes and floods.

Replacing the bare necessities is “all-consuming and exhausting,” Klamm recalls, of the days after the firestorm. “When I wasn’t driving or at work, I was working on the claim or shopping. My youngest cried every night and begged to go home.”

Even though she had trained to handle insurance claims, Klamm found the process of re-acquiring possessions, communicating with the insurance company, and rebuilding her life grueling — and that’s with a policy in place.

The average cost of a renters insurance policy in 2023 was $148 per year, or about $12 per month, according to the most recent analysis by NerdWallet. That number’s based on a policy for a hypothetical 30-year-old with $30,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible, but coverage rates vary widely by state and policy choices.

Only about 40 percent of rental households purchase renters insurance, according to a 2022 report by the Joint Center for Housing Studies by Harvard University , compared with 88 percent of homeowners who purchase coverage, according to a 2023 study by the Insurance Information Institute .

A new analysis from the nonprofit Financial Health Network has found that the uneven distribution of insurance coverage tends to leave low-income households lacking policies, especially in states that have experienced the greatest losses due to climate disaster.

“The cost of insurance products can act as a barrier,” the researchers found. “Some consumers prefer not to purchase insurance, especially if they are unaware of their risks or perceive their risks to be manageable.”

Asked why they choose not to purchase renters insurance, more than one in three polled said the cost was “too expensive” and they felt they had “no need for it,” according to the Financial Health Network.

States with higher-than-average annual losses include California, Florida, Louisiana, Texas, and Washington, according to the Financial Health Network. The losses are incurred by flooding, hurricanes, landslides, and wildfires, among other unusual weather events, such as tornadoes.

“Losses from natural disasters are an equity issue,” the study’s authors write. “Those living in high-loss states were more frequently financially vulnerable than residents of low-loss states.”

Following a disaster, renters are not responsible for financing repairs to the building where they live, but still need to replace or repair belongings that are damaged or destroyed. As renters typically have lower incomes, less wealth, and lower financial health than homeowners, the difficulties have a compounding effect.

The authors of the Financial Health Network report recommend structural policy changes. They suggest states mandate grace periods for consumers who experience financial hardship and struggle to pay insurance premiums, to help renters keep coverage if they experience cash flow issues. They also recommend landlords increase the uptake of rental insurance by making it a default expense for renters, which they would choose to opt out of, rather than opting into.

Here’s what to keep in mind:

WHAT SHOULD I KNOW ABOUT ACQUIRING RENTERS INSURANCE?

Many insurance companies will give you a discount on your renters insurance if you buy it along with another policy — such as auto insurance — which is known as “bundling.” For consumers who live in high-risk states, Klamm said, “the first piece of advice is to get it — renters insurance — and then to consider cash value versus replacement cost.”

Insurance companies make this distinction between the kinds of compensation a policyholder receives after losses. Essentially: Would you prefer to receive the dollar value of what you own (the “cash value”), or the cost of replacing it (which tends to be higher, as goods depreciate over time)? If you opt for the “replacement cost,” you’ll pay a higher monthly premium.

WHAT’S COVERED BY RENTERS INSURANCE?

Most renters insurance policies include:

— Personal property protection. If your belongings are stolen or destroyed, the insurance company pays (minus your deductible).

— Liability and medical costs. If you’re found responsible for a person being injured or property being damaged in your home, the insurance company pays.

— Loss of use. If you need to relocate after a disaster while your home is being repaired, the policy may cover hotel bills and other unexpected expenses in the interim.

REMEMBER TO UPDATE THE POLICY OVER TIME.

Klamm advises policyholders to check in and make changes to their coverage choices over the years.

“While people tend to get a policy and pay on it without changes, the limits get completely askew with reality as to what things might cost over time,” she said. “So check in on those and see that they’re adjusted, as you do tend to acquire more things.”

The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism.

