What Does Renters Insurance Cover?

A lot of renters ask, “Do I need insurance?” Your landlord has insurance, and you’re probably protected by that, right?

Probably not. Your landlord has a policy that protects their property. It’s not very likely that your landlord is going to pay extra to cover your property. So having a policy of your own is a good idea.

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Fortunately, renters insurance isn’t very expensive. From the insurance company’s point of view, replacing your TV and your furniture is a lot cheaper than replacing an entire building. So renters insurance is one of the cheapest kinds of insurance available.

Protecting Your Property — And Yourself

Like homeowners insurance, renters insurance covers you in two ways:

• It insures your property. If your things were stolen, damaged, or destroyed, your insurance policy would pay for them to be replaced.
• It protects you from liability. If someone was injured in your apartment, a court could hold you responsible. Your renters insurance will protect you from having to pay the judgment out of your own pocket.

Does Renters Insurance Cover Roommates?

When you live with roommates, most insurance pros recommend that you each get a separate renters policy. This isn’t always easy, because you might own property in common. For example, if you both chipped in to buy that big TV, who gets to claim it as theirs for insurance reasons?

And if your living arrangements are short-term, there’s the added inconvenience of constantly adding and removing names from the policy.

If you’re living with a domestic partner, check with your insurance company about how much coverage they extend. Most policies offer coverage for domestic partners, but they may define “partner” differently.

When in doubt, talk to a professional agent. They’ll explain what your options are, and help you choose the best one. To find agents in your area, use our free homeowners insurance quote service.