Renters Insurance
Anyone renting an apartment, condo or other living space should consider getting renters insurance. Even if your landlord has insurance, it doesn’t necessarily include financial protection for you. Typically, a landlord’s insurance only covers damage to the building’s structure. On the other hand, renters insurance may financially safeguard your belongings against covered incidents such as fire, smoke, lightning, vandalism and theft.
What Does Renters Insurance Cover?
Policy details vary per policyholder, but most standard renters insurance policies offer the following coverages:
- Personal property protection may cover your belongings against damage from events such as fire, smoke, lightning, vandalism, theft and water damage (excluding flooding). This coverage extends beyond your home and may cover property stolen from your car or if it’s lost or damaged anywhere you may be.
- Liability coverage may provide financial assistance if you are responsible for injury or property damage to others. This includes incidents like someone slipping and injuring themselves at your party. Liability coverage may also help with legal defense costs and judgments in a lawsuit, whether the incident happens in your rented home or elsewhere.
- Medical payments coverage may compensate for health care costs if someone is injured while in your home, regardless of who was at fault.
- Loss-of-use coverage may help pay for storage, hotel accommodations and restaurant meals if a covered incident makes your home temporarily uninhabitable.
How Much Does Renters Insurance Cost?
Insurance companies offer different deductibles, coverages and rates. However, the following are some common factors that can impact your cost:
- Your rental’s location
- Your deductible
- Your claims history
- The actual amount of coverage you purchase
Learn More
The agents at Action Plus Insurance offer expert renters insurance advice. Contact us today for more details and get a free renters insurance quote.