Renters Insurance

Are you renting a place to live? If so, then you should consider renters insurance. In fact your landlord might even insist that you obtain a renters insurance policy. This policy is beneficial because it is an affordable way to protect yourself and your belongings against certain financial losses.

What the Policy Covers

First, you must understand that landlord insurance does not cover your personal belongings. The landlord’s property insurance is for damage to the building, but a fire, flood or other mishap can damage your personal belongings inside the building. You could lose furniture, clothes, electronics, appliances and other items. Your landlord is not responsible for any of those things – you are. Some tenants have thousands of dollars worth of belongings, not realizing that none of it is covered by the landlord’s insurance. Renters insurance will reimburse you when you suffer partial or total loss.


This type of policy is customizable to fit specific needs. You can adjust the amount of coverage based on the value of your belongings. But most insurance companies have upper and lower limits that your coverage must fall within. When you experience a loss that is covered by the policy, then you file a claim and pay the deductible. The insurance company will then process the claim and either issue payment to you or pay directly for a repair or replacement.

Renters insurance is available to anyone who rents their living quarters. If price is an issue, then look for bundled policies, such as auto insurance and renters insurance. But also keep in mind that renters insurance is generally inexpensive and affordable without any special discounts.