Even if you don’t own a home, you still have a lot of property to protect. And just because your landlord has coverage doesn’t mean that you do, too. In most cases, your landlord’s insurance policy covers only structural damage to the building itself. If the structure goes up in flames, your landlord’s coverage would include repairs to the building, but not reimburse you for your possessions.
Renters insurance provides protection against both property loss and liability in the event that you cause injury or property damage. To learn more about what that means, we’ve covered some basics below.
What does renters insurance cover?
- your possessions against damage for things such as fire, smoke, lightning, vandalism, theft and water damage
- additional living expenses related to making other living arrangements
- medical expenses for treating people injured on your premises
- property stolen, lost or damaged anywhere you happen to be
- legal defense costs in a lawsuit
Renters should consider the following:
- Possessions are purchased over time. This fact makes it less obvious that a renter may own tens of thousands of dollars worth of property that needs to be insured
- Many belongings are very high-value. Renters should consider what jewelry they own and pay particular attention to their electronics situation (stereos, CDs, CD players, game systems, speakers, computers, etc.)
- Renters insurance is affordable, often well under $200 per year.
Frequently asked Questions about Renters Insurance:
- How much renter’s insurance do I need?
Contact us about the property you want to protect. We can give you coverage policy specifics based on your state and the type of policy you want.
- Can I get a discount on renter’s insurance if my residence has particular safety features, like a burglar alarm?
Many insurers will reduce your premiums if you have fire or burglar alarms, fire extinguishers, sprinkler systems and/or deadbolts on exterior doors. Some companies might also offer discounts if you have more than one policy with them.
- Does renter’s insurance only cover me when I’m at home?
Many policies do not limit protection to home-based situations. For example, someone breaks into your car and steals your golf clubs. Renters insurance often provides coverage.
- Does renters insurance include personal liability?
A renter’s insurance policy covers your property and your personal legal responsibility (or liability) for injuries to others and/or their property while they are on your property.
- If my apartment is being repaired and I have to live elsewhere temporarily, will I receive additional living expenses?
If there is damage to the building you are renting and you must live elsewhere while the building is being repaired, you will have coverage for additional living expenses during the reconstruction period.
- How much does renters insurance cost?
Because renters insurance covers only the value of your belongings, not the building, the premium is relatively inexpensive. For about the same cost as going to the movies once a month, you can get renters insurance.