Learn More About Renters Insurance

Many people believe that if they rent, they don’t need renters insurance because their landlord has insurance. Unfortunately, this is not the case and its’ a great idea to have a renters insurance policy for your apartment or condo. If you’re a renter allow us to help you learn a little bit about a basic renters insurance policy. Renters insurance covers the “stuff” not the building.  Whether you rent an apartment, a home, or are living in someone’s basement, renters insurance only covers YOUR stuff.  It will cover your spouse’s stuff and your child’s stuff, but no one else.  However, your roommates, boyfriend or girlfriend can be added to your policy by endorsement (up to 4 people with some companies). 

Your first question may be: What is “stuff”? By stuff we mean your personal property such as clothes, furniture, TV, etc.  Renters insurance also covers “Loss of Use” if the space you are renting burns down and you are unable to live there, insurance can help pay for a hotel, groceries, and other common expenses, the same way a home insurance policy does.  Also, you will have liability and medical payments, once again similar to a homw insurance policy. Your landlord should have insurance on the actual dwelling so you do not have to worry about that. More questions about a renters insurance policy? The best way to get answers for your particular situation is always contacting an agent!