Frequently Asked Questions About Renter's Insurance

Who should buy renter’s insurance?
Anyone who rents a house or apartment should buy a renter’s insurance policy. Your landlord’s policy only covers their loss or liability. The contents of your apartment or house are not covered by your landlord’s insurance policy. A renter’s insurance policy will protect your property.

How much renter’s insurance should I buy?
You should have enough insurance to cover the total value of your possessions. This includes your clothes, jewelry, furniture, electronics, and other appliances. To determine how much coverage you need, take stock of your possessions and estimate their total worth. This will give you the amount of coverage you should seek in a renter’s insurance policy.

What will renter’s insurance cover me against?
Renter’s insurance usually covers your possessions against fire, natural disaster, theft, and vandalism. Renter’s insurance also provides liability coverage, in the event that someone injures themselves in your rental unit and attempts to bring a lawsuit against you.

What things will my renter’s insurance cover?
Renter’s insurance will cover most standard consumer goods, including clothes, jewelry, furniture, electronics, and other appliances. If you have things of additional value, such as specialized computer equipment or fine art, you may want to get an additional policy. This additional policy is known as a “rider.”

How should I document my possessions for insurance purposes?
It is a good idea to document your possessions with a video or still camera. A video camera is preferable because you can add a “voiceover” describing the items while you record. You should describe each item in as much detail as possible. For electronics and appliances, you should give the name, make, model, and serial number.

Once you’ve made a visual record of your possessions, keep a copy in a secure place that isn’t in your house or apartment. A safe deposit box at your bank is a good location.

Why do I need liability coverage?
If someone injures themselves in your house or apartment, you could be held responsible for monetary damages. Renter’s insurance usually provides liability coverage as part of a standard policy in case anyone ever tries to collect damages from you.

When should I start my renter’s insurance coverage?
The short answer: right now. You can apply for renter’s insurance at anytime. If you are about to move into a new house or apartment, try to get a policy as soon as possible so it will be in effect when you move in.