Renter's Insurance

Why do I need Renter’s Insurance?

You rent the house or apartment where you live, so why would you need insurance? Isn't that just for homeowners?

The homeowner’s or commercial property insurance policy that covers the physical dwelling you live in does not cover your possessions inside of the building. A renter’s insurance policy (also known as a tenant’s policy) provides protection for your personal property, such as furniture or electronic equipment, in case of perils like fire, theft, wind or smoke damage.

Renter’s insurance provides liability protection.  Unintentional bodily injury or property damage that you cause to others could be as financially damaging to you as a fire in your apartment. Liability protection against accidental occurrences (such as a visitor slipping on your wet kitchen floor and breaking an arm) comes standard with renter’s insurance policies.

Renter’s insurance is inexpensive. Compared to the amount of property you could stand to lose in the event of a severe loss at your residence, renter’s insurance is cheap.

Whether you rent an apartment or a home, renter’s insurance is an important means of protecting yourself from financial hardship.

Renter’s policies provide "named peril" coverage, meaning the policy states specifically what you are insured against.

Some of the named perils are:

• Fire or Lightning
• Windstorm
• Smoke
• Vandalism or Malicious Mischief
• Theft
• Accidental Discharge of Water

 Nine other common loss types are included in tenant’s insurance policies.

Your coverage will include liability protection, which covers damages as a result of unintentional bodily injury or property damage to another person. If necessary, a renter’s insurance policy may even pay for your legal defense in these circumstances.

Your renter’s liability coverage also includes Medical Payments coverage, which pays for medical expenses of nonresidents—someone who doesn't live at the rental property you've insured.

Renter's Insurance Coverages

Personal Property Coverage:  This coverage provides worldwide coverage for personal property owned or used by the insured.

Loss of Use:  This coverage is available when you cannot live in your home due to a covered loss. It pays living expenses which go over and above your normal living expenses up to the limit provided in your policy.

Liability/Coverage:  If someone is accidentally injured or dies on or off your property, and it is caused by you, a family member or pet, this coverage pays claims against you for legal responsibility. (Does not include automobile or business liability.)

Medical Payments:  Your policy will cover actual medical expenses for accidental injury to others (except your household residents) caused by you, family members or your pets -- on your premises or elsewhere -- regardless of legal liability.

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