What is Renters Insurance?

Renters insurance is designed to protect tenants from financial losses due to damage or loss of personal property. If you rent an apartment, condo, townhome, single-family home, or even a dorm, renters insurance is recommended for protecting your space and belongings in the event of a covered accident.

Renters insurance covers theft, water backup damage, certain natural disasters, bodily injuries, and more in a rented property.

Common Coverages Included in Renters Insurance

Personal Property

This includes furniture, clothing, electronics, appliances, and other personal belongings in your rental unit. If your personal property is damaged, destroyed, or stolen, your renters insurance can help cover the cost of replacing or repairing it.

Liability Coverage

This protects you in case you are found liable for causing damage to someone else's property or for injuring someone. For example, if you accidentally cause a fire in your home that damages your neighbor's property, your renters insurance can help cover the cost of repairing or replacing the damaged property.

Additional Living Expenses

If your rental unit becomes uninhabitable due to a covered loss, your renters insurance can help cover the cost of temporary housing and other living expenses, such as food and laundry.

It is important to note that renters insurance does not typically cover damage caused by floods, earthquakes, or other natural disasters. However, you can purchase additional coverage for these types of events if you live in an area that is prone to them. It is also important to read your policy carefully to understand the specific coverage and limits provided by your renters insurance.