renters insurance will typically run you around $100 a year—which is about $30 below the national average. For that price, you can protect your personal property from damage and loss. In addition, most insurance policies also include personal liability coverage to protect you from lawsuits if someone is injured while visiting you.

You’ve found your dream apartment or house in the perfect Connecticut community, but before you plan how to arrange the furniture in your new space, take a moment to plan for the unexpected. Low-cost renters insurance is one of the best investments you can make to protect your possessions and provide you peace of mind.

Not sure where to begin when it comes to

renters insurance

Insurance

comparison and broker app

Jerry

can help! Here, we’ve broken down renters insurance in Connecticut, from what it typically covers to what it doesn’t, and help you to structure a policy.

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What is renters insurance?

Renters insurance can help reimburse you if your personal property is damaged, destroyed, or stolen. Importantly, such policies also provide personal liability coverage.

The following areas of coverage are key parts of a comprehensive renters insurance policy:

Property coverage (Coverage C): This covers personal property if it is destroyed and meets coverage requirements. Depending upon your level of coverage, you will be reimbursed for the actual cash value (ACV) of your property or the replacement cost value (RCV).

Loss of use coverage (Coverage D): This coverage is also called additional living expenses (ALE). It covers related expenses—such as the cost of staying at a hotel—that you may incur as a result of damage to your rental unit.

Personal liability (Coverage E): This is personal liability coverage. It covers medical costs and/or personal property loss incurred by guests if they are in your rental. It also protects you from being sued, if it were to come to that.

Medical payments (Coverage F): If someone is injured while visiting you, this coverage will pay for related medical expenses—but there are limits. Standard limits are usually between $1,000-$5,000. This coverage is primarily meant to cover smaller medical bills.

Your landlord likely will require that you have renters insurance and may even require that you have a specific amount of liability coverage (Coverage E). Be sure to check your lease to see how much coverage you need to carry.

What does renters insurance cover?

Renters insurance covers only the perils listed in the policy. When it comes to insurance, a peril is considered what caused the damage or loss. Keep in mind that these perils can vary, depending upon where your apartment or house is located. However, most policies cover the following perils or incidents:

Fire

Theft

Vandalism

Frozen plumbing

Windstorm

Hail

Lightning

Impact by vehicle

Falling objects

Explosion

Be sure to know what types of perils or incidents are covered by the policy you select.

What does renters insurance not cover?

Renters insurance typically does not cover these areas/items:

Flood damage due to weather. While standard renters insurance will help cover certain types of water damage (ex. damage caused by a broken water pipe), most policies do not cover flooding. This is one reason floods are so devastating. If you are concerned about the potential of storm surges and/or flooding, you will need to purchase additional flood insurance.

Business or work-related items: If you work from home—as many people do—your policy will likely not cover electronics or other items that you use only for business.

Collectables and Jewelry: Your great-aunt’s antique clock or grandmother’s sapphire ring will likely not be covered by a standard renters insurance policy. Neither will your baseball card collection be protected. Be sure to get additional coverage to protect these types of items.

Your vehicle: Even if your car or truck is damaged while parked at your rental unit, your renters insurance will not cover it. You must purchase

car insurance

that meets at least your state’s minimum insurance requirements.

Key Takeaway: Renters insurance covers your belongings and physical space, but it also provides legal protection should an incident take place on your property.

MORE: How much renters insurance do you really need?

Is renters insurance required in Connecticut?

No. While insurance is not required by state law in Connecticut, your landlord may require it. Do not be surprised if a landlord requires you to show proof of renters insurance before you sign the lease.

How to build a Connecticut renters insurance policy

Most people find it easy to design a renters insurance policy that meets their needs. Here are some steps to take:

Create a written inventory of what you own: While you don’t have to count every item of clothing or every plate, certainly do record specific information about more expensive items. When applicable, this information should include:

A record of the specific item

The purchase price or sales receipt for the item

Serial numbers

Take photographs: Walk through every room of your apartment or house and take photographs. These photographs will attest to the condition of the items that you purchase a policy.

Conduct a video walkthrough: Some people create a video walk-through of their property. In the video, they point out items and discuss them.

Consider using an app: Some apps will help with the process of creating an inventory of your personal possessions. Just be sure you know how to access what you have stored in the app and how to back up the information if necessary.

Look at your personal liability coverage closely. Even if your landlord does not require personal liability coverage (Coverage E), do not neglect it. This is particularly true if you own a pet. While liability insurance will not cover the cell phone your dog chewed to pieces, such coverage will protect you if she bites the next door neighbor.

Consider your deductible. When you build your policy, you will be asked to decide upon a deductible. Your deductible may be a fixed dollar amount or a percentage of your coverage limit. It is the amount of money you agree to pay out-of-pocket when filing a claim. For example, if your living room furniture is destroyed in a fire and you have a $1,000 deductible, you will have to pay the first $1,000 of the cost to replace the furniture.

Higher deductibles result in lower policy costs, but they also mean you will have more upfront costs in the case of a disaster. Average renters insurance policies have deductibles that range from $500 to $2,000.

Look into insurance riders and endorsements. You may want to add additional coverage to a basic policy. For instance, if you own a pet, you will likely want to have a pet damage rider. This will cover damage done by your pet.

Key Takeaway: Save your receipts when buying big-ticket items. If you do suffer a loss, you can demonstrate what an item cost.

Actual cash value (ACV) vs. replacement cost value (RCV)

One of the most important decisions that you will make in regards to your renters insurance is whether you will pay more for replacement cost value (RCV) coverage.

What’s the difference between ACV and RCV? Well, the $3,000 big-screen television that you bought four years ago is likely worth far less today. So, if your TV is damaged in a fire, don’t be surprised if your insurance company cuts you a check for only $600. Why? Because the actual cash value (ACV) of the TV has depreciated over time.

If you have replacement cost value (RCV), however, the insurance company will send you a check to replace the television. To determine the RCV, the company will factor in the size of the TV, make, and model.

Of course, RCV coverage is more expensive than ACV. When deciding between ACV and RCV, consider the cost of the coverage against the value of your items (with depreciation). Also, keep in mind any deductibles that your policy has.

How to find cheap renters and car insurance

Have a question about your renters and/or car insurance coverage? Download the

Jerry

app. Jerry’s friendly agents are here to answer your questions and provide advice on the best coverage options. As your life changes, your insurance changes, and Jerry is ready to make those adjustments for you.

If you own a vehicle, Jerry can help you to bundle your Connecticut

renters insurance

with your car insurance. In some cases, your car insurance payments will essentially pay you to have renters insurance!

“

Jerry

was wonderful! I used it for my auto and renters policies. I trusted it so much that I signed up my homeowners insurance under Jerry as well. All of the agents are amazingly nice and knowledgeable.” —Mary Y.

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Is renters insurance worth it?

Keep in mind that your landlord’s insurance typically covers only the building you live in—and not the possessions that you own (your personal property). Even if you do not own high-end electronics or expensive furniture, think about what it would cost you to replace what you own in the event of a catastrophe. These costs quickly add up.

What is the average cost of renters insurance in Connecticut?

Connecticut renters insurance will typically run you about $100 a year—which is about $30 below the national average.

You could save 15% or more on renters insurance by bundling

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