Renting your home comes with a sigh of relief. No maintenance expenses to contend with, no property taxes to pay. But freedom from a broken pipe doesn’t mean freedom from the potential water damage to your personal possessions. Make sure you’re covered with a policy that protects against all of life’s little possibilities.
Why You Need It:
There’s a common misconception among renters: no property owned, no insurance needed. While renters insurance does not extend to the actual rental space, it can cover what’s in it.
A renters insurance policy typically includes:
- Personal property: provides coverage to replace personal belongings inside your home, including furniture, electronics and additional items of value
- Relocation: provides coverage for temporary housing in the event your rental property becomes unlivable and needs to be repaired
- Liability: provides coverage for legal action or medical payments that may be filed against you for an injury sustained on your rental property (extends only to those who do not reside with you)
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Renters Insurance FAQs
Renters insurance is designed to protect individuals who rent apartments, houses or condos. It provides coverage for damage to personal belongings, liability and additional living expenses in case the rented property becomes uninhabitable.
While it’s not legally required in many places, renters’ insurance is highly recommended, and many landlords now require as a part of their lease agreement that you carry a minimum amount of liability protection. Regardless, we highly recommend you carry renters insurance since it’s very affordable – often available for less than $15/month.
The amount of renters insurance you need depends on the value of your personal belongings. Conducting a home inventory and assessing the replacement cost of your items can help determine the appropriate coverage amount. Most landlords will require that you carry at least $100,000 in liability protection.
Yes, many insurers offer discounts for factors like bundling renters insurance with other policies (such as auto insurance), installing security features or having a claims-free history.
Typically, renters insurance covers only your personal belongings. If your roommate wants coverage, they should obtain their own renters insurance policy. It is best that you keep a separate renters insurance policy from your roommates and avoid bundling coverage with other parties.