Renters Insurance: What It Covers and Why It Is Worth It

Many renters assume their landlord’s insurance covers them. It does not. The landlord’s policy protects the building, while your furniture, electronics, clothing and personal liability are up to you.

What renters insurance covers

• Personal property damaged or stolen, at home or often even away from home
• Personal liability if someone is hurt in your rental or you accidentally damage someone else’s property
• Additional living expenses if a covered loss makes your home unlivable

What it usually does not cover

Standard policies typically exclude flood and earthquake damage, and some high-value items such as jewelry may need extra coverage. Ask your agent about endorsements if you own valuable items.

Replacement cost or actual cash value?

Actual cash value pays what an item is worth today, after depreciation. Replacement cost pays what it takes to buy it new. Replacement cost usually costs a little more but can make a big difference after a loss.

Get a renters quote

Renters insurance is often one of the most affordable policies you can buy, and it can be bundled with auto for extra savings. Learn more on our Renters Insurance page or call (602) 558-0078.