Renter’s insurance is required by someone who is renting a home or an apartment. It will give you some liability in case you get sued. It will also insure your personal property against named perils such as fire, theft, and vandalism. Renter’s insurance also has what’s called “loss of use.” So if you can’t live in a rental property, if there’s a claim, the insurer will pay for you to live in a hotel.
Renters' Insurance We Provide
How we work
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Prices
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FREE!
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$60
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$55
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$60
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$120
One of the biggest reasons for landlords to require that tenants purchase renters insurance is to reduce their exposure to lawsuits. When a renter doesn’t have a renters policy, the landlord may be sought out in the event of an accident or loss.
Do I Need Renter’s Insurance?
Some Facts to Help You Decide
A landlord’s insurance covers the brick and mortar building that you live in. It won’t cover the loss of your electronics, furniture, jewelry, sports equipment, or collectibles regardless of who is at fault.
Some insurance companies offer one policy for multiple roommates. And while this may seem like the easiest thing to do, you could find yourself in a poor situation, especially if one roommate makes multiple claims and your rate goes up because of it. It’s always better to have your own policy.
Renter’s insurance covers accidents that happen in your apartment. A bite from a dog (or iguana!), if someone slips on your floor and breaks his nose, are covered by renter’s insurance. In those cases it would help pay their medical bills.
Another example – if a broken faucet floods your apartment, renter’s insurance would help you cover your losses. And it would also pay for the damages you caused to your neighbors.
If you put excess stuff in a self-storage unit that’s separate from your apartment, renter’s insurance will normally cover a portion of it. Ask our team how much coverage you will get. Most of the time, it’s about 10% of your total content coverage. As an example if you had $10,000 worth of content coverage, you’d expect to have $1,000 in storage unit coverage.
How much? You should have at least $100,000 in liability coverage, and if you live in a flood zone, you should buy flood coverage, too. Contents coverage depends on how much you own, so it will be different for everyone