Reis Insurance Agency

Renters Insurance: Learn from this True Story

October 2, 2012 By Reis Insurance

Here’s a true case study about an apartment in Stillwater, Minn., that might make you want to learn more about renters insurance.

One renter in a four-plex apartment building created a huge mess for the other tenants with overflowing water. She accidentally left a faucet running for five hours, and the resulting bathroom flood caused such damage that three of the four tenants had to temporarily relocate while repairs were done. Perhaps worse, only one of the tenants had renters insurance, so the other three were left to replace their damaged personal property on their own. Of course, the property owner replaced the carpet and drywall, repainted damaged walls and completed other necessary repairs. But he was not responsible for replacing tenants’ property. While the tenants did nothing wrong (not counting the woman who left the faucet unattended) and could do nothing to prevent the disaster, they were left with temporary housing needs and water-soaked possessions.

What Does Renters Insurance Cover?

The story is a good example of what a typical renters insurance claim can be—it’s not exciting enough to make the local news, but it can set your life and finances back for months or even years if you don’t have renters insurance. You might not think it can happen to you, but it can.

Renters insurance typically covers:

• Your personal property, both in your apartment and in your vehicles. Since most people acquire their possessions over time, it’s easy to lose track of its accumulative value. But consider the cost of replacing electronics, food, clothes and more all at once. Also, say your car is stolen. The stuff inside is not covered by auto insurance ; you would need renters coverage for that.
• Temporary living expenses if you need to relocate while repairs are being made to your home.
• Most liability claims in the event that someone is hurt while in your rental property.

Affordable Protection for Your Possessions

A common misconception among renters is that they can’t afford the coverage. The fact is that renters insurance will usually cost less than a few hundred dollars each year. Quickly scan your home and tally the value of your belongings in your head. You may be surprised how fast that number reaches into the thousands. You can protect all those possessions for just a few dollars a month. Renters insurance covers such disasters and damage caused by plumbing leaks, fire or smoke, lightning, windstorm or hail, volcanic eruption, ice, vandalism, theft, explosion and falling objects. Floods and earthquakes are typically excluded from standard renters insurance. (In our experience, volcanoes and earthquakes rarely hit Northwestern Wisconsin, but one never knows.) Contact Reis Insurance Agency to discuss your renters insurance options. We’ll provide no-obligation quotes from several of the insurance companies we work with, so you will know your needs are being met. You may qualify for an insurance discount if you have multiple policies with the same insurance company.

Insurance can be confusing at times and everyone's needs are different. If you have questions regarding coverage, pricing, or anything else related to insurance, send us an email or give us a call .

If you'd like to get a free, no-obligation quote, all you have to do is ask!

Contact Reis Today!

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What Is Renters Insurance?

What renters insurance covers.

• What It Doesn't Cover

How to Get Renters Insurance

The bottom line.

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Renters insurance protects your personal property from theft, loss, and damage while you are renting an apartment or house. Renters insurance also provides personal liability protection in case someone is injured in your home. This guide offers everything you need to know about renters insurance, including how it works, what it covers, how to buy it, and what it costs.

Key Takeaways

• Renters insurance is akin to homeowners insurance but for people who rent or lease properties, such as houses and apartments.
• When buying or maintaining a renters insurance policy, take inventory of your possessions and keep an updated list of items.
• Renters insurance tends to cover loss or damage to items in the home related to fire, theft, vandalism, plumbing, and electrical malfunctions.
• Renters insurance can reimburse you based on replacement cost, which pays the full cost of replacing the items with new ones.
• Renters insurance might reimburse you based on actual cash value, which pays what the property was worth at the time of damage, which is less than replacement cost coverage.

For those with a mortgage loan, homeowners insurance is required by mortgage lenders to protect the property, possessions, and against financial losses due to injury incurred by visitors. However, homeowners insurance doesn't cover the renters of a home. Instead, tenants need to buy renters insurance, which is a form of property insurance that covers losses to personal property and protects the insured from liability claims.

