Renters insurance is a form of home insurance. It primarily differs from homeowner’s insurance in that it provides coverage for the resident’s personal property rather than for the dwelling itself or other real property. Renter’s insurance policies generally include liability coverage for personal injury and property damage.
While a landlord’s homeowner’s policy may already provide some level of liability coverage, renters can purchase a policy if they are unsure or to mitigate the risk that the homeowner’s coverage is inadequate. In some instances, if the renter is found to be negligent in regards to something that caused the accident, they may be held personally liable. Again, the landlord’s homeowner’s policy will not cover a renter’s personal possessions. Renters must purchase this coverage themselves.
Renters insurance policies are generally standardize, though can be easily customized to meet your needs. Next to liability and deductible limits, insurance riders are the most common type of customization that most renters engage in.
Renters insurance is voluntary insurance coverage and because of this its value is often overlooked. Many renters don’t consider how much money it would cost to replace their personal possessions and find themselves in a very tough position should their home be damaged or destroyed. While you may not own the dwelling, it is your home, the landlord doesn’t live there (generally speaking). Take control of your future and your risks by assessing whether a low cost renters insurance policy is right for you.
In addition to coverage for personal possessions, other features can be added to a renters insurance policy, such as a replacement housing allowance, which compensates you in the event that you need to quickly find a new home (such as after a fire). Also consider adding an insurance rider for specific high-value items as these may only be covered up to a certain amount (as defined in the policy).
Renter’s insurance policies are generally very affordable and offer an excellent value for consumers seeking peace of mind and protection. Shop around for a policy that meets your specific needs. Compare insurance quotes and we believe you will find that the peace of mind that comes with a renters insurance policy is generally worth the very reasonable cost.