Renters Insurance

Renters Insurance Policies

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About Renters’ Insurance 

Renters insurance varies from homeowners’ or auto insurance in that this type of policy only covers personal possessions inside the walls of your rented dwelling. Your landlord will just about always have a policy that covers the actual home or apartment structure within which you reside. Should an accident, fire, or individual destroy any of your personal belongings, then this coverage can provide compensation to reimburse you for any of the lost or damaged belongings.

You might not believe that your possessions are worth all that much, but if you take an inventory and add it all up, you might be surprised by the amount in total and how much it might cost to replace them all. Most certainly couldn't come up with such a total without busting the bank or going into debt. Also, and quite importantly, a renter’s insurance policy can also provide coverage to you if someone were to injure themselves while inside your apartment. Keep in mind that this insurance is so valuable that there's a possibility the landlord may require you to purchase it.

Normally a renter’s policy will cover losses resulting from fire, theft, a busted and leaking pipe, and severe weather events. However, this policy, as many others, will likely exclude such natural disasters as floods, hurricanes, or earthquakes. These events will need to be covered by separate policies and, depending on where you live, it could be wise to investigate these additional coverage possibilities. 

If you ever need to file a claim, you first have to be sure that you have paid your premiums and then you would likely need to pay a deductible. The deductible on your policy is how much you must first pay in order to cover the initial costs before your insurance plan is activated. Generally, the bigger your deductible, the lower your premium.


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