5 Things to Know About Renters Insurance

Last updated on January 14, 2023 / By 

1. What is renters insurance?

Renters insurance is a type of insurance that covers the personal belongings of a tenant in the event of damage or loss. It also provides liability coverage in the event that someone is injured on the rental property and sues the tenant for damages. Renters insurance is different from homeowners insurance, which covers the structure of a home and the personal belongings of the homeowner.

2. Why do I need renters insurance?

As a tenant, you are responsible for protecting your personal belongings from damage or loss. Renters insurance can help cover the cost of replacing these belongings if they are damaged or destroyed by a covered event, such as a fire or burglary. Renters insurance can also provide liability coverage in the event that someone is injured on the rental property and sues the tenant for damages.

3. What does renters insurance cover?

Renters insurance typically covers the personal belongings of the tenant, including furniture, clothing, electronics, and other personal items. It may also cover additional living expenses if the rental property becomes uninhabitable due to a covered event, such as a fire. Renters insurance typically does not cover the structure of the rental property or any damages to the property itself.

4. How much does renters insurance cost?

The cost of renters insurance varies based on a number of factors, including the value of the tenant’s personal belongings, the location of the rental property, and the deductible chosen by the tenant. On average, renters insurance can cost anywhere from $10 to $30 per month.

5. Is renters insurance required by law?

Renters insurance is not typically required by law, but some landlords may require tenants to have renters insurance as a condition of the lease. Even if it is not required, it is a good idea for tenants to consider getting renters insurance to protect their personal belongings and to provide liability coverage.