Renter's Insurance Coverage

Last modified 01/22/2021

1. Selected Plan Highlights

1.1. Providing replacement items or funds if your belongings are stolen or damaged.
You’re protected against burglary, fire, lightning, tornadoes, hail damage, explosions, smoke, and vandalism, amongst other things.

When you are going through the Waffle flow, this is what is referred to as the Contents coverage.
1.2. Covering additional expenses you incur if the property you rent becomes uninhabitable.(1)
That could include hotel bills, meals, and other expenses that you rack up while maintaining your usual living standards.

This is included as part of your Contents coverage.
1.3. Providing money to cover damages you are legally required to pay for
When you are going through the Waffle flow, this is what is referred to as the Liability coverage.

As part of your Liability coverage, you are also covered for selected medical payments to others as well as damage to the property of others, up to the set policy limits.

2. Options to Customize Your Policy

2.1. Replacement Cost Coverage
When you use an item, its value typically goes down gradually. In insurance language, it depreciates.
Under our product’s base policy, if an item is stolen, you’ll receive what the item is worth at the moment of the loss, not necessarily what it costs to replace it with a new one. This is called the Actual Cash Value. If you select Replacement Cost Coverage instead, you’ll be entitled to a brand new item.
2.2. Theft Coverage
This replaces Burglary in the list of covered events with Theft. Theft is a broader definition than Burglary, encompassing “physical removal of an object that is capable of being stolen without the consent of the owner and with the intention of depriving the owner of it permanently.” Burglary requires visible marks of forced entry.
2.3. Earthquake Coverage
Adds Earthquake to the list of covered events
2.4. Scheduled Personal Property
Your base policy has built-in limits for some items, like a maximum $500 reimbursement for a single item of damaged or stolen jewelry. The Scheduled Personal Property add-on lets you increase protection for pricier individual items. This option has a maximum total coverage of $10,000. At the time of claim, you will also have to provide an appraisal less than 3 years old as well as a bill of sale that shows a complete description of the item. As such, it is worth having these in place in advance.
2.5. Water Damage
Adds water damage from sewers and drains to the list of covered accidents.

3. Full Product Information

For a complete overview of what is and isn’t covered, please see the sample policy here.