Why You Need Renters Insurance
If you rent a house or apartment, your landlord’s insurance will only cover the costs of repairing the building if there is a fire or other disaster. You need your own coverage, known as renters or tenants insurance in order to financially protect yourself and your personal belongings.
By purchasing renters insurance, your personal possessions are covered against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm and water damage (not including floods). Like homeowners insurance, renters insurance also covers your responsibility to other people injured at your home or elsewhere by you, a family member or your pet and pays legal defense costs if you are taken to court.
What Renters Insurance Covers
There are two types of renters insurance policies you may purchase:
- 1. Actual Cash Value – pays to replace your personal possessions minus a deduction for depreciation up to the limit of your policy.
- 2. Replacement Cost – pays the actual cost of replacing your personal possessions (no deduction for depreciation), no matter their age, up to the limit of your policy.
Renters insurance also covers your additional living expenses if you are unable to live in your apartment because of a fire or other covered peril. Most policies will reimburse you the difference between your additional living expenses, while staying somewhere else, and your normal living expenses. Some insurance companies may set limits as to the maximum amount they will pay.
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