The coverage includes injuries that occur in your rental that are not due to a structural problem. Injuries due to structural problems are your landlord’s responsibility. Renters insurance protects anything from a studio apartment to an entire house or mobile home.

Even if you’re just starting out or living in a short-term rental, getting a renters insurance policy can be a safe bet since it's relatively inexpensive and easy to obtain. You may not think you own anything of great value, but you probably own more than you could comfortably afford to replace following a burglary or fire.

In addition, no matter how careful you may be with your own apartment, you can’t control your neighbors. They can leave your security gates open, buzz ill-intentioned strangers into your building, or fall asleep with a cigarette in hand and start a fire.

While your landlord’s property insurance may cover the building itself, it will not cover the contents of your apartment , nor will it cover your costs if you are sued by someone who had an accident within your apartment or rented space.

Renters insurance has three basic coverage components: personal possessions, liability , and additional living expenses.

Personal Possessions

This coverage is for the contents of your rented dwelling. Typically, named perils include fire, theft, vandalism, plumbing and electrical malfunctions, certain weather-related damage, and other named hazards. More specifically, a standard HO-4 policy, as it's called, is for renters and covers losses to personal property from events that include:

However, floods and earthquakes are not covered and require separate insurance policies.

Liability coverage protects you up to a certain amount in the event that you get sued for an injury or other damages incurred at your home by other people. It also pays for damage that you, your family, or your pets cause to others. It pays any court judgments and legal expenses up to the policy limit, which usually starts at $100,000 and can go up to $300,000. For coverage higher than that, you need to buy an umbrella policy.

Additional Living Expenses

This coverage means that if your unit becomes uninhabitable due to one of the covered perils, you’ll be provided with some money to pay for temporary housing. Hotel bills, restaurant meals, temporary rentals, and other expenses incurred while your dwelling is being rehabbed are all included.

Many landlords require tenants to carry renters insurance.

What Doesn’t Renters Insurance Cover?

You should be aware that there are many things that most policies do not automatically cover, including the backup of sewage into your residence and earthquakes, floods, and other “acts of God ." These things can be covered for an additional premium if you feel you are at significant risk.

Also, if you have any unusually expensive or valuable items, such as high-end electronic equipment, fine jewelry, musical instruments, or an important collection of art and antiques, you may need to purchase floater insurance in the form of a rider to cover these items. In addition, a separate rider might be needed to cover wind damage in certain areas from hurricanes.

Renters insurance policies also do not cover losses caused by the tenant’s own negligence or intentional acts.

Assess Your Insurance Needs

When you apply for renters insurance, it's a good idea to photograph or make a video recording of everything you own. For expensive items, make sure to write down any serial numbers that could help verify your claim.

You can even take it a step further and enter the items into a spreadsheet along with an estimate of each item’s value. Although these steps take some extra effort, they are worth it for two reasons.

• You probably think that the total value of the items you own is less than it actually is, which puts you at risk of under-insuring yourself. When you sit down and assess the actual value of each item you own individually, you will get a more accurate picture of what your belongings are worth. Perhaps you have around 50 Blu-ray DVDs. That may not seem like much to you, but at $20 a piece, you have a collection worth $1,000 that you won’t want to pay to replace in case of fire.
• While your insurance company probably won’t want the inventory or the photographs when you take out the policy, your documentation will be indispensable if you ever need to file a claim because you will be better able to prove the value of your possessions. Make sure to keep copies of your inventory outside of your apartment, such as in a bank safe deposit box, with a trusted friend or relative, or emailed to yourself as an attachment so that all your supporting documents won’t get destroyed along with your belongings.

Choose an Insurance Company

Once you’ve figured out how much insurance you need, you'll be ready to locate insurance companies that offer renters insurance policies in your area. To find a company, you can simply do an internet search for renters insurance and your state.

