What does Renters Insurance cover and how it works?

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What does Renters insurance cover?

If you’re a renter, you might think you don’t need Renters insurance at all. (Your landlord already has the building insured, right?) But what you may not realize is that your landlord’s policy does not cover any of your personal property. What would happen if:

  • Your apartment building burned down
  • A thief has broken into your townhouse
  • A guest slips and injures himself in your kitchen
  • The house you are renting has been damaged by water

Renter insurance protects you and your belongings from the unexpected. Think about this, could you afford/manage to replace all your personal belongings if they were destroyed/died in a fire? Renter insurance can help you cover expenses up to your limits, support you replace your personal possessions, and aid you with temporary living expenses if your apartment is damaged/loss by a covered loss and you can not live there.

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Renter insurance also provides coverage to help protect you from claims made against you by others. This is known as liability coverage and can support cover medical expenses/charges and/or legal fees if someone is injured on your property.

What Renters Insurance protect?

Too often people think they don’t have enough property to pay for Renter insurance. But take a moment to think about what you own and what you could lose, including:

  • Clothes
  • Furniture
  • Television or entertainment system
  • Computer
  • Music or sports equipment
  • Jewelry

When does Renters Insurance apply?

Your tenancy agreement will state exactly what you are insured against. In the insurance industry, this is known as “named peril” coverage.

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What are some named perils that your landlord policy may cover?

  • Fire or lightning
  • Windstorm
  • Smoke
  • Vandalism or malicious mischief
  • Theft
  • Accidental water leakage
  • Other common types of losses

Your coverage will also involve liability protection, which commonly include injury to another person on your property. If necessary, your insurance policy may even pay for your legal defense in these circumstances. Many landlords actually need tenants to purchase/buy Renters insurance with specific liability limits, especially if they own pets.

In addition, your policy will include medical payments coverage that pays for the medical expenses of people who do not live with you but who are injured on your property.

What is not covered under Renters insurance?

Renter insurance does not cover your belongings if they are damaged in certain events. In general, natural disasters such as earthquakes and floods are excluded, however special policies may be available for these events. There may be other events that are not covered by your policy. You should always check your documents and contract to be sure.

Specific coverage limits available for items such as jewelry, art and antiques may also apply. Make sure you choose enough coverage to protect your belongings.

How much does Renters insurance cost?

Renter insurance with GEICO can cost as little as $12 a month. What coverage you choose to buy and what deductibles you choose affect the price of your policy. Coverage limits vary, and you’ll want to choose an amount that will safely protect your belongings. The deductible is the amount you agree to pay before your benefits apply. Higher deductibles lower your insurance costs, while lower deductibles increase them. Think of it as the amount you’re willing to pay out of pocket if you have a covered loss in exchange for a lower monthly renter insurance payment.

What does Renters Insurance cover and how it works

How much Renters insurance do I need?

You should think about all the personal property you own. You want to make sure you buy renters insurance with limits that will be enough to cover these items. You must want to create an inventory to make it sure you don’t forget/lost anything. You can upgrade when you buy new items. Don’t forget that you may also need to update your renter insurance policy. We also have an easy-to-use personal property calculator to estimate the value of your property. This tool can help you customize your tenant policies to meet your needs.

Renter insurance provides protection in the event of damage, theft or destruction of your personal property. Get a renters insurance quote online.

Why buy Renters Insurance?

Without Renter insurance, you have no coverage for loss or damage to personal property. Fortunately, you can get affordable Renter insurance (also called condo insurance) to help protect you in situations like these.

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