Who needs renters insurance

If you rent an apartment, house, or even a just a room, there’s a good chance you could benefit from renters insurance. Some building managers require renters to get renters insurance, but many don’t. But just because no one is requiring you to buy it doesn’t mean you shouldn’t protect yourself and your belongings. Renters insurance is a good option for anyone who wants their belongings to be covered in the event of a fire or a break-in, anyone who is worried about personal liability and medical payment coverage in the event a guest is injured in your home, or anyone who wants to be covered for the cost of lodging, food, and more in the case your home becomes unlivable due to damage.

What renters insurance covers

A basic renters insurance policy covers the stuff you typically keep inside your home: clothes, furniture, laptops, jewelry. If those things get stolen or destroyed during qualifying events, your insurance policy will pay for you to replace them.

Common qualifying events for renters insurance claims include:

  1. Fire and lightning
  2. Windstorm and hail
  3. Explosions
  4. Riots
  5. Damage by aircraft
  6. Damage by vehicle (not your own)
  7. Smoke damage
  8. Vandalism
  9. Theft
  10. Volcanic eruption
  11. Falling objects
  12. Weight of snow, ice, sleet
  13. Damage from steam-heating/water-heating appliances/systems
  14. Leakage or overflow of water or steam
  15. Freezing of plumbing, heating, air conditioning
  16. Short-circuit damage caused by electrical appliances

One perk of renters insurance: your stuff remains covered even when you take it with you outside your home. So if someone steals all of your luggage when you’re traveling, your renters insurance policy may offer coverage for your stuff. In addition to replacing your stuff, your renters insurance policy also includes liability coverage that protects you in case someone gets hurt at your apartment. Your renters insurance company may pay for their medical bills, your legal expenses if they sue you, and more.

Many insurance policies will also pay additional living expenses, which are the temporary expenses you’ll incur if you have to vacate your apartment for repairs relating to a covered event; check your policy to see what your insurance company will cover.

What renters insurance doesn’t cover

Renters insurance can be totally clutch in many emergencies including fires, but there are some damages that it won’t cover. Check with your insurance company about your specific policy, but in general, basic renters insurance won’t cover damage from the following:

  1. Flooding
  2. Hurricanes
  3. Earthquakes
  4. Tornadoes
  5. Sinkholes
  6. Pests and vermin (including bed bugs)
  7. Terrorism and acts of war, including nuclear war