Who Does Renters Insurance Cover (2024)

FAQs

What is typically not covered by renters insurance? ›

Flooding, earthquakes and sinkholes are all examples of natural disasters that are not covered by a typical renters insurance policy.

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

If you decide to have individual renters insurance policies, be aware that coverage from your policy doesn't usually extend to your roommate's possessions. Therefore, while having your own renters insurance policy may satisfy lease requirements, it won't extend coverage to everyone in the home.

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.

Typically, renters insurance provides four types of coverage: personal property coverage, renters liability insurance, guest medical expenses, and additional living expenses. Personal property or personal belongings coverage is what most people think of when it comes to renters insurance.

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.

Renter's insurance provides coverage for your personal belongings, whether in your home, car or with you while you're on vacation. In addition, renter's insurance provides liability coverage in case someone is injured in your home or if you accidentally cause injury to someone.

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.

Renters insurance can cover the food in your fridge

But before you start to make a new shopping list (and ideally after you've cleaned up the evidence), check in with your insurance agent: Food spoiled because of a power outage or failed appliance should be covered as personal property.

Does each roommate need renters insurance? Many insurance companies will require roommates to have their own separate renters insurance policy rather than allowing roommates to be on a policy together. If your landlord doesn't mandate renters insurance, you and your roommates aren't required to carry a policy.

Should I add roommates to renters insurance? ›

Yes, if you're renting, you need renters insurance. And each roommate should have their own policy. This way everyone's stuff is protected and you don't have to worry about adding an extra layer of complexity to your coverage.

There are also some exceptions, such as if the theft was perpetrated by a roommate, in which case your stolen property will not be covered. Typically, you have to pay a deductible (amount of expenses out of pocket) before you can file a theft claim and have your insurance kick in.

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.

Proof of insurance is a document that shows your landlord, lender, or other individual that you actually have renters or home insurance.

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.

Certain natural disasters, including earthquakes and sinkholes, are also typically not covered by standard property insurance, regardless of whether you rent or own. Floods typically aren't covered, even when they result from another covered event such as a severe rainstorm.

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.

Homeowners, renters, and condominium insurance policies do not cover damage from natural disasters such as earthquakes, floods, and landslides.