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Renters insurance offers tenants financial protection, including personal property and liability coverage. If you’re considering renting a home or apartment, finding this type of coverage is an essential part of safeguarding your assets and having peace of mind.
Renters Insurance
Renters insurance is a type of coverage designed to protect individuals who are renting a home or apartment. Depending on the living situation, some landlords may require tenants to secure this type of coverage before they’re permitted to sign their lease. Like homeowners insurance, renters insurance provides coverage for personal belongings, liability protection, and additional living expenses in the event of a covered loss or disaster. If you plan on renting a house or apartment, this type of insurance coverage can be crucial for your financial well-being and peace of mind.What is renters insurance?
Renters insurance is a type of policy that offers financial protection if you rent out a living space, such as a house or apartment. While the landlord or property owner is typically responsible for insuring the physical structure of the building, renters insurance allows you to safeguard your own possessions and avoid potential financial risks. This kind of coverage is tailored to your unique needs as a tenant, focusing on protecting your personal belongings and providing liability and additional living expense coverage. A key component of renters insurance is personal property coverage, which protects the policyholder's belongings, such as furniture, electronics, clothing, and other personal items, from perils like fire, theft, vandalism, and natural disasters. Liability protection is another essential feature of renters insurance. It offers coverage if a tenant is found legally responsible for causing bodily injury or property damage to others. This type of policy also includes coverage for additional living expenses (ALE) in case the rented property becomes uninhabitable due to a covered event, such as a fire or natural disaster. ALE coverage can help pay for temporary housing, meals, and other essential expenses while the tenant's residence is being repaired or rebuilt.How much does renters insurance cost?
Renters insurance is generally more affordable than homeowners insurance since it covers a smaller scope of risk. The cost of renters insurance is influenced by various factors, such as your location, including state, city, and ZIP code, as well as the coverage amount and other individual circumstances. If you’re interested in saving on renters insurance, you may want to consider bundling your policy with another type of coverage, like auto insurance. Insurance providers frequently offer discounts to policyholders who bundle multiple insurance products, leading to potential cost savings on premiums.What does renters insurance cover?
Renters insurance provides coverage for a variety of situations and belongings, including personal property, ALE, and liability expenses. Personal property coverage protects your personal belongings, such as furniture, electronics, clothing, and other items, while liability coverage can help protect you if someone is injured while in your rented residence, or if you accidentally cause damage to someone else's property. It’s important to note that while renters insurance covers personal belongings, it often has coverage limits for high-value items such as jewelry, art, or collectibles. Additional coverage may be needed for these items. However, in the event that a guest is injured in your rented residence, renters insurance can also help cover their medical expenses regardless of who is at fault.Covered by Renters Insurance | Not Covered by Renters Insurance |
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Covered by Renters Insurance
- Personal property coverage
- Liability coverage
- Additional living expenses
- Medical payments, in the event a guest is injured at your residence
Not Covered by Renters Insurance
- Flooding and earthquake damage
- Pest damage
- High-value items
- Intentional damage or negligence
Renters Insurance FAQ
Here are some frequently asked questions about renters insurance:How do I purchase renters insurance?
When purchasing a renters insurance policy, you’ll want to first determine the value of your personal belongings and consider the level of liability coverage you may need. To review all your options, you’ll want to compare policies and costs from several insurance companies. For additional ease and peace of mind, partner with an insurance brokerage like SelectQuote so you can quickly compare rates from several of the nation’s most highly trusted carriers—all in one place.
What damage is excluded from renters insurance?
Although it can offer significant financial protection, renters insurance typically doesn’t cover certain situations and items. For example, standard renters insurance does not usually cover damage caused by flooding. For this type of protection, renters may need to consider purchasing a separate flood insurance policy. Renters insurance also won’t cover damage caused by pests, such as rodents and insects, or damage caused intentionally or due to negligence.
Shop for renters insurance and save with SelectQuote.
Whether you’re a first-time renter exploring your options or you want to review your current renters insurance policy, securing the right coverage is an essential aspect of keeping your finances and belongings protected. Fortunately, SelectQuote is here to help. With nearly 40 years of industry experience, our licensed insurance agents will take care of the legwork for you, allowing you to compare rates from carriers across the nation in just minutes. With our proprietary technology, we make it easy to understand your coverage options and find a policy that’s right for your unique needs and budget so you can get back to what matters most—having the peace of mind that your home and belongings are protected.We do the shopping. You do the saving.
