Renters Insurance

What is Renters Insurance?

Renters insurance enables you to replace what is damaged or stolen.

Renters insurance covers your possessions against losses due to fire or smoke, lightning, vandalism, theft, explosion, windstorm, and water damage from plumbing.

Renters insurance does not cover floods, earthquakes, or routine wear and tear. You can however, buy separate policies for flood and earthquake damage.

Do I Need Renters Insurance?

If you are forced out of your home due to a disaster, your additional living expenses will be covered.

Renters insurance pays the reasonable additional costs of temporarily living away from your home if you’re unable to live in it due to fire, severe storm, or other insured disaster. It covers hotel bills, temporary rentals, restaurant meals, and other living expenses incurred while your home is being restored. Coverage for additional living expenses differs from company to company.

Renters insurance also covers your responsibility to the other people injured at your home or elsewhere by you, a family member or your pet and will pay your legal defense costs should you be taken to court.

If you rent your living space, you’ll need insurance to protect your belongings. While your landlord might have insurance, it only protects the physical building. Your belongings are not covered under those policies.

How Much Insurance Do I Need?

Calculate the cost of everything that you would want to replace if it were damaged or stolen. This can also serve as the basis for an inventory that will make filing a claim easier. For inventory purposes you should record model numbers, dates, and places of purchase. Be sure to take photos or video of these items and place a copy of the inventory in a safe place away from your home.

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