Extended Coverage: Increasing Coverage Limits on Valuables in Renters Insurance
6 Jul 2022 • 4 min read
Renters insurance covers your personal property against specific risks (called “perils”), such as a windstorm, theft, or fire.
But there’s a limit on how much compensation you can receive for different items. If someone takes your valuables, your personal property limits determine how much money you’ll actually get back – so they’re pretty important. And if something expensive like your laptop gets damaged instead of stolen, you might not receive payment at all. So, you’ll want extra protection for these scenarios.
Enter extended coverage, or as we call it — our SUPERGOOD plan. With protection for your high-value items beyond your personal property coverage limit, you’ll enjoy peace of mind if the unthinkable happens.
Read on to learn more:
- Extended Coverage Policy
- Renters Insurance — Why You Need Extended Coverage
- What Items Can You Schedule?
- 3 Documents You Can Use for Extended Coverage Claims
- Final Thoughts: Extended Coverage — Increase Renters Insurance Coverage Limits
Extended Coverage Policy
Extended coverage broadens the scope of your insurance policy’s coverage. It supplements your standard policy and increases the coverage for your valuables.
Renters Insurance — Why You Need Extended Coverage
Goodcover renters insurance policy offers personal property coverage up to $100,000, but it’s important to note that this coverage doesn’t necessarily mean you’ll get a $100,000 payout if you suffer a loss. The policy has limits based on category.
For instance, if you lose $100,000 worth of jewelry from theft, you may only receive reimbursement for $1,500 worth of jewelry…unless you increase the limit. So, if you’ve got expensive jewelry, an art collection, or premium cameras, we recommend additional protection to ensure you can replace your items in case of loss.
Consider insuring high-value items with our SUPERGOOD plan, which lets you purchase extended coverage for certain categories of items (like jewelry and watches).
Beyond increasing your limits, extended insurance coverage benefits you in two ways:
1. Deductible-Free Coverage for High-Value Items
If you extend the coverage limit with our SUPERGOOD plan, you’ll pay no deductible on these items. This means you’ll be able to get your item repaired or replaced without spending anything beyond your monthly premium – coming in clutch if you need to replace something like your laptop screen because you accidentally cracked it.
You can get this additional coverage for a low price — especially if you choose Goodcover. Goodcover offers its Members wholesale-priced plans that cost 50% less than legacy coverage options.
2. Reliable Protection Against Accidental Damage
On top of letting you extend your coverage limits for certain classes of items, our SUPERGOOD plan also covers exclusions for accidental damage, like that cracked laptop we just mentioned.
Generally, renters insurance policies without extended insurance coverage don’t cover items damaged by accident, but SUPERGOOD provides you with extra protection for your valuables.
For instance, upgrading to Goodcover’s SUPERGOOD plan gives you a zero-deductible option, so you get reimbursed for the full value of your item. The plan also covers accidental damage, which means if you accidentally step on your camera and damage it, it’s covered.
What Categories are Eligible for Increased Coverage?
A renters insurance policy usually covers the following items:
- Computers and other electronics
- Jewelry and watches
- Drones and cameras (excluding drones with cameras)
If you have more expensive items within one or more of those groups, you can purchase SUPERGOOD coverage for those categories with Goodcover. SUPERGOOD coverage has no deductible and covers your items in case you accidentally damage them.
To determine which categories you may want higher coverage for, check the claim limits on your policy. There is a claim limit — the highest amount of money your insurer will pay you — for every category.
For example, say you own collectibles worth $1,100, but your standard renters insurance policy has a category limit of $1,000 — it might not be worth purchasing additional coverage. However, if you have $5,000 worth of jewelry and your standard policy has a limit of $1,500 on jewelry, extended coverage would make a lot of sense.
Extended coverage only applies to items that fall into the specific category that you upgraded, not any related gear. For instance, if you have increased coverage for musical instruments, the headphones and recording software you use with them aren’t covered.
While we offer extended coverage for certain categories, Goodcover does have a $5,000 coverage limit for individual items. So even if your category limit is $10,000, plans will only pay out $5,000 for a single item.
3 Documents You Can Use for Extended Coverage Claims
You'll need certain documents to file a claim with your insurance company for extended coverage.
Three types of documents you need for your claim to be eligible include:
- Proof of possession: This can be pictures of the scheduled item before and after it was damaged. It’s always good practice to maintain a home inventory.
- Proof of ownership: You can prove ownership with a receipt of the scheduled item.
- Proof of value: You can use the receipt to prove an item’s value in some cases, but usually, you’ll need an appraisal. Goodcover requires that you get your appraisal completed within 30 days to validate your extended coverage.
In some cases, the appraised value might exceed the amount you have scheduled it for in the extended coverage policy. If the replacement cost is greater, the insurance company will compensate for the scheduled amount.
Final Thoughts: Extended Coverage — Increase Renters Insurance Coverage Limits
A renters policy protects your assets against covered perils, but the coverage for more expensive items may be limited. Consider getting extended coverage if you possess an expensive computer, jewelry, or a nice camera..
Extended coverage for specific categories offers more protection than the standard limits..
With Goodcover’s SUPERGOOD plan, you also get zero-deductible coverage for the standard perils and accidental damage. Compare your current policy with Goodcover and see how you can get a bigger bang for your buck.
Note: This post is meant for informational purposes; insurance regulation and coverage specifics vary by location and person. Check your policy for exact coverage information.
For additional questions, reach out to us – we’re happy to help.
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