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Return To: Renters Insurance – The Ultimate Guide

Renters insurance, sometimes called home and contents insurance, covers your belongings when you live in a rental property. 

The property itself is covered by the landlord’s insurance, but everything inside is your responsibility.  

The real question is, is renter’s insurance really necessary?  

This resource isn’t meant to be an exhaustive list of why you may or may not need insurance, instead…this will just look at renters insurance basics!

Renters Contents aka Your Stuff  

Renters insurance covers all of your belongings in the event of a fire, smoke damage, theft, catastrophic weather events, vandalism, and water damage. 

It will even cover your belongings while they are off the premises, like in your car or if you are traveling.  

If you have a computer, you know how valuable that piece of machinery can be. Most renters insurance offers a standard payout, often replacement value, if your computer is stolen or damaged.  

Other special items such as jewelry, silverware, firearms, business personal property and almost anything you want to insure can be covered with a special endorsement as well.

Make sure that you ask for replacement cost coverage for your contents! This will change your personal property coverage from Actual Cash Value (market value less depreciation) to a settlement option that should fully cover costs to replace your stuff.

Personal Liability

Over the course of your rental life, you will have company and visitors.  

In the event of an injury obtained on your premises, your renter’s insurance will cover your liability, typically $100,000 to $500,000, for their injuries. 

Higher amounts can also be purchased.  The coverage will pay their medical bills, lawyer fees and settlements as well.

Renters Loss Of Use 

In the event of a covered catastrophic event, like a fire, renters insurance will pay for the loss of use of your apartment as well as any additional living expenses you may incur..  

You can receive payment to stay in a hotel or other place while your apartment is being repaired. This includes smoke damage from a neighboring fire.

Obtaining a quote for renters insurance is easy. Most policies can be obtained for as little as a dollar a day.  That’s a small price to pay for peace of mind and all your belongings replaced.  Contact an ALLCHOICE Insurance Agent to get your quote today.

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