Important Point About Renters Insurance

It is no doubt that insurance is very useful. But, why do so few renters have insurance? One explanation is that many people incorrectly assume they are covered by their landlord’s policy. Another reason is that people underestimate the value of their belongings. If you add up the value of just your clothing and electronics, it probably wouldn’t take long to get into the thousands of dollars.

If you’re renting an apartment or home, you’ll need an insurance policy to cover your belongings. Your landlord‘s property insurance policy covers losses to the building itself; whether it’s an apartment, a house, or a duplex. Your personal property and certain liabilities, however, are covered only through a renter’s insurance policy that you, as a tenant, have to find and pay for.

What Is Renter’s Insurance?

Renter’s insurance is property insurance that provides coverage for a policyholder’s belongings, liabilities, and possibly living expenses in case of a loss event. It’s available to persons renting or subletting a single family home, apartment, duplex, condo, studio, loft, or townhouse. The policy protects against losses to the tenant’s personal property within the rented property. In addition, a renter’s insurance policy protects against losses resulting from liability claims, such as injuries occurring on the premises that are not due to a structural problem with the property.

What is covered by Renters Insurance?

  • Personal property damage: If your personal belongings are damaged or destroyed by an event covered by your renters insurance, your insurer will cover the cost of the damage up to your policy’s limits.
  • Personal liability: Protects you against the legal liability of an accident in your residence, such as your responsibility for medical bills and lost wages if someone is seriously injured as a guest at your place.
  • Loss of use: If your residence becomes uninhabitable due to a covered event, your renters insurance policy will cover expenses exceeding your normal living expenses.
  • Medical protection: Pays for reasonable medical expenses for someone injured in your residence

What are the benefits of Renters Insurance?

Coverage add-ons: Like homeowners insurance, renters insurance policies can add endorsements and floaters to bolster their coverage of personal property. Common endorsements and floaters are for jewelry, furs, electronics, collections and earthquake protection. Without a renters insurance policy to attach endorsements and floaters to, a tenant would have to have a specialty policy underwritten for any specific item, which would likely be far more expensive.

Your coverage applies outside your residence: Coverage for personal property and liability also travels with a renter, so they can relax with their belongings no matter where they’re hauling them. The limits of a renters insurance policy still apply, but the coverage is certainly better than nothing.

Renters insurance protects you for short-term rentals: Renters insurance also protects a policyholder and their personal property from damages related to short-term renters. Home-sharing is a good way to make some extra money and, as long as a renter is within the rules of their policy, renters insurance offers a layer of protection in the event if something will to happen to their guests or belongings.


How much does Renters insurance cost? 

The average renters insurance cost varies from state to state. Most insurance companies offer a discount if you bundle your auto and renters insurance policies. They might also reduce your rate if your apartment has a security system, smoke detectors or deadbolt locks.


If you’re looking for more ways to save money, consider raising your deductible. The higher your deductible, the cheaper your premium. When deciding on a deductible amount, ask yourself: How much can you pay out of pocket after a disaster? Note that you’ll pay the deductible each time you file a claim for personal items. Your rate is likely to increase after each claim, so weigh carefully whether to file one for an amount close to the deductible.


Renter’s insurance provides coverage for your personal belongings, whether they are in your home, car, or with you while you’re on vacation. In addition, renter’s insurance provides liability coverage in case someone is injured in your home or if you accidentally cause injury to someone.

Be sure you understand what your policy covers, and ask your agent about available discounts, deductibles, and coverage limits.

When choosing renter’s insurance, make sure to choose a company that works best for you. You may contact or email Onyx Insurance Brokers, we are very willing to help you.

Skip to content