Renter’s Insurance: What It Is and What It Covers

When we rent a house or an apartment, should we consider getting a renter’s insurance plan? We all know about the importance of having a Home Insurance plan when we are homeowners. But It is common to hear some people saying the last thing you need is renter’s insurance. Is this really the case, though? There are, after all, different aspects that we need to consider before we decide if a renter’s insurance coverage is the right move.    

Think about an unfortunate event, such as a fire, a breaking into, or a natural disaster. What if this happened to damage the place you live in. It makes sense the landlord’s insurance would have to cover the repair expenses. Now, the next question is, whose insurance will cover the expenses of repair or replacement of all the items that belonged to you? This is where a Renter’s Insurance might come in handy.    

Renter’s Insurance is a type of coverage specifically designed for those who, instead of owning a house or an apartment, rent a place to live instead. In the majority of cases, a Renter’s Insurance will cover the expenses of repairing or replacing your belongings in case they were damaged or destroyed after an unfortunate event. There is also liability coverage, which is helpful when we damage the place we rent due to negligence or a simple accident.    

Like we’ve mentioned before, every policy might differ from one another, and coverage may vary. Generally speaking, though, there are several items and personal belongings that a Renter’s Insurance does cover:   

  • Electronic devices and gadgets   
  • Clothing Items   
  • Jewelry   
  • CD’s, books, and movies   
  • Furniture not provided by the landlord   
  • Any other item that belongs to you.    

Some policies might also include liability coverage. This can help us cover expenses if an accident happened to a guest inside our place. We would have coverage too in case we damaged any of their belongings. A Renter’s Liability Coverage will also help us is, for example, a fire that originated in our apartment also damaged or destroyed someone else’s property, and not only ours.    

A Landlord Insurance works quite differently from a renter’s insurance plan. Most of the Landlord Insurance policies cover damages of the property itself and any appliances and furniture that belong to the landlord. If you are renting a house or apartment with little to no appliances, then we assume those belong to you. As they are not the property of the landlord, they cannot take responsibility for what happens to them. A Landlord’s Insurance coverage plan would cover the expenses of damages to the building in case of a natural disaster, a fire, and in some cases even tenant’s negligence.    

We recommend discussing the details of insurance coverage with your landlord before you rent a place. You want to make sure your belongings are protected, even if you are able to replace them yourself.