Renter's Insurance
Renter's insurance is for those who rent their homes, apartments, condos – even those who rent only a room or two within a home. The owner of the building has insurance to cover damages to the building, but that insurance won't cover damages that those same incidents cause to your belongings.
Your landlord's insurance will cover the damage to a window, for example, that a thief breaks on his way into your apartment, but your landlord's insurance won't cover your stolen stereo or the antique desk he broke on his way out. To replace these things, you need renter's insurance.
Protect your belongings with renter's insurance today! >>
Renter's Insurance Choices
- Actual cash value renter's insurance – This policy covers the cost to replace your belongings, less the cost of depreciation and up to the amount specified in your policy.
- Replacement cost renter's insurance – This policy covers the cost to replace your belongings without subtracting any sum for depreciation. Limit of claim is specified in the policy.
What Does Renter's Insurance Cover?
The protection of renter's insurance is primarily for your possessions kept in the home or rooms that you rent. It also covers anything you own within that home. For example, if you installed your own cabinets in the bathroom or added a counter in the kitchen, you can have those things covered under your renter's insurance coverage as well. Basically, anything that you brought into the home you rent and that you intend to leave with is what can be covered by renter's insurance.
Renter's insurance also covers expenses when someone is injured by you or inside your home. This includes injuries that occur outside of your home but are caused by you, a member of your family, and even a pet. It also covers the court fees and lawyer fees if you are sued for damages.
Theft is not the only cause of loss or damage to personal possessions that is covered by renter's insurance. Other events and disasters (sometimes referred to as 'perils') that are covered by renter's insurance includes the following:
- Fire and smoke damage
- Lightning
- Vandalism and theft
- Explosions
- Windstorm and water damage resulting from broken water pipes, appliances, or other systems within the home
Renter's insurance will also cover expenses you incur if you are forced out of your home due to one of the events listed above. As with everything, there are limits to how much your insurance company will pay in any of these events. Study your policy and be sure that you are comfortable with those limits before you sign on.
To learn more about renters insurance, check out the Renters Insurance Basics section!
Home Insurance Basics is not an insurer and cannot issue home insurance policies. This site provides free information about home insurance policies and companies. The companies detailed have not endorsed or sponsored these pages. Products and services may not be available in all states.
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