Renters Insurance—How You Get it and What it Covers

Renters insurance is an often overlooked but essential safeguard for anyone who rents their home, whether it’s an apartment, a condo or a house.

Unlike homeowners insurance, which covers the home’s structure, this type of insurance protects the tenant’s personal belongings and provides liability coverage.

What is Renters Insurance?

This type of insurance covers the personal property of individuals renting their living space. It may provide financial reimbursement for these belongings after theft, fire or other covered perils. Additionally, it may offer liability coverage if someone is injured in your rented home and decides to sue.

What Does it Cover?

Renters insurance typically covers three main areas:

• Personal property—If items such as furniture, electronics and clothing are stolen, damaged or destroyed due to a covered event such as a fire or burglary, renters insurance may help pay for their replacement or repair.

• Liability—If a guest is injured in your rental property, renters insurance may help cover medical expenses and legal fees if you are found liable. This may also extend to damage you accidentally cause to someone else’s property.

• Additional living expenses—If you cannot live in your rental after a covered event such as a fire, renters insurance may help cover the cost of temporary housing and other expenses incurred while your home undergoes repairs.

Who Should Have it?

Anyone who rents their living space should consider renters insurance. This includes students living in dorms or off-campus housing, young professionals in their first apartments and families renting a house.

Even if you think your belongings aren’t valuable enough to insure, the cost of replacing clothing, electronics and furniture can add up quickly. Furthermore, liability coverage is crucial, as legal and medical expenses can be financially devastating.

How Do You Get Renters Insurance?

Getting this type of insurance is a relatively simple process that includes the following:

• Assess your needs. Inventory your belongings and estimate their value to determine how much coverage you need.

• Shop around. Compare quotes from different insurance providers. Look for a policy that offers the best coverage at an affordable rate.

• Purchase a policy. Once you’ve selected a policy, talk to your agent. Read the policy details carefully so you understand what is and isn’t covered.

Renters insurance is a relatively small investment that can help ensure you are able to handle unexpected events without financial strain. Contact Liberty Auto Insurance in San Antonio, Texas, to learn more.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.