Why do I need Renter's Insurance? You rent the house or apartment where you live, so why would you need insurance? Isn't that just for homeowners?

Your landlord's policy will not cover your personal property. The homeowner's or commercial property insurance policy that covers the physical dwelling you live in does not cover your possessions inside of the building. A renter's insurance policy (also known as a tenant's policy) provides protection for your personal property, such as furniture or electronic equipment, in case of perils like fire, theft or wind damage from a hurricane.

Renter's insurance provides liability protection. Unintentional bodily injury or property damage that you cause to others could be as financially damaging to you as a fire in your apartment. Liability protection against accidental occurrences (such as a visitor slipping on your wet kitchen floor and breaking an arm) comes standard with renter's insurance policies.

Renter's insurance is inexpensive. Compared to the amount of property you could stand to lose in the event of a severe loss at your residence, renter's insurance is cheap. Follow the link at the bottom of the page for an online renter's insurance rate quote, and see for yourself how reasonable this coverage can be. Whether you rent an apartment or a home, renter's insurance is an important means of protecting yourself from financial hardship.

What does Renter's Insurance cover? Renter's policies provide "named peril" coverage, meaning the policy states specifically what you are insured against:

  • Fire or Lightning

  • Windstorm

  • Smoke

  • Vandalism or Malicious Mischief

  • Theft

  • Accidental Discharge of Water

Nine other common loss types are included in tenant's insurance policies. Your coverage will include liability protection, which covers damages as a result of unintentional bodily injury or property damage to another person. If necessary, a renter's insurance policy may even pay for your legal defense in these circumstances. Your renter's liability coverage also includes Medical Payments coverage, which pays for medical expenses of nonresidents—someone who doesn't live at the rental property you've insured.

There are many Insurance companies offering Renter's Policies. Fill out an application now and a local agent will contact you with rates.

Do you own a home? Do you already have Homeowner's Insurance? Talk to your agent in the event of a loss. There is a chance your existing coverage, (or your parents if you are a student) could cover your loss. The homeowners' policy that you purchase determines which perils you are insured against. Most homeowner's policies are written under the HO-3 contract form. Form numbers are standardized in the insurance industry. So if you purchase HO-3 insurance, you'll get the same coverage regardless of your insurance provider. The HO-3 contract form provides coverage for the following:

  • Broad coverage for your dwelling.

    Damage to your dwelling from most causes is covered unless it is specifically excluded.

  • Damage to your personal property for "named perils" only.

    Your personal property is covered only against the perils specified in the contract.

  • Limited coverage for jewelry that is stolen.

    Coverage is usually $500 to $2,000, depending on your state of residence. Most policies don't cover jewelry that is lost.

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