Stay Protected with Renters Insurance

If you rent a house or apartment and think your landlord’s insurance will cover you in the event of a disaster—think again. Landlords typically only cover the building they are renting to you, and not your property. To protect yourself and your property, consider purchasing renter's insurance.

Although 95 percent of homeowners have homeowners insurance, only 41 percent of renters have renters insurance, according to the Insurance Information Institute (III). The majority of renters are putting themselves and their possessions at risk in the event of a disaster, such as fire or theft.

If you’re unsure about whether or not you need renter's insurance, add up the cost of the items you own, including electronics, furniture, and clothing. You may be surprised by the value of your belongings and what it would cost to replace them.Renters insurance covers:

The III reports that, on average, renter's insurance costs $188 per year, or just under $16 per month. It’s a relatively inexpensive investment that includes coverage for:

• Personal property: losses from fire, smoke, lightning, vandalism, theft, explosions, windstorms, and certain types of water damage, such as a burst pipe.
• Additional living expenses: if your home is uninhabitable, a portion of your living expenses may be covered.
• Personal liability: protection against lawsuits for bodily injury, property damage, and personal injury damages such as libel or slander. Specific coverages vary by state.

Who should purchase renter's insurance?

All renters should consider purchasing renter's insurance. Full-time college students living away from home may also be at risk for loss. Students living in a dorm may have coverage for many items under their parents’ insurance, but expensive items such as computers, other electronics, musical instruments, and expensive sporting goods may be subject to coverage limits under a standard homeowners or renters' insurance policy.

For students living off-campus, a separate renter's insurance policy protects belongings and provides personal liability coverage.

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