FAQs
Renters insurance protects your personal property in a rented apartment, condo or home from unexpected circ*mstances such as theft, a fire or sewer backup damage – and will pay you for lost or damaged possessions. It can also help protect you from liability if someone is injured on your property.
What are the three major parts of a renter's insurance policy? ›
Renters insurance has three basic coverage components: personal possessions, liability, and additional living expenses.
What are the four steps in figuring out how much renters insurance you should have? ›
In order to estimate how much renters insurance you need and calculate how much it will cost, you'll need to consider four things: The value of your personal property, how much liability coverage you need, where you live, and any other extra coverages you might want to add based on your circ*mstances.
What things does renters insurance not cover? ›
Your personal property, personal liability, additional living expenses, and guest medical expenses are usually covered under your renters insurance. It typically does not cover earthquakes, floods, bedbugs, mold, or damage to the exterior of the building.
What are the 4 parts of coverage for renters insurance? ›
Renters insurance covers you, your liability, and your belongings in the event of a covered loss. Renters insurance coverage is broken down into four coverage types: personal property coverage, personal liability, additional living expenses and medical payments insurance.
What are the 3 things renters insurance provides you with and what purpose does each of them have? ›
Renters insurance covers personal property, personal liability, medical payments and additional living expenses or loss of use, up to the limits of your policy. Learn more about what renters insurance covers and the types of renters insurance coverages.
What is the most common renters insurance? ›
The typical renters insurance policy offers $100,000 in liability coverage. For renters, this amount is often sufficient. However, if you entertain company frequently at your home or if your assets exceed your limit, you should consider a coverage amount equal to at least the total value of your assets.
Why is renters insurance important? ›
Renters insurance can help you repair or replace property after loss due to many types of damage or theft. It can also provide coverage for an accident at your residence. Policies usually have very affordable annual premiums. Note that your landlord's property insurance doesn't cover your belongings.
What is the most common deductible for renters insurance? ›
You'll choose your deductible when you buy a renters insurance policy. A higher deductible means your claims will cost you less money out of pocket. Typically, renters insurance deductibles are $500 or $1,000, but companies often provide a range of options.
What does renters insurance include coverage for? ›
Renters insurance is an insurance policy that can cover theft, water backup damage, certain natural disasters, bodily injuries and more in a rented property. If you rent an apartment, home or even a dorm, renters insurance is recommended for protecting your space and belongings in the event of a covered accident.
According to the Investopedia article mentioned above, most renters insurance policies cover personal items, living expenses, and liability insurance (typically from $100,000 to $300,000 in damages).
What factors determine the cost of a person's rental insurance? ›
The cost of renters insurance depends on several factors like your location, policy deductible, total amount of coverage, and insurance carrier. Renters insurance not only pays for damage to or loss of your personal property, but it also includes personal liability, medical payments, and loss of use coverage.
Does renters insurance cover a broken window? ›
Renters insurance will not cover a broken window in your own residence, but the personal liability coverage in your policy will cover damage to someone else's window if it's determined you're the liable party.
Does renters insurance cover moving costs? ›
Unless you're moving to relocate while your rental home is repaired due to a peril covered by your renters insurance policy, the cost of your move is not covered either. Licensed moving companies usually offer coverage for damage while they have your stuff. Third-party moving insurance is also available.
What are the two main sections of a renters insurance policy? ›
Renters insurance typically includes coverage for personal property, liability, and additional living expenses. However, it's essential to understand the policy's exclusions, which may vary from one insurance provider to another.
What is liability coverage in renters insurance and why is it important for renters? ›
Personal liability coverage is part of a standard renters insurance policy. It may help pay for another person's medical bills or repairs to their property if you're found legally responsible for their injuries or property damage.
Does renters insurance cover pet damage? ›
Renters insurance may cover pet damage as part of your policy's liability coverage. This may help protect your finances if your pet injures someone else or damages their property. However, renters insurance won't cover damage to your own property that's caused by your pet.
What is the difference between renters insurance and homeowners insurance? ›
Homeowners insurance covers the actual building you live in (and associated structures such as garages). With renter's insurance, the landlord will be expected to have coverage on the building, while your insurance will cover your personal property.
How does renters insurance work with roommates? ›
If you're moving in with a friend, you may be wondering how renters insurance with roommates works. Unless your roommate's name is listed on your policy, they won't be covered under your renters insurance.