Even if you don’t own a home, you still have a lot of property to protect. Your landlord's insurance protects the building, but this does NOT cover your personal belongings. These belongings (clothes, furniture, electronics) have a significant value and need to be insured. This is where renters insurance provides peace of mind.

What does a renters policy cover?

• your possessions for common causes of loss
• additional living expenses related to making other living arrangements
• medical expenses for treating people injured on your premises
• lawsuits

Renters need to consider the following:

• possessions are purchased over time. This fact makes it less obvious that a renter may own tens of thousands of dollars worth of property that needs to be insured
• Many belongings are very high-value. Renters should consider what jewelry they own and pay particular attention to their electronics situation (stereos, CDs, CD players, game systems, speakers, computers, etc.)
• Renters insurance is affordable, often well under $200 per year.

FAQs from the NAIC:

1. How much renter's insurance do I need?
2. Can I get a discount on renter's insurance if my building has safety features, like a burglar alarm?
3. Am I covered in case of a flood or earthquake?
4. If I owe a pet, will that affect how muchI pay for renter's insurance?
5. Does renter’s insurance only cover me when I'm at home?
6. Is personal liability included?
7. Will I receive additional living expenses if I have to live somewhere else while my apartment is being repaired?
8. How do I speed up the process of my renter's insurance claim?

1. How much renter’s insurance do you need? Contact us about the property you want to protect and the property hazards you would like to be insured from. We can give you coverage policy specifics based on your state and the type of policy you want. We’ll answer any important questions you have about:

• What hazards are included in your plan and if you need a separate policy for specific circumstances
• If your insurance plan affects your roommate(s), if any
• How you should determine value for your items
• What some of the insurance terms mean or what they include
• What optional coverage might be available to you
• How much liability coverage is included in your plan

2. Can you get a discount on renter’s insurance if your residence has particular safety features, like a burglar alarm? Many insurers will reduce your premiums if you have fire or burglar alarms, fire extinguishers, sprinkler systems and/or deadbolts on exterior doors. Some companies might also offer discounts if you have more than one policy with them.

3. Are you covered in the case of a flood or earthquake? These natural disasters are not generally covered by a renter’s or homeowners insurance policy. You have to purchase a separate policy to be covered.

4. Could owning a pet cause your premium to be higher? Certain municipalities require that owners of select breeds of pets have insurance policies to cover damages and/or injuries caused by the animal. This liability might be covered under a standard renter’s insurance policy, but some insurance companies might require the purchase of additional coverage. Here is information on how to be a responsible dog owner.

5. Does renter’s insurance only cover you when you’re at home? Many policies do not limit protection to home-based situations. For example, items you have insured often are covered if they are stolen by someone who breaks into your car or if they are damaged while not on your property.

6. Is personal liability included? A renter’s insurance policy covers your property and your personal legal responsibility (or liability) for injuries to others and/or their property while they are on your property.

7. Will you receive additional living expenses if you have to live somewhere else while your apartment is being repaired? If there is damage to the building you are renting and you must live elsewhere while the building is being repaired, you will have coverage for additional living expenses incurred during the reconstruction period.

8. How do you speed up the proccesing of your renter’s insurance claim? A home inventory – along with photos and proof of ownership – make it easier to file an accurate, detailed insurance claim in case your home is damaged or destroyed in a disaster. A home inventory can also help determine how much coverage you need from your renter's insurance. Creating a home inventory is simple with this online tool.