Replace what is damaged or stolen
Renters insurance protects your belongings from losses such as severe weather, fire, lightning, explosion, theft, vandalism and water damage unrelated to natural floods.
Bear in mind, renters insurance excludes earthquakes, floods and normal wear and tear. For flood and earthquake coverage, you’ll need to purchase coverage separately.
Renters insurance can cover your living expenses if you are forced out of your home due to a covered disaster.
Renters insurance can pay the costs of temporarily living away from your home if it is deemed uninhabitable due to a covered event. You can be reimbursed for temporary rentals, hotels, meals and other living expenses incurred while your home is rebuilt or repaired. This type of coverage varies by insurance providers.
Renters insurance also covers liability risks, which involves your responsibility to third parties injured on your property or elsewhere by you, a family member or a pet. The coverage may include legal defense costs and court settlements.
How much coverage do you need?
Estimate the total value of all of the belongings you would want to replace in the event of a total loss. Creating an inventory helps make filing a claim easier. To do this, make note of all your valued possessions, their estimated worth, model or serial numbers, places of purchase, manufacturer information and any other important information. Include photographs in this document. Once complete, store the inventory in a safe location away from your home, like a safety deposit box.
Your landlord’s insurance only protects the building structure and common areas. It’s your responsibility to protect your belongings with renters insurance.