What Is Renters Insurance?
Renters insurance is one of the most affordable and underutilized types of coverage available. It protects your personal belongings, covers your personal liability, and pays for temporary living expenses if your rental unit becomes uninhabitable after a covered event. Your landlord's policy covers the building, not your possessions.
What Renters Insurance Covers
- Personal Property - Covers your furniture, electronics, clothing, jewelry, and other belongings against theft, fire, water damage from a burst pipe, vandalism, and other covered perils.
- Personal Liability - Protects you if someone is injured in your rental unit or if you accidentally damage someone else's property. Covers legal defense costs and judgments up to your policy limits.
- Loss of Use - Pays for hotel costs and additional living expenses if your apartment or home becomes temporarily uninhabitable after a fire, burst pipe, or other covered event.
- Medical Payments to Others - Covers minor medical bills for guests injured in your home, regardless of who is at fault.
What Renters Insurance Does Not Cover
Standard renters policies do not cover flood damage or earthquake damage. If you live in a flood-prone area, ask us about adding a separate flood policy. Most policies also exclude intentional damage, pest infestations, and normal wear and tear.
How Much Does Renters Insurance Cost?
Renters insurance is one of the most affordable coverages available — most renters pay between $15 and $30 per month for solid coverage. The exact cost depends on the value of your belongings, your location, your chosen deductible, and the liability limit you select. Bundling with auto insurance typically earns you a discount on both policies.
Frequently Asked Questions
Does my landlord's insurance cover my belongings?
No. Your landlord's policy covers the building structure and their liability, but not your personal property. If there is a fire or break-in, you would be responsible for replacing everything you own without a renters policy.
Is renters insurance required?
Many landlords and property management companies now require renters insurance as a condition of your lease. Even when it is not required, the low cost makes it a smart decision for any renter.