2024-01-01 · personal, property

Renters Coverage

Overview

Renters insurance protects your personal belongings and provides liability coverage if someone is injured in your rental. It can also cover additional living expenses if your unit becomes uninhabitable after a covered loss.

What renters insurance typically covers

• Personal property: furniture, electronics, clothing, and valuables.
• Liability: legal costs and damages for covered injuries or property damage.
• Loss of use: temporary housing and meals after a covered loss.

Common exclusions and limitations

• Floods and earthquakes: typically excluded without endorsements.
• High-value items: jewelry or collectibles may require scheduled coverage.
• Roommate property: usually not covered unless listed on the policy.

Replacement cost vs. actual cash value

• Replacement cost: pays to replace items with new equivalents.
• Actual cash value: pays current value after depreciation.

How to choose coverage

1. Estimate your property value with a quick home inventory.
2. Select liability limits high enough to protect savings and income.
3. Add endorsements for valuables or specific risks.

Ways to lower premiums

• Bundle with auto insurance.
• Install safety devices like smoke alarms or deadbolts.
• Choose a higher deductible if you can afford it.

Frequently asked questions

Does renters insurance cover my roommate? No, each renter should have their own policy unless explicitly added.

Is renters insurance required? Some landlords require it, but it’s valuable even when optional.