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About Renter's Insurance

Living in a rented apartment or home involves some risks. What if your valuables and personal belongings were damaged or destroyed in a fire or flood? What if you were burglarized? What if someone fell and sustained injuries?

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The owner of the apartment or home that you are renting may have taken out a homeowner's insurance. However, the policy does not cover a renter's personal property in the event of loss or damage.

For your own peace of mind, get yourself a renter's insurance. The coverage is designed for apartment and home renters. It will provide protection for your personal belongings, personal liability coverage and assistance in case your rented home or apartment was damaged or destroyed and becomes unlivable. The insurance policy applies whether you are at home or out for a vacation.

Some standard coverage of renter's insurance policies:

  • Loss of use. In the event that risks such as fire or flood damaged your rented house and made it unlivable, the policy will reimburse your living expenses which you incurred while living out of your rented place while it is being repaired.
  • Personal property. This coverage protects the property against stated risks identified in the policy, including personal contents.
  • Liability protection. Offers protection from lawsuits in the event that another person, outside of your family circle, slipped and sustained injury while on your premises.
  • Medical expenses. If someone was injured on your premises, he just sends his medical bills to the insurance company and he will be paid.

Here are some tips on how to buy a renter's insurance:

  • Find insurance companies that offer this type of insurance on telephone directories or the Internet.
  • Contact a prospective insurance agent and ask about terms of standard insurance policies. Find out if extra protection is needed to insure valuable items such as art and jewelry.
  • If you have narrowed down your prospective insurance companies, provide them with your address as well as brief description and approximate value of your belongings.
  • Get estimates from your prospective insurance companies for coverage of your personal property against fire and wind damage, theft and personal liability in the event that other people will be injured on your premises.
  • Lastly, compare insurance quotes and coverage from various renter's insurance providers and buy the policy that meets your needs and budget.
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