Renters Insurance

Renters Insurance Information

Renters insurance is recommended for tenants who live in rented dwellings. A landlord or property management company might require all tenants to have this coverage.

A tenant who rents a townhouse, apartment, home, or condo is eligible for this insurance. The building’s owner or the condo association will likely have coverage for the building. Or at least they should. But that doesn’t cover the personal belongings of tenants.

The cost of the policy depends on what’s covered. The monthly premium is affected by the amount of the deductible. A higher deductible results in a lower premium and vice versa. It helps to speak with the building owner beforehand to ask if they re

quire any specific coverage. If the tenant has any expensive items, additional coverage is available specifically for those special items.

What Renters Insurance Covers

The policy covers the policyholder’s personal belongings. Electronics, clothes, and furniture are examples of what’s covered. Items in attached structures, such as a garage or patio deck, and normally covered as well. And the policy covers incidents such as fires, vandalism, and theft.


Policies offer current cash value or replacement cost value. Actual cash value pays the exact value of an item. Whatever the item is worth when it’s damaged or stolen, that’s the compensation you’ll receive. Replacement cost value reimburses the policyholder for the cost to replace the item. It doesn’t matter how much the item was worth. What matters is how much it will cost to replace.


Renters insurance is recommended for anyone who rents their home. That includes condos, townhomes, apartments, and anyplace a tenant is allowed to rent. Without coverage, the tenant won’t have any financial help should a disaster occur.