1. 145 POINTS
    Cecil Sabu
    Bank Representative, State Farm insurance,
    Yes renters insurance covers all the personal property that you own (typically anywhere in the world) - UP TO the policy limit for personal property coverage on your policy subject to your policy deductible.

    There are typically $1000 to $5000 maximum limitations for property such as jewelry, furs, silverware, goldware and home computers, so just check your policy wording and have those items insured on a personal articles floater.
    Answered on April 14, 2013
  2. David G. Pipes, CLU®, RICP®PRO
    owner/agent, Rooney Pipes Insurance Agency for the Horace Mann Insurance Companies, Fresno, California
    “Everything you own” is a very vague statement. Insurance companies insure described property against loss from “covered perils.” If the property that you have in mind is described in the policy and the loss is the result of a covered peril then file a claim. Your claim will be adjusted by the deductible.

    Most renters’ policies have a significantly lower limit for property that is not on premises. For example if you lose your wallet on campus, the adjusted claim cannot exceed a percentage of your total coverage (normally 10 %.) As was mentioned there are internal limits for jewelry, firearms, money and other high value items.

    In the end you might own something that the policy will not cover. What is more important is to consider the items that the policy will cover. If you cannot afford to lose them, consider insuring them.
    Answered on May 20, 2015
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