What is renters insurance?
Renters insurance is a policy designed to protect people who rent their homes or apartments. It covers your personal belongings, liability, and additional living expenses if your rental becomes unlivable due to a covered event. While your landlord’s insurance covers the building itself, renters insurance ensures your possessions and personal liability are protected.
What does renters insurance cover?
The amount of coverage can vary depending on the policy you choose. Here are some of the most common coverage options.
Liability
Covers legal expenses if you’re responsible for injuries or property damage to others.
Personal Belongings
Protects your items, such as furniture, electronics, and clothing, from risks like theft, fire, or water damage (not related to floods).
Medical Payments
Pays for medical bills if someone is injured in your rental home.
Loss of Use (Additional Living Expenses)
Provides funds for temporary housing, food, and other expenses if your rental becomes uninhabitable due to a covered disaster.
Optional Add-ons
Coverage for high-value items like jewelry or protection for natural disasters like hurricanes and floods, depending on your policy.
What doesn’t renters insurance cover?
- Flood Damage: Most policies don’t include flood coverage; a separate policy is required.
- Hurricane Storm Surge Damage** – Water damage caused by storm surge might also need additional coverage.
- Roommate Belongings: Unless specifically listed, your roommate’s items aren’t covered under your policy.
- Pest Infestation: Damage caused by bed bugs, termites, or rodents isn’t included.
- Negligence: Damages you cause due to intentional or careless actions typically aren’t covered.
- Vehicles and Motorized Equipment: Cars, boats, or motorized equipment you own aren’t included; separate insurance is needed.
What are the right questions to ask to find the best renters insurance?
- What disasters are covered under this policy?
- Does the policy cover damages from hurricanes or windstorm-related incidents?
- Is flood insurance recommended or necessary based on where I live?
- What’s the limit and deductible for personal belongings coverage?
- Are high-value items like jewelry or electronics fully covered?
- Can I bundle renters insurance with other policies for a discount?
- Does liability coverage include injuries caused by my pets?
- What’s the process and timeline for filing claims?
- Are there any exclusions I should know about for the area of Florida I live in?
- Does the policy cover additional living expenses during hurricane evacuations?
