Renters Insurance

Renters’ insurance is an insurance policy that offers many of the same benefits as homeowners’ insurance but tailored specifically for tenants. This policy includes liability insurance, which protects you if someone is injured on your property and you are found responsible. It also covers your personal belongings, such as furniture, electronics, clothing, and more, against named perils like:

• Fire
• Theft
• Vandalism

However, renters’ insurance does not cover the dwelling or the structure itself. The property owner or landlord is responsible for insuring the building. The only exception is if a tenant makes small alterations to the structure, such as installing shelves or painting walls. These alterations may be covered depending on the policy.

The amount of renters’ insurance you need depends on the value of your personal property and your unique situation. To determine the right amount of coverage, consider asking yourself these key questions:

• How much are my belongings worth?
  Take inventory of your possessions and estimate their value. This will help you determine how much coverage you need for your personal items.

• Could I afford to replace everything if it were destroyed?
  Imagine a scenario where everything you own is lost in a fire or stolen. Would you be able to replace it all without financial strain? Renters’ insurance ensures you have the funds to do so.

• What would I do in the event of a liability lawsuit against me?
  Liability insurance protects you if someone sues you for injuries that occur on your rental property. If you’re involved in an accident or a slip-and-fall incident, renters’ insurance can help cover legal fees and damages.