Renters Insurance Questions
Whether you’re just settling into a new apartment or have been renting for years, understanding renters insurance is key to protecting what matters most. Here’s what you need to know.
What is renters insurance?
Renters insurance helps protect your belongings and yourself if the unexpected happens—like fire, theft, or severe weather. It can also cover medical expenses and legal fees if someone is accidentally injured in your rental.
Is renters insurance worth it?
Imagine coming home from a weekend away to find your apartment was broken into. Your electronics, jewelry, and furniture are gone or damaged. Could you afford to replace everything out of pocket? If not, renters insurance is a smart investment. Here’s a short video on why you need renters insurance.
What does it cover?
Renters insurance goes beyond your belongings. It may also cover:
- Temporary living expenses if your apartment becomes uninhabitable
- Injuries to guests in your home
- Accidental damage to neighboring units (like water overflow from a sink)
How much does it cost?
Policies can start as low as $5/month—a small price compared to the cost of replacing stolen or damaged items. You may also save by bundling with your auto insurance.
What kind should you get?
When choosing a policy, consider:
- Deductible: How much can you afford to pay out of pocket in a claim?
- Actual Cash Value vs. Replacement Cost:
- Actual Cash Value reimburses you for the depreciated value of your items.
- Replacement Cost covers the full cost to replace items with new ones.
Even a basic renters policy offers valuable protection. As a renter, it’s one of the easiest ways to safeguard your finances and peace of mind.