Your landlord’s insurance covers the building, not your belongings or your liability. Renters insurance fills that gap at a price that fits most budgets, and many landlords now require it in the lease.
What renters insurance covers
- Personal property: your furniture, electronics, clothing and other belongings, against fire, theft, vandalism and some water damage.
- Liability: if someone is injured in your apartment or you accidentally damage someone else’s property.
- Loss of use: hotel and extra living costs if your rental becomes unlivable after a covered loss.
- Medical payments to others: minor medical bills for guests injured in your home.
What it usually does not cover
- Floods and earthquakes
- Your roommate’s belongings, unless they are named on your policy
- Damage caused by pests or lack of maintenance
- Expensive jewelry or collectibles above the policy’s sub-limits, unless you add coverage
How much coverage to buy
Make a quick home inventory: walk room by room, take photos or a video and estimate what it would cost to replace everything. Most people are surprised by the total. Choose replacement cost coverage if you can, and liability limits high enough to protect your savings.
Read more: do you really need renters insurance?
Get covered for less than you think
Compare quotes from several licensed insurers before you buy. Rates for the same coverage can vary widely from one company to another.
This guide is for general information only and is not insurance, legal, tax or financial advice. Coverage, rules and prices vary by state, insurer and policy. Always read your policy documents and speak with a licensed insurance agent or your state insurance department before making a decision.