Renters Insurance Coverage 101:
How to Protect Yourself as a Tenant
If a fire breaks out in a house you own, then your home insurance policy will help replace your possessions. But what if you don’t own the house but rent instead? Will your landlord’s policy cover the furniture and other items you lost? Unfortunately, no. That’s why we recommend renters insurance coverage for anyone leasing a house, condo, or apartment. Here’s what you need to know.
What does renters insurance coverage include?
This coverage insures the possessions on your rented property and even extends to the items in your vehicle. Therefore, your furniture, clothes, electronics, and other items in your rental house or apartment are protected. Your laptop is also covered if you leave it in your car. The policy might even cover a stolen bike.
Most renters insurance policies offer protection against accidents, weather-related incidents, vandalism, and theft. They also often include personal liability coverage.
Are my roommates covered?
Not necessarily, but you can add a roommate to your policy. Note, however, that your coverage limit won’t increase once you include another person. Your carrier will split it between the two of you.
Laws regarding shared renters insurance also vary by state, so talk to your Hibbs agent about the process of adding someone to your policy.
What does my landlord’s insurance cover?
Your landlord’s policy will most likely protect the building from fire, weather-related events, and similar perils. It will probably also include dwelling coverage, which involves any accidental damage you may cause as a tenant. However, it will not cover any of your personal property.
Is renters insurance coverage required by law?
No, but landlords may require it as a condition of your lease.
Is renters insurance affordable?
According to NerdWallet, the national average for renters insurance premiums is $14 per month. However, the price varies significantly, depending on factors like location and coverage limits.
If you need renters insurance coverage, we’re happy to help. Call a Hibbs agent today and talk about your needs.