If you rent your home, having insurance protection for yourself and your possessions is still important. Similar to home insurance, renters insurance protects you in situations that everyone can face: fire, theft, water damage and other unforeseen circumstances your landlord’s policy doesn’t cover.
Renters insurance typically provides coverage, up to the limits you select, for specified items and situations, including:
- Personal property (furniture, electronics, computer equipment, clothing, etc.)
- Personal liability if someone is hurt, whether in your home or away from it
- Damage to your apartment or home caused by a covered loss
Building fires and damage can happen anytime, anywhere, but with proper renters insurance, your personal property inside your apartment will generally be covered if it’s affected by any of the following:
- Fire
- Smoke damage
- Theft
- Collapse of the building due to weather
- Water leakage or overflow
- Freezing of plumbing, air conditioning and more
Renters insurance will protect you from incidents that occur while you’re at home, too, such as a toaster catching on fire or a friend slipping and falling while visiting you. Renters insurance provides coverage for your own items, and it provides coverage for other people’s injuries or damages in situations for which you’re liable, as well.
You can’t rely on your landlord’s insurance to cover your valuables – landlord insurance only covers the building structure and not your personal property.
Renters insurance, sometimes referred to as an HO4 policy, can provide the financial protection you need in case your possessions are destroyed or stolen, as well as liability protection if someone is hurt in your dwelling.