Renters Insurance FAQs
Frequently asked questions
Frequently Asked Questions
How much does renters insurance cost? Is it expensive?
You can purchase renters insurance for as little as 35¢ a day, but the cost varies by the coverage you choose, how much coverage you buy and the deductible (the amount you agree to pay before a claim is paid) you select. Mercury offers many discounts* to bring down the cost even further, such as multi-policy and loss-free (no claims for a specified period of time).
Why do I need renters insurance?
As a renter, you may not have to replace the home you’re living in, but you might need to replace your possessions and valuables. Additionally, you may need protection against liability claims, or to cover the cost of living elsewhere should your residence become inhabitable due to a covered loss. Many landlords also require tenants to purchase renters insurance that includes a minimum of $100,000 of liability coverage.
Is there a minimum or maximum amount of renters insurance I should purchase?
The amount of insurance needed varies person-to-person and Mercury offers many coverage options to fit each person’s insurance needs. There are also three pre-packaged quoting options (Gold, Platinum, and Titanium) for renters looking for a quick quote. We encourage you to speak with a Mercury agent, who will help you select the right coverage for your needs.
What if my landlord already has insurance for the building? Do I need renters insurance?
Yes, you still need renters insurance even if your landlord already has insurance for the building. Your landlord’s policy won’t cover your personal belongings or any liability lawsuit that may be brought against you.
Are electronics like my TV, tablet, computer and mobile phone covered?
Yes, your electronics are covered by your policy. Mercury’s policies have a pre-defined limit of $5,000 for home computers, but you can purchase additional coverage if your system is worth more. Mercury also offers a Home Systems Protection endorsement to cover your home electronics and appliances in the event of a mechanical breakdown.
Does renters insurance cover collectibles/collections (e.g., stamp, comic book, baseball card collections)? Is jewelry covered?
Yes, collectibles/collections and jewelry are covered if stolen, however, there is a maximum amount your policy will cover. You can purchase additional coverage for the value of your collectibles if they exceed the pre-defined coverage limits. Mercury also provides customers with the ability to insure valuable jewelry, such as an engagement or wedding ring. We suggest you talk to your Mercury agent for details.
If someone gets hurt in my rental unit, am I covered?
Yes, Mercury’s renters insurance provides liability coverage that will pay for the medical expenses for visitors or workers who are injured at your rental property. If that person files a lawsuit against you, your renters insurance policy will help cover the costs of your legal defense, too.
How do I know if I have enough rental insurance coverage?
Each renter’s needs are unique. You will have your own dedicated Mercury agent who will work to create a custom plan for you.
Do I need to provide documentation of my belongings before I can secure renters insurance?
While it’s not required to show a list documenting all of your personal belongings, Mercury does require proof of purchase or an appraisal report if you want to purchase additional coverage for your valuable belongings.
What events (e.g., earthquake property damage, etc.) are covered by rental insurance?
Here are a few of the events covered by Mercury’s renters policy:
- Fire or lightning
- Windstorm or hail
- Vandalism or malicious mischief
- Falling objects
- Weight of ice, snow or sleet
- Sudden and accidental discharge or overflow of water or steam
Does Mercury’s renters insurance cover earthquake damage?
Mercury doesn’t offer earthquake insurance, but your Mercury agent can arrange this coverage through the California Earthquake Authority. We recommend that you talk to a local Mercury agent for coverage details.
Does rental insurance cover actual value or replacement costs of my personal belongings?
Our base policy covers the actual value of your personal belongings, which reduces the amount of liability for physical deterioration and depreciation. We offer the option to upgrade your policy to cover your personal property at the replacement cost, which is the amount necessary to repair or replace the damaged property with no deduction for depreciation.
What discounts might I be eligible for with renters insurance?
Mercury offers many discounts.1 Here are a few for which you may qualify...
- Multi-Policy Discount – If you bundle your renters policy with a Mercury auto policy you could receive a discount.
- Loss-Free Discount – If you haven’t had a homeowners or renters claim exceeding $500 in the last three to five years you could receive a discount.
- Loss Deterrence and Prevention Devices – If you’ve installed protective devices that deter fire or theft you could receive a discount. Some examples of fire deterrence devices include fire extinguishers, smoke alarms, local fire alarms, central fire alarms, direct fire alarms, partial sprinkler systems or full sprinkler systems. Examples of theft prevention devices may include dead bolt locks, local burglar alarms, central burglar alarms, direct burglar alarms, or 24-hour security guards. You may also qualify for a discount if you live in a gated community.
1Discounts subject to qualification requirements and may not be available in all states.
How do I report a claim for renters insurance?
You can file a claim 24 hours a day, seven days a week. Just call our claims hotline at (800) 503-3724 to get things started.
If I’m renting out my own property, do I need renters insurance?
When renting out a place that you own, you will need to purchase Dwelling Fire insurance to cover damages to the structure of the building, your personal property in the unit/house you rent out to others and liability claims that may arise from renting out the unit/house.