Another approach would be to check with family and friends for recommendations and rates. Tell your insurance rep how you found them and if you have any other existing policies with them, because you can often get family rates or package deals (e.g. if you purchased both renters and car insurance together). Once you’ve located potential insurers, research the companies’ ratings with a company such as AM Best , which rates insurance companies’ ability to pay you when you make a claim.

Start the Application

After investigating your options, it’s time to start the application process. If several companies checked out financially, there’s no reason not to apply to all of them to see which one can offer the best combination of low rates and solid coverage.

Some companies may allow you to complete the entire process online. Others may want to speak to you on the phone or send you some paperwork to fill out. In most situations, it shouldn’t be necessary to meet with a representative in person.

The application is relatively straightforward. The only questions that might trip you up are related to the type of construction of your dwelling, the year it was built, and the type of roof material used. For some properties, you can actually find this information on Zillow ; if not, you can get it from your landlord.

Choose Your Coverage Type

The two types of coverage available to renters are actual cash value and replacement cost . 

Actual cash value coverage pays what the property was worth at the time damage or loss occurred, meaning it discounts the claim payout due to age or wear and tear. As a result, you might not receive enough money to buy a new item, which is why actual cash value is the least costly type of renters insurance. 

Replacement cost pays the full amount of replacing the items or property with new ones and is about 10% more expensive than actual cash value coverage.

Unless you’re on the tightest of budgets, it’s wiser to opt for replacement cost coverage. It ensures that if your couch is destroyed in a fire, you'll receive enough money to buy a new one. If you have actual cash value coverage, you might get paid far less, which might not be enough to buy a new sofa since the coverage pays you based on what your old sofa was worth due to depreciation .

While replacement cost coverage tends to be slightly more expensive, the difference in premium is usually negligible when weighed against the huge increase in coverage received.

Choose Your Deductible

You’ll also want to decide which deductible best fits your financial situation. A deductible is the portion you need to pay out of pocket when you file a claim.

As with all types of insurance, the lower your deductible, the higher the monthly premiums, because with a low deductible, the insurance company will need to pay more money in the event of a claim.

Deductibles can range from $500 to as much as $2,000. If you raise it from $500 to $1,000, you could get as much as a 25% reduction in your premium. Consider how much you can afford to spend to replace your belongings in the event of a major loss, then insure yourself for the difference. Your deductible can be low to start, and you can always increase it later as needed.

Pay for Your Policy

Rates vary from state to state and company to company, but renters insurance averages between $15 and $30 per month. Of course, your rate can depend on the size of the unit, the number of possessions, and the size of your deductible.

Renters insurance often discounts for measures you take to reduce the risk to the insurer. These can include fire or burglar alarm systems, fire extinguishers, sprinkler systems, and even deadbolt locks on outside doors. As mentioned above, you might also get an additional break if you are already a policyholder with a particular company.

Investopedia / Lara Antal

Insurance tends to be cheaper when you pay an entire year’s premium at once instead of paying in installments. If you decide to pay monthly, be aware that some companies may require an automatic monthly withdrawal from your checking account.

Once you receive your new policy, review it to determine the coverage, including any nonstandard additional coverage if purchased. Also, double-check that your deductible and premium amounts are correct.

What Is the Difference Between Homeowners Insurance and Renters Insurance?

Homeowners Insurance protects a homeowner financially from losses from theft of personal belongings, damage to the home's structure, and liability protection if someone gets injured on the property. Renters insurance protects a tenant's belongings and provides liability coverage. In other words, neither the landlord nor the homeowner's policies protect the renter from losses due to fire, theft, or bodily harm within the rental unit, so the renter must purchase their own insurance.

Is Renters Insurance Expensive?

Renters insurance can cost from $15 to $30 per month, depending on how many items you own and the size of the rental unit.

What Is Not Covered by Renters Insurance?

Typically, renters insurance does not cover damage caused by floods, earthquakes, and landslides.

