Renters insurance is a policy designed for people who don't own their own home. It covers your personal belongings in case of disaster and pays out if you're found at fault for injuries or property damage to others. A standard renters policy includes four types of coverage. Covers your clothing, furniture, electronics and other belongings.
Pays for hotel stays, restaurant meals or other expenses if you have to live elsewhere while your home undergoes covered repairs. Pays out if you're responsible for injuries to other people or damage to their property. Covers injuries to other people in your home, regardless of fault. Most renters insurance reimburses you for the loss of items such as clothing, smartphones and other personal belongings due to 16 specific events:.
Accidental discharge of water or steam from within certain household systems or appliances. Sudden and accidental tearing apart, cracking, burning or bulging of certain household systems. Freezing of certain household systems or appliances. Certain sudden, accidental damage from artificially generated electric currents. So if your bike is stolen outside a store, your renters insurance policy will cover you — with a couple of caveats.
First, your deductible will apply. How it works: Lightning hits your apartment building and starts a fire that burns through your living room. Your renters policy will pay for your damaged belongings, including things like your couch and TV, minus your deductible. If you can't live in your home after a disaster covered by your policy, renters insurance coverage generally pays for you to live elsewhere during repairs.
It can cover expenses like hotel bills, restaurant meals and other costs above what you would normally pay. How it works: After the fire in your living room, you need to move out for a couple of weeks while your apartment is cleaned up and fixed. Your insurance company can help pay for your motel stay. It can also cover the cost difference between making your own meals as you normally do at home and eating out every night as you do while you're living at the motel.
If someone is injured in your rental and sues you, a lawsuit could wreck your finances for years. One exception: If you injure someone in a car accident, your auto policy would handle the expenses.
Renters liability insurance also covers damage you and your family accidentally do to others' belongings. Your renters policy may pay out if your dog bites someone. However, some insurers exclude dog bites or certain breeds from renters policies.
Renters insurance typically covers legal representation in a lawsuit and any money awarded to the other party. How it works: You start filling your tub for a bath, then get distracted by an argument between your kids. By the time you get things settled down, your tub has overflowed.
The water seeps through the ceiling, ruining a leather sofa in the apartment below. Your downstairs neighbor sues you. Like liability insurance, this coverage pays out if someone is injured on your property. What's the difference? Liability coverage also tends to have much higher limits. How it works: A visiting friend trips over your son's toy truck and lands on her wrist. Luckily it's just a sprain, but your medical payments coverage can reimburse her for her X-ray and urgent care appointment.
In addition to the standard coverage listed above, you can usually pay a little extra to customize your policy with endorsements that add more coverage. Here are a few of the most common. To get coverage for items that are worth more than this limit, you may want to add a scheduled personal property endorsement.
Your insurance company will likely ask you to get it professionally appraised and then add separate coverage for the ring onto your policy for an extra cost. Some insurance companies offer optional coverage for expenses associated with identity theft. This may include credit monitoring services, coverage for legal fees and help replacing your documents. Every insurance policy has exclusions, and renters insurance is no exception.
Family life Getting married Budgeting your money Having children Furry friends. Planning for retirement Choosing a financial professional Retirement planning Investing resources Downsizing Income in retirement. Personal Business. Renters Coverages Discounts Claims. Get a quote. Resources Home. Enter your 5 or 9 digit ZIP Code. Continue a saved quote » Find an agent ». How does renters insurance work? Replacement Cost coverage covers the cost it takes to replace the items lost or damaged.
What does renters insurance cover? A renters insurance policy offers you coverage for the loss or destruction of your personal belongings in the event of a covered peril such as: Fire Lightning Windstorm Hail A frozen plumbing system Theft Vandalism Impact by a vehicle Renters insurance may also cover you if: You are forced to temporarily move out of your home: In the event your home becomes unlivable due to damage caused by a covered instance such as a fire or vandalism, renters insurance can help cover the cost of alternative living arrangements while your home is repaired or rebuilt.
A person is injured on your property and requires medical attention: Personal liability coverage is designed to protect you, as well as other individuals who visit your home, if an accident were to occur. This type of coverage will help pay for medical costs and legal fees that you could end up incurring.
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Existing policyholder? What is renters insurance? What type of damage does renters insurance cover? What items are covered by renters insurance? Commonly covered items include: Electronics and appliances television, computer, etc.
How much does renters insurance cost? Bundle and save with renters and auto insurance. Home Security Systems. Sprinklers or Smoke Alarms.
Managing your renters insurance policy is easy.
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