What is Renters Insurance?

Renters insurance is a type of property insurance that protects the insured from liability claims and pays losses to personal items. This covers injuries in your rental but not caused by a structural concern. Injuries caused by structural issues are the responsibility of your landlord. Renter's insurance covers everything from a small studio apartment to a house or mobile home.

Even if you're starting out or staying in a location for a year, buying a renters insurance policy—which is likely to be the least expensive and most accessible to obtain the insurance you'll ever own—could be a sensible investment. You may not believe you have anything of great worth, but you most likely do—more than you could comfortably afford to replace in case of a bad burglary or fire.

Furthermore, no matter how careful you are with your apartment (the type of housing most renters have), you have no influence over your neighbors. They can open your security gates, buzz uninvited individuals into your building, or fall asleep with a cigarette in hand and create a major fire.

While your landlord's property insurance may cover the building itself, it will not cover the contents of your unit or the damages for which you could be sued by someone who was injured in your apartment or rented space.

What does  Renters Insurance cover?

Personal property coverage, renters liability insurance, and supplementary living expenses are the three categories of coverage provided by a standard renters insurance policy. Insurance companies may call these coverage kinds different names, but they all work similarly.

Personal property or personal belongings coverage is what most people think of when it comes to renters insurance. Personal belongings include furniture, clothing and shoes, electronics and devices, appliances and kitchen equipment, home goods such as bedding and towels, and most sports and hobby equipment such as bicycles and musical instruments. Certain personal belongings may be excluded from a standard policy if they’re above a particular value, such as jewelry, artwork, collectibles, and specialized computer or hobby equipment.

More About Renters Insurance

Renters liability or personal liability coverage provided by a renters insurance policy covers the policyholder in case of a lawsuit resulting from incidents originating on the rental property, such as accidental injuries, injuries from household pets, or accidental damage to a neighbor’s personal property. If needed, your liability coverage can be increased or augmented with an umbrella insurance policy.

Additional living expenses coverage provides reimbursement if a covered disaster results in temporary relocation from the rental property. This ensures the policyholder is compensated for additional lodging, food, and other living expenses while living elsewhere. According to the Insurance Information Institute, covered disasters generally include smoke, fire, explosions, theft, vandalism, windstorms, lightning, and water damage from internal sources, such as plumbing or intrusion from a neighboring unit. Standard exclusions include earthquakes and floods from weather or other external water sources.

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