Renters Coverage

Renters Insurance Coverage – The Facts:

Renters usually think they do not have enough stuff to warrant a renters insurance policy. This is a misperception. The average renter owns about $20,000 in personal property and is 25 percent more likely to be burglarized than someone who owns a home. The best part is that renters coverage protects your belongings anywhere in the world — whether they’re stolen from the trunk of your car or out of your backpack on your vacation.

Most renters think they are covered by their landlord insurance. Occasionally, a landlord may partner with an insurance company to offer renters insurance to tenants, but more frequently, the insurance policies that landlords hold only protect the building itself. If you’re sued because someone was hurt in your apartment or because you (or someone covered under your policy) accidentally injured someone, renters insurance can provide liability coverage for legal costs. The limits of personal liability coverage vary, so check to see what your limits are when getting a quote.

Unlike car insurance or a typical homeowners insurance policy, a renters insurance plan is not a large additional monthly cost. For less than about $20 a month, all your personal property can be protected.

What Renters Insurance Typically Does Not Cover

Flood and earthquake insurance aren’t included in a standard renters policy. If you live in areas prone to floods or earthquakes, ask your agent about the cost of adding these coverages.