Renter Insurance

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Renters’ insurance, often called tenants’ insurance, is an insurance policy that provides some of the benefits of homeowners’ insurance, but does not include coverage for the dwelling, or structure, with the exception of small alterations that a tenant makes to the structure.

Increasingly, proof of renter’s insurance is required by many landlords. Personal belongings within a rented property are typically not covered under the owner’s or landlord’s property insurance.

For example, if a flood or fire destroys all the personal property within a rented apartment, the structure would be covered under the landlord’s policy, but the personal property would only be covered through a renter’s insurance policy. Without this coverage, the tenant would be responsible for the loss out of pocket.

If you’re a tenant, purchasing a renters insurance policy is almost always worth it, even if it’s not required by your landlord. For an affordable price, renters insurance will protect you against catastrophic damage to your property and potential legal liabilities.

In general, renter’s insurance offers three types of financial protection:2

Coverage for personal possessions
Loss of Use or Additional Living Expenses
Liability protection
Medical Payments

You can choose between replacement cost or actual cash value (ACV). ACV policies pay only for what an item was worth at the time it was damaged or destroyed. Replacement cost coverage costs more, but it will provide a payout large enough to buy a new item to replace the old one at the current full retail price.

Some possessions should have special coverage called a floater including, but not limited too, guns, jewelry, business property, or fine arts.

Renters insurance does not cover personal property damages caused by flooding, earthquakes, and even sinkholes aren’t covered under renters insurance policies. … Other exceptions : While renters insurance may cover losses to items stolen from your car, it won’t cover your vehicle; that’s what your auto insurance is for.