Customer Friendly Renters’ Insurance Coverage


Many renters are under the mistaken impression that they only need insurance coverage if they own their own home. They are even more misled if they think that their landlord will take responsibility for paying them in the event of some loss-causing event to their own property. The importance of good renters insurance can hardly be overstated.

Who Needs It?

Renters are encouraged to look into the options available for financial protection and this includes renter’s insurance protection. The fact is a landlord’s own policy will not protect renters in cases of theft, vandalism, flooding, or fire. While certainly a landlord will have his or her own protection, this type of policy will only cover the landlord’s personally owned items and the structure of the building in which you have a rental unit. It will not, in the vast majority of cases, protect the renter’s personal belongings or much of the interior of a unit. Renters insurance is a surprisingly cost-effective choice for protecting personal items and extending valuable liability protection to the renter.

How It Functions

Renter’s insurance gives financial protection for tenants living in apartments, condos, townhomes and single family homes and covers much that a typical homeowner’s policy will also protect, like wardrobe and appliances, electronic items, computers, collectibles, furniture and more. With renter coverage, your personal items will be protected from fire, theft, vandalism, and some forms of water damage.
This kind of policy also can give a renter significant protection from accidental damage inflicted upon someone else’s property and can give one protection from litigation arising from an injury that happens while someone is visiting your rental home. With good renter’s coverage, you will be protected if, for instance, water floods the kitchen floor and then damages the unit below, if a person slips in your unit and breaks a bone and sues you, if a burglar gains entry into your home and steals your belongings, and so on.
A renter’s policy will even pay you for living elsewhere while covered damages to your unit are being corrected, ( if they render your home unlivable during the work).

Coverage Levels

Personal items are usually more valuable than many renters might think. The usual renter has between $20K and $30K worth of belongings and it is important to keep in mind that none of it is protected under a normal landlord’s policy. Renters are advised to list an inventory of belongings. It is often considered wise to choose a “”replacement value”” policy that will compensate for the full replacement of items if a renter’s belongings are damaged. This is an alternative to the “”fair market value”” option. In this case the damaged or stolen items are often paid for at a lower rate.

Big Benefits

A renter can obtain protections potentially worth many thousands of dollars when buying coverage. This coverage often ends up being just a dollar a day on average. Protect your vulnerable personal property from damages or theft by taking that first step in contacting an insurance professional today for your renter insurance quote.