"What is renters insurance?" is a fair question, but a better question might be, "Why should I have renters insurance?" The answer: It keeps accidents and annoyances from becoming bank account and budget killers. Remember that your landlord’s insurance protects their building, but it does not cover your stuff—ever. Only you can protect yourself and your possessions.

Insurance Information Institute. " Renters Insurance ."

Commonwealth of Massachusetts. " Renters Insurance ."

AM Best. " Rating Services ."

Texas Department of Insurance. " Renters Insurance: What Does It Cover and How Much Does It Cost? "

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How Many Renters Have Renters Insurance In America? 21+ Renters Insurance Stats!

Only 55% of Americans that rent have insurance ; however, because the best renters insurance companies online cost around $15.58 per month, it's strange that a greater number of individuals do not have coverage. We'll look at renter's insurance statistics and how Americans protect their rental houses in this post.

Top Renters Insurance Statistics:

• As of 2024 , only 55% of renters in the United States (61 Million) had renters insurance . 
• The average renters insurance plan costs $15.58 per month or $187 per year .
• More than 35% of all occupied housing units in the United States are rented.
• Americans in Mississippi have the highest renters insurance premiums.
• Alaska has the lowest renters insurance premiums of any state.
• State Farm has the greatest market share in the home and renter's insurance industry

Percent Of Americans With Renters Insurance

How many people have renters insurance in america  .

57% of Americans who rent have renters insurance, and with there being nearly 45 million renter households in the United States, that comes to almost 25 million households covered for renters insurance.

Number of Renters With Renters Insurance (By State)

Based on the number of renters, California, New York, Texas, Florida, and Illinois would have the greatest number of insured renters, whereas Wyoming, Vermont, Alaska, Montana, and South Dakota would have the fewest.

Below is a complete list of renters with renters insurance by their state: 

• In  2017, the average renters insurance premium dropped by 2.7%  - a decrease of 3.9% from the year before
• In 2017, the National Multifamily Housing Council   ( NMHC) found that 50% of renters were under the age of 30 .
• In 2014, the  Insurance Information Institute found that only 36% of renters  had renters insurance.
• According to the Insurance Information Institute,  a typical renters insurance deductible is $500 .

Renters Insurance Companies By Market Share

Who is the largest renters insurance company in america  .

According to the NAIC, which ranks insurance companies by their market share total,   State Farm is the most popular renters insurance company in the United States (18.63 percent market share) . CSAA Insurance Group has a 1.04 percent market share, making it the smallest renters insurance firm.

Below is a detailed list of insurance companies and their market share in alphabetical order:

• Allstate   -   8.44%
• (AAA) -  0.95%
• American Family -   3.23%
• CSAA Insurance Group -   1.04%
• Erie Insurance -  1.69%
• Farmers Insurance -  5.96%
• Liberty Mutual -  6.86%
• MetLife -  1.17%
• Nationwide -  3.60%
• State Farm -   18.63%
• The Hartford -  1.10%
• Travelers -  3.76%
• USAA -  6.05%

Concluding Thoughts

Taking action.

It may not be a popular topic, but renters insurance is a great way to protect yourself and your property against the unexpected.

With the average cost of renters insurance being around $15.58 per month, it's odd that more people don't have coverage...Don't let this become an afterthought!

NMHC | Insurance Information Institute |

Best Renters Insurance In WY

ABOUT THE AUTHOR

Sa El is the Co-Founder of Simply Insurance and a licensed Insurance Agent with over 16 years of experience in the industry. He specializes in Life & Health Insurance and is certified in Long Term Care Insurance in the state of Georgia. a licensed real estate agent in the state of Georgia (License #382602), an entrepreneur, insurance educator, and freelance writer.

The Embedded Insurance Property Report: Research reveals renters, landlords and homeowners want embedded protection for its convenience, while 98% of short-term rental hosts want their listing site to offer landlord insurance year-round

The embedded insurance property report:, research reveals renters, landlords and homeowners want embedded protection for its convenience, while 98% of short-term rental hosts want their listing site to offer landlord insurance year-round.

