What Does Renters Insurance Cover? - Nationwide (2024)

FAQs

What does renters insurance include coverage for? ›

Renters insurance covers personal property, personal liability, medical payments and additional living expenses or loss of use, up to the limits of your policy.

Standard renters insurance will likely only cover situations listed in your policy, like fire, theft, and vandalism. Natural disasters, like floods and earthquakes, are generally excluded, though you may be able to add extra protection for an additional cost.

What's Not Covered. Unfortunately, renters insurance does not cover all losses. For example, it does not cover natural disasters that aren't specifically listed in your policy, such as floods and earthquakes. Renters insurance does not cover losses related to a personal business either.

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.

Renters insurance has three basic coverage components: personal possessions, liability, and additional living expenses.

Broken Windows in Your Home

Renters insurance will not cover a broken window in your own residence. Renters insurance only covers your personal property, not the home. Damage to the physical structure of the building you live in, which includes a broken window, is covered by your landlord insurance.

Renters insurance can cover all sorts of electronics, including video game consoles, TVs, and computers. That means that your policy may help pay to repair or replace your tech in certain situations, like if they're stolen or damaged by a fire. In insurance speak, these scenarios are referred to as covered perils.

Typically, your renter's policy will not cover your hotel due to your air conditioner being out. A broken AC is not considered the loss of use of the dwelling (home) — they typically only pay for other accommodations when the entire dwelling is uninhabitable.

How does a renters insurance deductible work? ›

How does a deductible work for renters insurance? Renters insurance deductibles are applied the same way as homeowners and condo insurance deductibles. If you file a claim on a covered loss, your insurer will pay you the amount above your deductible, up to your policy's limit.

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.

If you notice mold after moving in, your renters insurance policy may not cover the damage or removal, but your landlord or rental company may be liable. If your apartment or rental house is damaged from outside flooding that causes mold, your renters policy typically won't cover the damage.

Moving insurance covers losses or damage to your possessions during a move. Because moving puts your possessions at risk of damage and theft, a moving insurance policy can help reimburse you for any mishaps during the moving process.

Whether it's through savings, using a personal loan, credit card or asking your employer for relocation assistance, there are ways to cover the expenses of a move without breaking the bank. However, it's important to carefully evaluate each option and understand the full cost of each.

Renters insurance is an insurance policy that can cover theft, water backup damage, certain natural disasters, bodily injuries and more in a rented property.

The average price of renters insurance in Maryland is $194, which is a little less than $16.17 per month.

Some location-based factors that impact renters insurance rates can include: The rate of crimes, especially theft, in your ZIP code. The weather and climate in your area, since locations prone to fires, storms and hurricanes are riskier. The age and condition of the property you live in.