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What is renters insurance?

Think "Asset Protection"
It covers the cost of replacing personal property and liability for injuries sustained in your home.

Renters insurance is asset protection

What losses and damages are covered?

It covers

Renters insurance typically covers loss or damage caused by:

  • Some types of weather (windstorm, hail, lightning, weight of snow or ice)
  • Fire, smoke, electrical surges, or explosions
  • Water damage from appliance or plumbing problems
  • Theft, vandalism, riots
  • Falling objects, vehicles, airplanes
  • Injuries that others sustain in your home

It doesn’t cover

These are some of the most common events that renters insurance won’t protect you from:

  • Floods due to natural causes
  • Damage from earthquakes or mudslides
  • Intentional damage or injury
  • Vermin infestation (e.g., bed bugs)

What property is covered?

🔒 🔒Covered

  • Clothes
  • Electronics
  • Furniture and appliances
  • Decorations
  • Sports equipment

🔒Probably covered

  • Belongings stored in an off-site storage facility
  • Hotel bills and meals if you aren't able to stay in your home due to damage

💰Subject to Limits or Extra Coverage

Many policies will set dollar limits on items in the categories below, or require that you purchase a floater or endorsement to your policy that provides extra coverage.

  • Musical equipment
  • Art
  • Collectibles
  • Securities & Money
  • Gift Cards & Checks
  • Jewelry
  • Furs
  • Firearms

🚫Not covered

  • Business equipment

What does it cost?

In most states, a basic policy can cost less than $20 a month.

A $20 bill

Unlike some types of insurance, premiums for renters insurance haven’t gone up much over the years. The average annual premium in 2011 was $187—five dollars cheaper than it was a decade ago.

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Standard Renters Insurance Terms