As segments of the real estate industry prosper and others wane, property players are demanding customer-centric protection that differs from traditional models that have delivered remarkably poor customer outcomes, as shown by an average post-claims Net Promoter Score (NPS) of -3 for renters, landlords and homeowners insurance.  

In our Embedded Insurance Property Report we surveyed 15,600 census-balanced renters, landlords and homeowners across 16 different countries including Argentina , Australia , Brazil , Canada , France , Germany , India , Indonesia , Italy , Mexico , Singapore , South Korea , Thailand , the UK , the US and Vietnam . 

The report examines consumer interest in a new embedded insurance model where realtors, banks, lenders, mortgage brokers, short-term rental listing providers, and other proptechs offer insurance during the application process for buying or renting their property.

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Findings from our global report show that customers are highly interested in embedded protection due to the convenience it offers, eliminating the need to take that “second step” when purchasing insurance and spurring 36% of respondents to switch at the cost of traditional models ( -14% ).

How would you prefer to get Property Insurance in the future?

Despite this demand, 67% of homeowners, landlords and renters weren’t offered protection during the application process, signifying a critical opportunity for property players to fulfill the needs of their customers.

The majority of respondents (61%) named convenience as their top reason for choosing embedded protection, a finding consistent throughout other industries we’ve studied in previous reports examining embedded insurance within the travel , fintech and retail industries.

Poor claims experiences throughout the global property sector have also led customers to seek protection elsewhere. Traditional models are driving universally poor outcomes, with an average post-claim NPS of -3 (-17 for renters, -11 for landlords and +8 for homeowners) , which pushes recent claimants to want to switch insurance sources at a rate 16% higher than the rest. 

Looking back, on a scale of 1 to 10, how would you rate the claims process?

Embedded protection for short-term rentals

The survey also studied short-term rentals and in particular the post-claim experience of host protection, as offered by Airbnb and others, where an NPS of -11 is helping to drive interest in a new construct that would significantly reduce the total cost of ownership for hosts. Annual landlord policies frequently overlap with Airbnb’s AirCover for Host and Partner Liability Insurance from our partner Booking.com and others, meaning they’re overpaying for the former. 

Citing potential discounts on their listing fees or the policy itself, nearly all hosts worldwide (98%) stated a preference to switch their annual landlord insurance over to their favored listing site, should it become available. The solution would also help reduce costs for the listing sites given the rate of underinsurance in some countries, including popular markets like Mexico, Turkey, Thailand, Malaysia and Vietnam, where landlord insurance mandates are lacking.

If you could get landlord insurance or homeowners insurance from your favored short-term rental listing site, would you be interested in this offer?

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† Cost savings are based on a comparison of all Cover Genius shipping protection versus published carrier rates for Fedex, UPS, DHL, USPS, UPS, Old Dominion, DHL, XPO Logistics, Estes Express Lines, YRC and TForce Freight as at June 27, 2022. Time savings are based on average resolution times (i.e. the duration from initial filing to completed payment) for all XCover shipping protection claims as at May 31, 2022 (sample size = 868) compared with the industry average time including payment settlement (min. 6 days) and period to acknowledge a filed claim.

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In his role, Kyle oversees P&L, business operations and strategic planning across Cover Genius’ North American and Latin American regions. 

Prior to Cover Genius, Kyle spent more than a decade in numerous leadership positions at Google working with clients to drive sales, improve their brand and maximize product launches. Before that, Kyle was a Director of Business Transformation at IBM, and started his career serving technology and telecom clients at McKinsey & Co. and JP Morgan. 

