As a tenant you can protect yourself against certain risks of financial loss by purchasing tenant's insurance. Some leases inform you that property owners/managers are not liable for damages to your personal property and allow you to decide whether you want to purchase such insurance; other leases require tenants to have it. Remember, a property owner's insurance policy for a rental property does not cover the tenant's personal belongings nor does it offer the tenant any liability coverage. Tenant's insurance provides protection against damage to or destruction of tenant's personal property, due to fire, smoke, vandalism and other causes. It also provides coverage against theft of personal property. Many policies include a liability clause, which applies to injuries or damages caused by the tenant, a member of his/her family or even a pet.
Types of coverage, premiums, minimum and maximum insured vary from company to company depending on size and location of the apartment, condition of the building, the number of unrelated people in the rental unit and other factors. Not many companies offer coverage to more than two unrelated people sharing an apartment or house. Premiums are quoted after you have answered quite a comprehensive list of questions. The information in this fact sheet can be used just as a starting point for your own research to find the most appropriate type of coverage. Many students obtain tenant's insurance through their parents' homeowner's insurance policies. The following is a list of agencies and insurance companies which offer tenant's insurance. The list is not complete and the inclusion of these companies on the list does NOT represent an endorsement.
| ALLSTATE INSURANCE
Paul J. Mattus
418 MacDade Blvd.
Milmont Park, Pa 19033
Phone: (610) 461-1000
E-mail Me: PaulJMattus@alumni.upenn.edu
|Coverage for theft, fire, liability, damage from a pipe-burst, all named perils Low annual premiums with monthly payment plan options Covers personal contents in an apartment or house Quotes available over the phone or by e-mailing me at PaulJMattus@alumni.upenn.edu Agent is recent Penn alum who knows the needs of students today|
|AMERICA INSURANCE AGENCY
7214 Frankford Avenue, Philadelphia, PA 19135
Phone: (215) 331-7400 or 1-800-283-0500
|No insurance available for tenants who plan to sublet their apartments Policy: theft, fire and liability coverage Annual premiums vary according to building type Over the phone quotes available|
COHEN PARTNERS LLC.
4111 Walnut Street, Ste. 11
|Renter's insurance with nationally known insurance carrier with best financial rating Annual premiums starting at $275.00 Comprehensive insurance with liability coverage Start your independent insurance protection with your own policy|
| LEONARD INSURANCE GROUP
2103 E. Darby Road Havertown PA, 19083
Fax: (610) 789-5757
|Unrelated persons must each purchase their own policy Minimum insured: $4,000 Policy: theft, fire and liability coverage /12 month lease policy For $20,000 coverage, premiums start at $125.|
|Offered to students living on and off-campus, faculty, and staff Policy: fire, theft, water, accidental breakage, can offer liability. Students who share rental units must each purchase the coverage (except siblings). Replacement Cost policy (maximum $20,000) Online application at www.nssi.com.|
| STATE FARM INSURANCE CO.
Philadelphia, PA 19104-3111
Phone: (215) 222-6100
|Policy: fire, theft, liability coverage For apt./house share,no more than 2 unrelated persons on the same policy. If more than 2, additional policies are required. $20,000 minimum insured Premiums vary according to amount of coverage, size of unit, location and other factors Credit check performed|