Your landlord's insurance policy covers damage to the building you live in, but not your personal property. In the case of a disaster, you are responsible for replacing all of your personal items that were stolen or damaged. In addition, your insurance policy might not cover injuries or accidents that occur in your home, even if they weren't your fault. That leaves you responsible for any medical bills or court judgment against you.
Many insurance companies offer renters insurance policies for just a few dollars a month. There are a variety of plans available that can cover losses due to theft, vandalism, damage from windstorms and hail, damage from explosions, fire and smoke damage, and many other hazards. Additional coverage is available for sewer backups, flooding and plumbing problems.
The Basics Helpful Terms
Actual cash value? Replacement-cost value? Learn what these and other terms will mean when purchasing renters insurance.
Renters Insurance Myths
This is just extra coverage I don't need. My belongings aren't even worth enough to insure. Find out the truth behind these and other myths.
Take an Inventory
When considering renters insurance, it is helpful to take inventory of your belongings so you really know what they are worth. This will also aid in determining the amount of coverage you need. Print and fill out an inventory sheet here.