Renters Insurance
covers your belongings, liability, and additional living expenses while renting.
Photo by Steph Wilson on Unsplash
If you rent or lease, you need renters insurance to protect your personal property and your lifestyle.
What does renters insurance do?
There are three parts to renters insurance. The first is coverage for your personal belongings, the second is liability coverage, and the third is loss of use coverage. All of these play an important role in protecting you as a renter since your landlord’s insurance on the property will not cover those risks specific to you.
Are your personal belongings protected?
When you rent or lease, your landlord’s insurance usually only protects the building itself —not your personal belongings. Renters insurance is the only way to protect your valuables, and it’s much more cost-effective than you’d think. The amount of insurance you need will depend on the value of your possessions so that they can be replaced. It’s important to know that certain events might be covered, while things like earthquakes and flooding are typically not. Here are some of the most common covered events in a renters policy:
- Burst Pipe
- Fire/Smoke
- Lightning
- Theft
- Vandalism
- Water Back-Up
How does liability coverage protect you while renting?
Liability insurance protects you from lawsuits related to bodily injury to others or property damage or if somebody is injured while visiting you at your apartment.
Get coverage for additional living expenses.
If the rental property is destroyed or otherwise uninhabitable after a covered event this coverage can help cover hotel bills, temporary rentals, meals, and other expenses due to being temporarily displaced.
Exceptions of renters insurance.
There are a few things that are not typically covered in a renters insurance policy. For example, if you park a vehicle at the rental property itself and it is stolen or damaged, your car is not covered by renters insurance. However, if your ipad or laptop is stolen out of your vehicle, there may be coverage. Damage to your personal property from flooding or earthquakes are not covered. If you have roommates who are not listed on the renters insurance policy, their personal belongings would not be covered.
Whether you rent a home or a studio apartment, renters insurance is an important coverage to have. Contact us to understand your options.
