Renters Insurance

What is Renters Insurance? 

Renters insurance is a kind of insurance policy that you should buy when you move into a rental property.  This type of insurance protects you and your personal property if there is an incident in your rental unit like a fire, burglary, or accident where someone gets injured.  Whether or not your landlord requires you to buy renter’s insurance, you should do so to protect yourself. 

What Does Renters Insurance Cover?

• Personal property damage.
  
  • Your clothes, electronics, furniture, etc.

  • Renters insurance should provide enough money to replace your property or its cash value. 

     

• Loss of use for the property you are living in.
  

  • Ex. If your property burns down, renters insurance will cover hotel costs for a period of time. 

     

• Personal liability.
  

  • This protects you in the case that someone gets injured in an accident at your rental and sues you. 

     

• Medical payments to others.
  
  • This provides coverage for the medical costs if someone was hurt on your rental property. 

What Does Renters Insurance NOT Cover?

• Your car.
• Your roommate’s property.
• Floods or earthquakes.
• Infestations.
• Home businesses.

How to Find the Right Renters Insurance:

• Check the prices of a few different companies that sell renters insurance. It’s usually fairly cheap – around $15-20 per month.   
• Try to get at least $100,000 in personal liability coverage.