Cost & Coverage
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Renters insurance covers your personal property, but that does not always extend to rare or valuable collectibles
To make sure your collectibles are covered you can add additional coverage or riders to your policy
If your collectibles are extremely valuable you might have to take out a separate policy altogether, in addition to your renters insurance
When it comes to renters insurance, what is covered and what is not all depends on your specific policy. Most renters insurance policies will cover your personal property, personal liability coverage, and temporary living expenses if your home becomes uninhabitable.
The types of events that are covered will be specified in your policy, but most renters policies will include perils like fire, vandalism, theft, smoke damage, leakage, short-circuit damage, and more.
But what about big ticket items like a collection of fine art or vintage guitars? When it comes to valuable collectibles, a basic renters insurance policy probably won’t be enough to cover the amount it would cost to reimburse your collection if it’s damaged or stolen. That being said, most renters insurance companies will allow you to add additional coverage for your collectibles.
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Your personal property is covered by your renters insurance up to your policy’s limit. Personal property generally means your everyday items: furniture, clothing, and sometimes computers and TVs. Your personal property is usually the items that make up your home that will be covered by your renters insurance. For example, if there is a leak in your apartment and your furniture gets ruined, your renters insurance will reimburse you for the cost of your furniture up to your policy’s limit and after you pay your deductible.
Collectibles can be a variety of things, but they generally aren’t considered everyday items that you need in your daily life. Collectibles can be things like a coin collection, a painting collection, fine art collection, or a stamp collection. Their value may exceed your renters insurance coverage limits, meaning you would need to customize your renters insurance policy to protect your collection.
Generally speaking, what renters insurance does and does not cover all depends on your policy limits and the amount of coverage you purchase. Most renters insurance policies only offer coverage up to a certain limit, so if your collectibles are extremely expensive the limits may not be high enough to cover your collection.
Say, for example, that you collect rare and fine jewelry. A basic renters insurance policy may not fully not cover the cost of replacement if it gets lost, damaged, or stolen. Most renters policies will set a specific limit for jewelry coverage, sometimes as low as $1,000, so if your collection exceeds that then you should consider adding additional coverage.
You will have to take an inventory of your collection to determine how much value it has. Once you determine the value, you will know the replacement cost. This will give you an idea of how much coverage you need and if it’s doable with just a basic renters insurance policy.
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If your basic renters insurance policy doesn’t cover your valuable collectibles, don’t stress out. It’s actually quite easy and relatively inexpensive to purchase more coverage or additional floaters or riders that extend your coverage. Before you purchase additional coverage, take these steps to figure out how much extra coverage you need for your collection:
Additional riders can give you extra coverage and ensure that all of your items are protected. This can include the additional coverage you’d need for your collectibles. This can be true for other expensive items as well, like a fancy laptop or TV, which might be more valuable than the limits of your standard renters policy.
There are a few common riders that you can purchase that will cover your collectibles. That being said, adding riders or endorsements will likely raise your premiums.
An insurance broker can advise you on which types of renters insurance would be best for you. You can discuss the value of your collection to learn which riders you’d need to fully cover your collectibles and any other expensive items you might own.
So, what would be considered a covered claim if your collectibles did get ruined and you had additional riders to cover them? Most of the times, your renters insurance will cover damage or loss from these perils:
Even with additional riders, there are some instances where renters insurance won’t cover or reimburse you. Below are a few examples:
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