Renter's Insurance

Renter's InsuranceRenter’s Insurance is an adjustment of a homeowner’s insurance policy that covers rented properties. It consists of two main components: liability coverage and personal property coverage. It is not expensive – the average renter can get complete coverage for a couple of hundred dollars or less a year. It is going to protect you from any losses due to theft, or if there is a fire in your building. It is a must for almost all who live in apartments. Once you determine your need for renter’s insurance, knowing your options will help you choose the best policy. Make sure you have the protection by taking renter’s insurance to avoid financial setbacks.


Many tenants are unaware that rental policies by the owner of the property do not protect them or their personal belongings against such calamities. Protect yourself by getting renter’s insurance. In the absent of renter's insurance, tenants who lose their personal belongings in earthquakes, wildfires, hurricanes or floods also are not protected. Check with your agent on specific coverage’s as it can vary between companies and states.

It you don’t have cash on hand or the ready credit, it’s the right time for you to buy renter’s insurance. Conduct an inventory of your belongings and work with your agent to come up with an appropriate amount. Be sure you are working with a right agent. Go through each policy and checkout for what the coverage includes with any exceptions.



Does my landlord insurance cover me?
No. Because the landlord carries the insurance that will cover his loss in a situation where the building is destroyed or damaged by fire.

Is it easy to get renters insurance?
Yes, you can head for the yellow pages, check with various insurance companies who offer renter’s insurance, shop around for the best rates. If you are already having auto insurance, taking renter’s insurance through the same company will cost you less.

Landlords need to return security deposit
Security deposits are returnable to the tenant upon the termination of the lease. According to the terms of the lease agreement, the landlord may deduct certain sums from the security deposit. If he fails to return the security deposit before the applicable date, the tenant has the right to take legal action against the landlord. It is always advisable to make lease agreement in writing regarding the security deposits because it acts as evidence in the court of law and can win in your favor.

Valuing your items in the inventory list
You need to check with your agent to verify the claim payment on your policy, as most of the insurance policies; claims only the basis of the replacement costs. Mention the price of the item as of today.

Price and Coverage of the policy
More the coverage you purchase, the higher the price of the policy. Because the policy is not done individually for each piece of the property, instead a fixed amount will be determined.

Roommates sharing a single renter’s insurance
Insurance becomes complicated when unrelated people share a residence. Some insurance companies do not allow roommates to be listed on a single renter’s insurance policy