Home Our Company Products Claims Careers More Start a Quote Log In Renters Insurance Many people prefer the freedom of renting over the responsibilities of homeownership. Renters don’t have to contend with mortgage insurance or high interest rates to pay off their home. They don’t have to worry about selling a house in order to move. And with no property taxes or homeowners association fees to pay, renting offers an affordable solution. However, renting does not remove the need to have insurance to protect your personal property. Fire, natural disasters, theft, liability, and other events that can cause significant financial loss can also happen when you rent. Without renters insurance, you’ve got no coverage for personal property loss or damage. What Is Renters Insurance? When you rent a house or apartment, the landlord is not responsible for your personal belongings. Renters insurance provides coverage for your personal belongings in the home, but does not cover damage to the actual dwelling or structure like a homeowners policy. Because it covers fewer risks, apartment renters insurance typically costs much less than homeowners insurance. What your policy covers: What Does Renters Insurance Protect Against? Renters insurance is designed to protect against financial loss due to circumstances beyond your control. It offers coverage that reimburses the replacement cost of personal property that is damaged or lost while you reside in the home. Basic renters insurance coverage typically includes: Personal possessions. Covers damage, destruction or theft of your personal property. This includes damage from most natural disasters, including fire, hail, rain or windstorms. Liability. This pays for medical and legal fees if someone gets injured on the property where you live. Expenses covered range from basic medical care to ambulance and emergency room costs, hospital stays, and more. Some policies also pay for lost wages during medical treatment and rehabilitation. Theft. Renters insurance offers optional coverage that reimburses the replacement cost of personal property that gets stolen. Very high-value items such as jewelry or computer equipment may require the purchase of optional coverage at a reasonable cost. Loss of use. If your residence gets damaged to the point where you need to find a temporary place to live, the landlord is not required to pay for those costs. Renters insurance will cover them, including paying for a hotel or other temporary lodging while you look for a place to live while your rented home is being repaired. Find us on: Legal Notices Terms & Conditions Privacy Policy Member Companies Customer Alerts Lender Sitemap ©2021 Homesite Group Incorporated. All Rights Reserved.

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