What Renters Insurance Covers

Not all renters policies are the same. But in general, renters insurance can cover:

Personal property

Renters coverage can help you replace your belongings after a covered incident in your home, such as a fire or burglary. You may be surprised at how much everything in your apartment is worth when you add it all up. The average renter owns about $20,000 in personal property and is 25 percent more likely to be burglarized than someone who owns a home. Renters insurance can protect your belongings anywhere in the world, whether they’re stolen from the trunk of your car or your backpack in a Paris hostel.

Personal liability

If you’re sued because someone was hurt in your apartment or because you (or someone covered under your policy) accidentally injured someone, renters insurance can provide liability coverage for legal costs. The limits of personal liability coverage vary, so check to see what your limits are when you get a quote.

Medical payments

Your renters policy can also help cover medical payments up to a certain limit if a guest or visitor is injured on your property — though it generally doesn’t cover injuries to you or other household members.

Property damage to others

Rental insurance coverage for your apartment or house follows you wherever you go, so if you accidentally break or damage someone else’s property, your policy can help pay to replace it.

Additional living expenses

If you can’t stay at your place because of damage or another covered incident, home rental insurance can help you pay for a place to stay. Loss-of-use coverage, otherwise known as relocation expenses or additional living expenses, could help cover the cost of living expenses up to a certain limit.

Other renters coverage options

Disasters and incidents covered by your policy

Disasters strike in many forms, but they have one thing in common: unexpected costs. With renters insurance, you can mitigate your out-of-pocket expenses brought on by:

• Fire or lightning
• Windstorm or hail
• Explosions
• Smoke
• Vandalism
• Theft
• Burglary
• Falling objects
• Weight of ice, snow, or sleet
• Freezing
• Volcanic eruption

Flood damage vs. water damage: what’s covered by renters insurance?

Renters insurance generally does not cover flood damage. But if a pipe bursts in your apartment and water damages your cherished belongings, renters coverage would cover you up to your policy’s limits.

 

Managing your policy

What happens to my renters insurance policy if I move?

If you move, your policy can move with you. Simply contact your insurance company and your insurer will update your policy accordingly. If you move to a new state, your insurer will work with you to review your needs and assess rates and guidelines.

How many renters can I insure under one renters insurance policy?

This depends on the specifics of your policy. In general, when you get a renters insurance quote, you’ll have the option of adding another person to your policy. However, it’s recommended that, unless you’re married or related to your roommate, each person obtain individual coverage.