renters insurance policy

What does Renters Insurance cover?

What is Renters Insurance?

Renters insurance covers you for damage or theft to your personal property, personal liability damages and medical expenses for guests. It also covers if you have to temporarily relocate and other living expenses. Your insurer won’t reimburse you for all events related to these coverages. Only certain “perils” or events will be eligible for reimbursement.

Renters who rent a house should consider buying a renters insurance policy to help protect themselves from the financial consequences of these events. You may already have renters insurance. Read on to find out the types of events that a typical renters policy covers.

A Renters insurance policy

A group of coverages that help renters who live in an apartment or house. A typical renters insurance policy covers three types of coverages. They help to protect you, your belongings, and your living arrangements following a covered loss.

Renters insurance, also known as tenant insurance, covers unexpected events. These are also know as “covered perils”. Renters insurance is available to cover unexpected events. This table lists the various types of coverages included in renters insurance policies and their typical coverage.

What does Renters Insurance Cover?

Four types of coverage are generally available to renters insurance.

Personal property damage- Your renters insurance company pays for the damage to your personal property if it happens due to a “covered peril”. A “covered peril” refers to a damage event which your policy has already include.

Personal liability- Your policy pays for liability costs including legal defense costs if someone is hurt or the property is damaged. Standard policies include up to $100,000 of liability coverage.

Additional living expenses- your renters insurance policy covers your living expenses if the damage done to your apartment or rental property is by a covered peril. This coverage is also known as loss of use.

Medical Payments-You only have to pay for the medical expenses of guests who are injured while on your property.

These coverages combine to provide tenants with significant financial protection against unanticipated events.

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What this policy doesn’t cover?

The renters insurance does NOT cover:




Bed bugs and other pests

Your car is damaged

Your roommate’s possessions

Renters insurance doesn’t cover all risks. It does not include the flood damage to property, and liability for dog-related accidents. For high-value items such as jewelry, coverage may be less. We have listed the most common exclusions and limitations in renters insurance policies.

The renters insurance policy does not cover all perils.

This policy won’t cover damage to personal property due to certain perils such as earthquakes or riots. These are the cases where a renters policy may not cover you:

Pests and bed bugs

With limited exceptions, most renters insurance policies do not cover bed bug damage. A standard renters insurance policies and they can also be a problem with rodents.

Flood damage and earthquakes

Standard renters policies don’t cover flood damage or earthquakes. However, some companies might offer coverage as an option if you are willing to pay more. You will need separate flood and earthquake insurance policies for personal property if you are at high risk. These policies might be available through your renters insurance company, or another insurer.

Car theft or damage

Your renters policy will not cover damage to or theft of your car. You will need a car insurance policy with comprehensive coverage. Renters insurance covers belongings that are found in your car at the time it was stolen.

Property for roommates

Renters insurance policies generally do not cover damage costs associated with your pets. Renters liability may cover bodily harm to pets, such as dog bites, but policies may exclude these cases in certain situations.

In particular, insurers may not cover aggressive breeds of dogs such as pit bulls and may deny coverage if you have one. Renters insurance liability may not cover exotic pets, such as monkeys and reptiles. Your renters insurance coverage does not cover your roommate, except if they are your family.

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Does this policy cover for Theft?

Your renters insurance policy may include personal property coverage. This could help you replace any items that have been stolen. This coverage usually covers items that are stolen from your rental property or items taken outside your rental. If your personal property, such as a computer or gaming console, is stolen from your vehicle, your renters policy could pay for its replacement.

Remember that personal property coverage is often subject to a Deductible. You would have to contribute a certain amount towards the item’s repair or replacement before the insurer will pay for it.

To fully understand your policy, make sure you read it carefully.


Consider everything you have. Your belongings’ value can quickly increase. What would it cost to replace your belongings if they were destroyed or damaged? There are many options when it comes time to select personal property coverage for a renters policy. These are some things to remember:

Coverage limits should be set according to your specific situation. You can create an inventory list.  You can assess the value of the items you keep in your home or apartment to help you decide the right amount of personal property coverage.

It is possible that you will also need to choose the type of personal property coverage that you want. A policy that covers Actual cash value Protection typically covers belongings of their current market value, taking into account depreciation. If you have replacement cost coverage, it may be possible to pay for the replacement of your items at current retail prices.


Liability coverage-The renters insurance policies generally include this protection. This coverage can protect you from having to pay out of pocket for certain expenses. For example: if you are held legally responsible for the injuries or property damage caused by others.

Most people don’t anticipate an accident happening. Liability coverage can help you cover costs if your child falls through the window of a neighbor or if your renter has to pay for medical bills for guests who have fallen or thrown a ball through your apartment.

Similar to other coverages, Limitations apply to the amount that your insurance policy pays after a covered loss. You should carefully read your policy to determine how much coverage you have and to ensure that it meets your needs. If you feel you might be eligible for additional coverage, your agent can help adjust the limits.


You usually have somewhere to call home if you rent a house or apartment. What if that house catches a fire and you are unable to live there? Renters insurance might be a good option.

Renters insurance often covers additional living expenses. This coverage pays for extra living expenses if you are unable to live in your rental home after a covered loss. These costs could include additional food expenses or hotel bills that exceed what you normally spend. To find out how much coverage your policy provides for extra living expenses, and what risks it may cover, check your policy.

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Here are some tips to help you get through a renters’ insurance claim. Keep in mind, however, that the process of filing a claim can vary depending on how severe the damage was.

To report a claim, contact your insurance agent immediately.

You can protect your items from further damage. Discuss any urgent repairs with your agent.

Ask your agent questions about the damage, and ask any questions you might have about the process.

To understand your specific situation, talk to your agent about your policy’s limits and coverage.

It is important to document damaged items and take photos or videos before any repairs are starts.


A deductible is required before renters insurance will pay for any covered losses. Your policy’s premium is the amount you pay to your insurance company to keep your policy active. This is how much your deductible will be. You will find that your deductible for any covered loss is usually higher if your premium is lower. You can adjust your deductible and your premium based on your budget.

Renters insurance can protect you and your belongings but it does not usually cover the building where you live.

 Landlord insurance

The landlord insurance policy protects the landlord’s home. You, the renter are responsible for the contents of your rental. While landlord insurance can provide liability protection to the policyholder, it does not usually extend to tenants.

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