There’s no replacement for the peace of mind an insurance policy offers, and it’s something you should take advantage of even when you don’t own your home. Renters insurance is a unique policy that covers tenants when unforeseen events damage their belongings. It’s often required by landlords to ensure comprehensive protection for tenants, so understanding what it entails will give you peace of mind and fulfill your lease terms. 

Your Guide to Renters Insurance

What does it cover?

Renters insurance, first and foremost, protects your possessions from events like theft, fire, lightning, and wind or hail damage. Depending on the policy and where your apartment is located, you may need to purchase additional coverage to protect against flooding. One major perk of this type of policy is that your belongings are covered even if they’re damaged or stolen from a hotel room or vehicle.

Each policy contains a specific coverage amount, and you’ll be reimbursed the value of any items you lose. In the case of a complete loss, which is known as loss of use, the policy will pay for a hotel and moving costs while you find a new home to rent.

These plans also include liability coverage. If a guest is injured in your rental home or if a pet attacks someone, the policy will cover legal costs and lawsuit payouts if you’re sued in court. Plans may also cover the cost of repairs to the property if you’re responsible for the damage.

What if I don’t own high-value items?

These policies aren’t just for expensive electronics and valuables, so you should never discount the value of your possessions. As you begin adding up clothes, furniture, memorabilia, school supplies, and other items, you’ll realize that it would take a lot of money to replace them. Without insurance, you would have to pay out of pocket.

How do I determine the value of my possessions?

Compare items you own to those of equal value online, add up the estimated values, and take pictures to prove their condition. You can use sites like eBay that sell used products. Once every year or so, update your inventory.

Also, consider purchasing an app like Home Inventory, which allows you to apply average values to your possessions and upload receipts or appraisals for anything you own. Sharing this information during a claim will help you receive accurate compensation.

Can I use my landlord or roommate’s insurance?

Your landlord’s rental property insurance only covers the property, not the renters, so you won’t qualify under their plan. The same goes for roommates, as their renters insurance policy will only cover their possessions.

While you can open a joint plan with a roommate, know that you’re doubling the value of claimed items. This sum may be more than the amount the policy will reimburse you, which is why individual plans are recommended for most renters.

Residents of Lorain, OH, turn to Robert Taylor Insurance for their insurance needs. This agency has provided a wide scope of affordable plans since 1989, including homeowners insurance, vehicle insurance, and life insurance. Get a free renters policy quote from an experienced local agent by calling (440) 277-5191.