Travelers Renters Insurance Overview Full Guide 2023
The company Travelers began in 1864. It sells a wide range of insurance policies right now, such as home, auto, travel, pet, landlord, and event insurance. The insurance company has grown and now has about 30,000 employees. In 2020, it made more than $30 billion in sales.
A renters insurance policy covers your personal belongings, pays for a place to stay and food if your home can’t be lived in, covers medical costs if someone gets hurt in your home in an accident, and covers your liability if you damage someone else’s property. The standard renters policy also covers some of the changes you’ve made to the place you’re renting.
You can add some extra options to your standard policy. These include coverage for the cost of replacement and extra protection for things like jewelry, camera equipment, and musical instruments that are more expensive.
There are discounts for people who buy renters insurance and auto insurance from Travelers together, have never filed a claim, have a sprinkler system, or have a home security system.
What Does Travelers’ Renters Insurance Coverage Include?
A standard policy from Travelers for renters insurance covers:
Things that belong to you. This includes protection against losses caused by windstorms, hail, lightning, and other weather events, as well as fire, explosions, smoke, and vandalism.
Own responsibility. With a standard renters insurance policy from Travelers, renters get $100,000 to cover accidental injuries or damage to other people’s property. For an extra fee, you can get more coverage.
Extra costs for living. If your rental unit becomes unlivable, this will pay for you to live somewhere else while your home is being fixed or rebuilt.
Medical payments. This gives up to $1,000 per person if someone gets hurt on your property because of an accident that is covered, no matter who was at fault.
Changes that were made to the property that was rented. Up to 10% of the personal property coverage on a renters insurance policy can be used to fix or replace improvements made or bought by the renter if they are damaged by a covered event.
What discounts does Travelers offer on their renters insurance?
Travelers offers three main discounts for renters insurance:
When someone has renters insurance from Travelers, they can save up to 5% on their auto insurance. Travelers may save renters even more money if they also have boat insurance, an umbrella policy, or a personal articles floater policy. Customers who haven’t filed a claim in a certain amount of time can get a discount.
Renters with smoke detectors, interior sprinkler systems, home security systems, and smart home devices that sound an alarm when there’s a fire or a break-in are eligible for discounts.
What Add-Ons Does Travelers Renters Insurance Offer?
Travelers renters insurance has two main riders:
Contents Replacement Cost. This will pay for the cost of replacing covered personal property instead of how much it is worth now. There are policy limits and deductibles, such as limits on jewelry, watches, furs, and other expensive items.
Valuable Items Plus. This rider protects jewelry, fine art, musical instruments, laptops, and other special property from a wider range of losses with higher coverage limits than a standard policy. The things that are insured don’t have to be valued or put on a separate list.
FAQ about Travelers Renters Insurance
Does the insurance for renters from Travelers cover theft?
Personal property that is damaged or stolen can be covered by renters insurance up to the policy limit. This includes personal items inside and outside the rental unit. More insurance may be needed to fully protect expensive things like jewelry, furs, silverware, collectibles, and cash.
Does the renter’s insurance from Travelers cover floods?
Most renters insurance policies, including those from Travelers, don’t cover damage caused by floods or earthquakes.
Does the renter’s insurance from Travelers cover windows that break?
Most broken windows are covered by the landlord’s insurance policy. But if a renter replaces a window, a Travelers policy may cover the change as an improvement.
Does the renter’s insurance from Travelers cover fire?
Travelers renters insurance protects your things from fire, whether they are in your rental unit or somewhere else. If a fire destroys the entire building, the owner’s insurance pays.
Does the renter’s insurance from Travelers cover bed bugs?
Bedbugs aren’t covered by most renters insurance policies, including those from Travelers.
Does mold get paid for by Travelers renters insurance?
Mold is usually covered by renters insurance if it was caused by a covered risk, like standing water from a broken pipe. Flood damage and accidents that are your fault are not covered.
Do roommates get covered by Travelers renters insurance?
Most renters insurance policies cover family members, but they don’t always cover roommates. So, each roommate needs to get their own policy.