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You may not realize how valuable renter’s insurance is, until you find everything you own destroyed. Many landlords require tenants to carry rental insurance to protect themselves. While this may seem like an added unnecessary expense, or a superfluous insurance policy, you may be surprised at exactly what your renter’s insurance policy covers. Renter’s insurance is a relatively inexpensive form of insurance and provides a lot of coverage for personal property, damage, and catastrophe.

What is Renters Insurance?

So, Exactly What Does Renters Insurance Cover?Similar to homeowners insurance, renters insurance is essential if you are renting a house, condo, or apartment. In some areas, renter’s insurance is also known as home contents insurance because that is what it covers.

What is Covered?

Renter’s insurance covers exactly what you own, and nothing you don’t. When you rent an apartment, you do not own the building, and you do not own your apartment, you only own the contents inside of your apartment. Most policies will cover you against a specific number of situations including: fire, smoke, theft, vandalism, storms, hail, snow, ice, water damage, faulty appliances, electrical problems, etc. When something occurs that damages your property, your renter’s policy will cover the costs.

Living Costs

In the event that fire, flood, or other damage prevents you from living in your building rental insurance can pay your costs of living including hotel bills/additional rent, plus meals and other living expenses where necessary. These are all commonly included on general renter’s insurance policies.

Liability Insurance

In addition to coverage for personal belongings, renters insurance also covers personal liability relating to injury sustained by anyone who is injured at your address. Liability insurance protects you in the event anyone brings a lawsuit against you for damage or injury.

Additional Coverage

If you have particularly valuable possessions, they may need to be insured separately. In addition, you may need protection from other types of damage. You can opt to take out supplemental coverage for these in the form of a rider on the policy for a small additional cost.

Isn’t This My Landlord’s Responsibility?

The Landlord is responsible for insuring the building or home itself, you have no liability if the building burns down, is flooded, vandalized, or destroyed, but you are responsible for insuring your own possessions against the same.


By Matt Reynolds - Google+
Posted 7:00 AM  View Comments

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Claude Reynolds Insurance Agency Inc.
6801 Dixie Hwy Suite 232
Louisville, KY 40258
Phone: 502-933-2255
Fax: 502-933-5057
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