Kyle earned a Bachelor of Arts from Hamilton College, studied at the London School of Economics, earned the Chartered Financial Analyst designation, and received an MBA from Dartmouth College where he earned the Walter Jacobs award for intellectual curiosity and conduct that inspires others. He plays an active role educating and mentoring the next generation of MBA students as an Adjunct Assistant Professor at NYU’s Stern School of Business and serves on the board of the Chautauqua Athenaeum Hotel.

Barney pierce

In his role, Barney is responsible for overseeing business operations, profit and revenue and strategic planning for Cover Genius in the European, Middle Eastern, African (EMEA), and Asia-Pacific (APAC) regions.

Prior to Cover Genius, Barney spent more than 15 years with Google where he held a number of senior leadership positions and was responsible for product to go markets, sales and partnerships for Google’s Media and Marketing Technology business in New York, Sydney and Mountain View, CA.

Barney holds a Bachelor of Commerce Degree from the University of Sydney. Based in Sydney, he is an active advisor and mentor in the APAC technology, media and start-up community.

Peter Phillips

In his role, Peter leads the product and engineering teams to define and execute the company’s technology strategy and roadmap for all Cover Genius’ platforms, including XCover, the insurtech’s award-winning insurance distribution platform.

As CTO, Peter focuses on the delivery of innovative products and the continued adoption of open source and cloud-based technologies. He is responsible for and oversees the design and implementation of our global scale real-time platforms with a focus on performance, reliability and security.

Prior to Cover Genius, Peter was VP of Engineering at Freelancer.com, where he expanded and led the global engineering team to more than 150 employees across Australia, Canada, United Kingdom, Philippines and Argentina. During his tenure, his leadership ensured core platforms scaled to support 30 million users and $740 million in gross payment volume.

Peter holds a Ph.D. in Computer Science (Spatial Data Mining) from James Cook University and has lectured at the University of Sydney about topics including software engineering, scalable infrastructure and agile development practices. Based in Sydney, he is also a supporter of local organizations that help provide healthcare to rural and remote areas of Australia.

David Rudow

In his role, David manages all financial activities of the company, including business planning, budgeting, forecasting, financial operations, facilities management, and investor relations. 

Prior to Cover Genius, David served as CFO at Unite Us and as CFO at nCino, which he took public in 2020 on Nasdaq. He led both companies through various stages of growth and successfully steered them towards becoming profitable growth companies. He also served as the SVP of Finance at Central Square Technologies and has held several roles at software/technology investment and banking firms, including Thrivent Asset Management, JPMorgan, KPMG and PWC.

David earned his B.S.B.A. in Accounting from the University of Illinois Chicago, received his MBA in Accounting and Finance from the University of Chicago Booth School of Business, and is a licensed CPA.

Darcy Rittinger

In her role, Darcy is responsible for developing, implementing and overseeing risk, legal and compliance strategies across the organization.

Darcy has more than 15 years of experience in commercial and general insurance. Before Cover Genius, she was Product Director at The Hartford, where she managed Cyber, Tech, Media and Miscellaneous Professional Liability products, as well as developed The Hartford’s first admitted Cyber policy. In addition, she has held key roles at AIG and Liberty Mutual, including claims counsel and litigation management. 

Darcy has an honors degree in English and Computer Applications from the University of Notre Dame, and a law degree from Fordham University School of Law. Based in New York, Darcy is also a strong supporter of local charities, like City Harvest and FACES, that help individuals improve their day-to-day lives.

Angus Mcdonald

With more than a decade of experience in a variety of executive roles at high-growth technology companies, Angus is the Co-Founder and Chief Executive Officer at Cover Genius overseeing the global expansion and development of Cover Genius across industries.

Before Cover Genius, Angus was the VP of International Business Development at iClick Interactive, and Head of Publisher Partnerships at Yahoo!.

Angus has a Bachelor of Science in Mathematics and Computer Science from the University of Technology Sydney and is a passionate contributor to rural and youth wellbeing programs through personal efforts and those of CG Gives, the philanthropic arm of Cover Genius.

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