A sub-limit is a low cap on the amount that your insurance provider will pay when you file a renters insurance claim for a certain type of item. Sub-limits are usually much lower than the overall limit on your personal property coverage.
For instance, let’s say you have a policy that provides $30,000 in personal property coverage but features a $1,500 sub-limit on jewelry. The maximum amount that they’ll reimburse you for lost or damaged jewelry is $1,500, even though they’ll reimburse you up to $30,000 for other property that’s not subject to sub-limits.
Common renters insurance sub-limits
Different insurers write different sub-limits into their policies, so you’ll have to check your policy to find out what yours are. However, many policies feature the following sub-limits:
- Money and banknotes – $200
- Gold and silver bullion – $200
- Securities – $2,500
- Watercraft, trailers – $2,500
- Jewelry, watches, furs – $2,500
- Firearms – $2,500
- Silverware – $2,500
- Business property – $2,500
- Off-premise business property – $500
- Cameras – $2,500
- Credit cards – $500
- Electronics – variable, often $1,500
Some sub-limits apply to specific perils
Sometimes, sub-limits only apply when property is lost to a particular peril (a type of damage or loss). For instance, many renters insurance policies limit the coverage they’ll provide for jewelry that’s lost to theft, but place no sub-limits on how much they’ll cover jewelry lost to other covered perils, such as fire.
Where to find your policy’s sub-limits
Your policy’s sub-limits can be found in the section on personal property coverage, which you can easily find in the table of contents. Note that it might not actually use the word “sub-limit” — many insurance companies call this section “Special Limits of Liability.”
