Bills Logo Team
UpdatedNov 4, 2010
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    2 min read
Key Takeaways:
  • Renters insurance protects your personal possessions from damages and theft.
  • Renters insurance applies in the event of a fire, theft, smoke, accident water damage, and windstorm, lightning, or hail.

Protect Your Belongings with Renters Insurance

Have you ever wondered what would happened to your possessions if your apartment building had a fire or if a water pipe burst? Your landlord's homeowners insurance will cover the property damages, but your possessions will be your responsibility and will not be covered under the landlord's policy. Getting renters insurance can protect your personal property and help you avoid paying out of pocket to replace your belongings.

What renters insurance covers: Many renters do not realize the value of their belongings until they have lost it. Take a look around in your apartment and consider all the clothing, electronics, furniture, appliances, jewelry you have. The combined value of these possessions can add up to thousands of dollars. Renters insurance will insure these belongings and more.

  • Your personal property - a typical renters insurance policy will cover most of your possessions such as clothes, TV, stereo systems, laptops, and furniture. It may also cover more expensive items such as an engagement ring. Check with the insurance provider to find out if you will need to pay for any additional coverage on high end items.
  • Living expenses - if your apartment was burned down or damaged significantly and you need to find another place to stay temporarily, your renters insurance will cover some or all of your expenses.
  • Medical expenses - renters insurance will cover the medical expenses of your guests if they were injured on your property.
  • Liability insurance - protects you from financial losses up the limit on your policy in the event of a lawsuit claiming for the damages done to another person.

When does renters insurance apply? Renters insurance not only protects your personal property when you are in the apartment. It also protects you when you are traveling on vacation, in your car, or when you move to a new place. Renters insurance will provide coverage in the following situations:

  • Fire
  • Windstorm, lightning, hail
  • Theft and vandalism
  • Accident water damage from a burst pipe or water leak
  • Smoke