There are many items that renters insurance may not cover completely. You need to know exactly what your renters insurance covers and the value of your items that are protected by your policy in order for you to be adequately covered should you suffer a loss. Just like home insurance, there are several specific types of items in your home that renters insurance does not cover the full value amount. For example, your renters insurance may only cover up to $2,500 for any computer equipment that is lost, stolen, or damaged.

Some of the other types of items that renters insurance limits the liability of are jewelry, artwork, guns, computers, consumer electronics, stamps, cash, stock and bond certificates, and most other types of collectibles. For each of these categories of items, there are coverage limits. Many people have items that are valued more than what is covered by their renters insurance policies. It becomes a problem when they do not realize these limits and need to file a claim for a loss. You could find yourself facing a $4,000 loss of computer equipment but only recouping $2,500 of its value which will leave you having to fork over money out of your pocket to replace the items exactly as they were. Being underinsured in these specific item categories is one of the most common problems that many renters face.

You should read the fine print and the details of your renters insurance in order to know how much you are covered for these types of specific items. Often your renters insurance limits are set too low. You may be asked by your insurance agent about these types of items in your home, but then again you may not be asked specifically. You should bring these items to your insurance agent’s attention when you purchase your renters insurance. This will ensure that you are covered by the proper amount of renters insurance from the very first day of coverage.

If you find that you have items that are valued over the amount of your coverage limits, there are a couple easy fixes. You can ask that your insurance company increase these limits for specific items that you have in your home. For example, you may be able to raise the limits on computer equipment if you inform your insurance company of exactly how much additional coverage you need beyond the current limits. They may be able to accommodate your needs with your current policy. Of course, there is an additional increase to your renters insurance premiums for the extra coverage, but the increase to your renters insurance premiums is very small. If you cannot increase your limits, you can purchase addition insurance in the form of a rider on your policy or a separate floater policy. Many wedding engagement rings and their associated wedding bands quickly break through the $2,500 jewelry limit on most policies. You can purchase additional insurance specifically for that piece of jewelry for a minimal extra cost. These floater insurance policies or insurance policy riders that ride the coattails of your main policies are excellent ways to increase your insurance coverage at very little additional cost to you. You may need to get your items appraised at your expense though, but this cost is very minimal to the added protection you will find with these additional insurance policies.