What Does Renter’s Insurance Cover?

There is a lot of information about homeowners insurance available, but what about renter’s insurance? Whether renting an apartment, home or condo, it is smart to consider insurance. In some cases, if you are renting, you will be required to purchase renter’s insurance by your landlord. Even if you are not required, it is a good idea to protect yourself financially. Of course, before you buy, you want to know—what does renter’s insurance cover?


Renter’s Insurance Covers the Loss of Personal Property

Standard renters insurance provides coverage for your personal belongings. Your electronics, entertainment, clothing, collectibles, furniture and anything else in your home that you would like covered. You will need to take an in-home inventory to get an idea of the amount of coverage you need and to have a list of your property so each specific piece can be covered if a claim must be filed.


Renter’s Insurance Provides Liability Protection

Liability coverage is also important to a renter’s insurance policy. Most standard policies will usually provide a certain amount of liability coverage for property damage and bodily injury that your actions may cause. Your landlord or the property management company may require you to purchase a specific amount of liability protection and if you would like to increase that amount of coverage it may not be a bad idea. A water leak coming from your apartment or a fire started in your apartment that damages your apartment and others will be covered with the liability portion of your policy. Without renter’s liability insurance in this sort of instance, you could be faced with thousands, possibly hundreds of thousands, of dollars in damages.


Renter’s Insurance Covers Loss of Use Living Expenses

Many renters’ insurance policies will also pay for loss of use or living expenses. This may or may not be a part of the standard coverage but you will certainly have the option of adding. Living expenses are paid if your apartment, home, condo or townhome that you are renting is not livable or usable, and you must find room and board elsewhere. It will cover lodging and meals as well as moving expenses in some cases. Some policies will have a set limit they will allow per day, others will simply have a limit that is set as a percentage based upon the overall coverage limit of the policy.


Renter’s Insurance Policy Options

Renter’s insurance policies are extremely customizable, so virtually any thing you want added to the coverage, most homeowners insurance companies will find a way to add it to your policy. Some of the most common policy options include:


  • Coverage for money/cash stored in the residence
  • Coverage for business property
  • Fire department expenses
  • Medical payments
  • Items with a value over $1,000
  • Coverage for satellite dishes


Renter’s Insurance Quotes from Homeowners Insurance Companies

Once you have decided you are ready to purchase renter’s insurance, you can begin shopping around and comparing the rates offered by homeowners insurance companies. Online rate quotes allow you to do this most easily, as you can compare the rates of several companies at once to find the best deal on your renter’s insurance policy. If you are considering a few of the policy options mentioned above, add them to the policy and get a few quotes to see how much they add to the overall cost. By taking advantage of renter’s or homeowners insurance quotes, you can tailor a policy to your needs and to your budget as well.


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