Renters & Property Insurance

Many renters are unaware that the insurance policy held by their apartment community or landlord does not provide coverage for personal property damage or theft. In essence, your landlord's policy does not extend to cover any of your belongings. Furthermore, if someone is injured while on the property you rent, you may be legally responsible for their medical expenses. Due to these reasons, it is advisable to explore the option of obtaining renters insurance.

What Does Renters Insurance Cover?

Renters insurance can protect your personal property/belongings at home and away from home against the following hazards:

• Fire
• Smoke
• Lightning
• Explosion or electrical surge damage
• Falling objects
• Windstorm or hail
• Theft or vandalism
• Other hazards detailed in your policy

Renters Insurance can even cover you for personal belongings that aren’t in the apartment or home at the time of the loss, however, renters' insurance does not cover damage due to flooding or earthquakes. Refer to your policy for details. You should also check with your car insurance carrier as renters' insurance is usually less expensive if you already have your vehicle insured with a company.

Also, as a student, the least expensive way to have your rental property insured may be through your parent’s homeowner’s policy. “Rider” policies are required to specifically insure jewelry, silver, artwork, and other expensive personal property. 

Note About Flood Insurance

Other types of policies are needed for damage/loss due to flooding (rising water) or earthquakes. Basic renters' insurance does not cover either one of these. Flood insurance is provided by a separate policy managed by the federal government, Federal Emergency Management Agency (FEMA), and is sold by individual insurance companies. When you inquire about renters' insurance, make sure to ask about different coverage plans. Will your plan cover flood or hurricane damage? And if so, what is the extra cost for this premium? Earthquake insurance may also be added to your policy. 

For more information regarding flood insurance, click here.