If you rent a house or an apartment, your landlord’s insurance only covers the cost to repair the building if there is a fire or other disaster. Your property losses, as well as your liability risks, are not covered. And your landlord’s insurance will not be there for you in the event of a theft, either. Clothing, electronics, jewelry, and other valuables are the types of items most frequently listed on renters’ loss claims.
Renters insurance can help you to protect what’s yours. It covers valuables inside your home and out, can pay for additional living expenses if something happens to your place, and covers injured guests’ medical payments. If you’re renting a house, apartment, or a condo, a renters policy provides added protection and peace of mind for your personal property.
What does renters insurance cover?
Renters insurance can help you cover personal property items like computers, furniture, electronics, bikes, etc. Depending on your valuables, some important coverage options to consider include:
- Theft coverage – This is essential coverage; it provides protection if your personal property is stolen.
- Replacement cost coverage – Replacement cost coverage pays to completely replace lost items, regardless of the current value. You need this as a safeguard against depreciation in the value of your personal property.
- Cash settlement option – Choose to receive a cash settlement, with no requirement to repair or replace the item.
- Valuable articles coverage – Family heirlooms and valuable collections deserve special coverage, and you may need valuable articles coverage to properly protect your jewelry, art, collectibles, antiques, and memorabilia.
- Personal liability coverage – Protect yourself and your finances if you are sued for causing accidental bodily injury or damage to the property of others.