Renters Insurance: Protect What Matters

Renters insurance is one of the easiest and most affordable ways to safeguard your property and give you peace of mind. Many renters assume they don’t own enough valuable items to justify obtaining insurance. But the cost of replacing personal belongings after a fire, water damage or theft can be financially overwhelming.

What Renters Insurance Covers

Though policies vary by provider, a standard renters insurance policy generally includes:

• Personal property coverage
  Protects items such as furniture, electronics, clothing and household goods from hazards like fire, smoke, wind, hail, vandalism, theft and certain types of water damage.
• Liability coverage
  Offers financial protection if someone is injured while visiting your home or if you accidentally cause damage to someone else’s property.
• Additional living expenses
  Some policies help cover temporary housing costs if your unit becomes uninhabitable due to a covered hazard. These protections ensure you’re not left covering major costs on your own if something unexpected happens.

Without insurance, these expenses fall entirely on you.

Is Renters Insurance Required?

Some lease agreements include a clause that requires tenants to purchase renters insurance as a condition of renting the unit. When required, the tenant must show proof of coverage to the landlord.

GOOD TO KNOW

Landlords carry insurance to protect the building itself, but their policy does not cover your personal belongings, nor does it protect you from the financial risks that can come with everyday accidents.

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