When you rent a home or apartment, it’s easy to assume your landlord’s insurance will protect your belongings. In reality, that coverage only applies to the building itself, not what’s inside it. That’s where renters insurance comes in.
What is Renters Insurance?
Renters insurance helps protect your personal belongings if they’re lost, stolen, or damaged. It also provides liability coverage if someone is injured while visiting your rental home.
What Does Renters Insurance Cover?
Renters insurance can cover replacement costs of items that are damaged or lost during fire, theft, or vandalism. Renters insurance also covers the tenants liability if someone is injured on the premises. Tenants should not expect that any coverage is provided for their personal property or personal liability exposures under the landlord’s insurance. If in the event your rental unit is unlivable due to damage, renters insurance can also provide compensation for alternative living arrangements.
Keep in mind certain items such as jewelry or collectibles may have value limit, so additional insurance coverage may be necessary to insure for the full value.
Why is Renters Insurance Important?
Renters insurance is important because your possessions are not covered by the landlord’s insurance coverage, just coverage of the building. Because renters are not paying a premium to insure the building, coverage is generally very inexpensive.
The average person has over $20,000 worth of possessions which may be a lot more than you thought! The best way to figure out what coverage you need is to create an itemized list of your belongings and how much you would need to replace them with something brand new.
You should also consider personal liability insurance coverage as part of your renters insurance. This is what protects you in the event that someone is injured on your premises. To choose the amount of liability coverage you need, consider the potential costs of a liability claim if you were sued for negligence or for another person’s loss.
Updated January 20, 2026
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