What Does Rental Insurance Cover?

Are you renting an apartment or a house? Then you might want to consider getting rental insurance. Rental insurance, also known as renters insurance, can help protect your personal belongings and provide liability coverage if something happens. But what exactly does rental insurance cover? In this article, we’ll answer that question and more.

Personal Property Coverage

One of the primary coverages of rental insurance is personal property coverage. This coverage protects your personal belongings, such as furniture, clothes, jewelry, and electronics. If your belongings are damaged or stolen due to a covered event, rental insurance can help pay for the cost of repairing or replacing them.

It’s important to note that personal property coverage typically has limits for certain items, such as jewelry, art, and electronics. If you have high-value items, you may need to purchase additional coverage to fully protect them.

What is Covered?

Personal property coverage typically covers damage or loss due to the following events:

What is Not Covered?

Personal property coverage typically does not cover damage or loss due to the following events:

• Floods
• Earthquakes
• Nuclear hazards
• Intentional damage
• Wear and tear

Liability Coverage

In addition to personal property coverage, rental insurance can also provide liability coverage. Liability coverage can help protect you if someone is injured while in your apartment or if you cause damage to someone else’s property. It can help cover the cost of legal fees and damages if you are found liable for the injury or damage.

What is Covered?

Liability coverage typically covers the following:

• Bodily injury to others
• Damage to someone else’s property
• Legal fees and court costs

What is Not Covered?

Liability coverage typically does not cover the following:

• Intentional damage
• Criminal acts
• Business pursuits

Additional Living Expenses Coverage

If your apartment is damaged and you are unable to stay there, rental insurance can also provide additional living expenses coverage. This coverage can help pay for the cost of living in a temporary location, such as a hotel or rental property, until your apartment is repaired or replaced.

What is Covered?

Additional living expenses coverage typically covers the following:

• Temporary housing
• Meals
• Transportation

What is Not Covered?

Additional living expenses coverage typically does not cover the following:

• Excessive expenses
• Non-essential expenses

FAQ

Do I Need Rental Insurance?

While rental insurance is not required by law, it is strongly recommended. Your landlord’s insurance will only cover damage to the building, not your personal belongings or liability. Rental insurance can help protect you from financial loss in the event of a covered event.

How Much Does Rental Insurance Cost?

The cost of rental insurance will vary based on several factors, such as the amount of coverage you need, where you live, and your deductible. On average, you can expect to pay between $15 and $25 per month for rental insurance.

How Do I Choose a Rental Insurance Policy?

When choosing a rental insurance policy, it’s important to consider the amount of coverage you need, the deductible, and the cost of the policy. You should also research the insurance company’s reputation and customer service.

What Should I Do if Something Happens?

If something happens, such as your apartment is damaged or your belongings are stolen, you should contact your insurance company as soon as possible. They will guide you through the claims process and help you determine what is covered.

Can I Bundle Rental Insurance with Other Insurance Policies?

Yes, many insurance companies offer bundle discounts if you purchase multiple policies, such as rental insurance and car insurance. Be sure to ask your insurance company about bundle discounts.