Some renters wonder, "Why do you need renters insurance?" After all, landlords should have property insurance, and therefore the renter is covered, right? False. While most landlords do have property insurance that covers an apartment or condo, that insurance covers only the physical structure of the building, not any of the tenant belongings inside. In order to protect your belongings from damage, accident or certain natural disasters, you must take out a renters insurance policy.
Cost
Renters may fear that a renters insurance policy will be expensive, but most companies offer policies that start at around $15 per month. Of course, if you have lots of valuable possessions, it's worth it to get a more comprehensive plan that may cost a bit more. Depending on the amount of coverage, the deductible and other factors, the cost of the plan can vary from renter to renter.
Coverage
Renters insurance covers your personal items in the event of damage from a variety of events. If your belongings encounter smoke, broken water lines, electric surges, vehicle damage, vandalism, windstorms or an explosion, the renters insurance provider will work with you to replace or repair the items. Even water damage from a neighboring apartment is covered by renters insurance. However, there are some restrictions on what renters insurance will cover. Generally, natural disasters like tornados, earthquakes and flooding are not covered, although most insurance companies offer additional coverage for these situations for an increased price.
Liability Protection
In addition to covering damage to possessions, a renter insurance policy will also cover liability for any accidents that happen in or around your rental property. It will protect you from a lawsuit should anyone injure himself with your personal property.
For example, if someone twists an ankle on the wet bathroom floor, the renter is responsible for covering the treatment for the injury. The policy will usually cover the medical payments for the injured person, up to a certain amount. This amount can be high or low, depending on the particular policy.
 | While renters insurance is not considered one of the more expensive insurances, there are ways to adjust how much premium you pay. Insurance coverage for renters is designed to cover your belongings and possessions when you reside in a rental property. |
 | When you want to protect your own possessions within a rental property in the event of fire, theft or natural disasters, you should look into apartment renters insurance coverage for renters. Investigate what it takes to get renters insurance, including how much coverage you need. |
 | Most insurance companies will encourage renter's insurance for anyone who rents. Insurance coverage for renters is similar to homeowner's insurance, providing coverage for those who rent rather than own their homes. Learn more about insurance coverage for renters and how to save on premiums. |
Obtaining renter insurance is a good idea, regardless of how many possessions you have. Rental insurance will not only cover all your personal property, but it will also cover you in the event of any personal injuries to you or any guests while you are living in the rental. |
Does renters insurance cover moving? Some policies will insure the items for a certain time period, but you'll need to read the fine print on your individual policy. |
