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A landlord’s insurance policy won’t cover your personal property. Renters insurance is inexpensive and important to have in case your belongings are damaged, stolen or destroyed. Wondering if you and your roommate both need to buy separate policies? SmartFinancial has answers to all your questions and can match you with an agent offering a renters insurance policy that meets your needs and budget.

The Basics of Renters Insurance

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Featured Guide

What Does Renters Insurance Cover? Learn How It All Works

Renters insurance covers your personal belongings if they’re stolen or damaged and you if you’re sued for liability. Find out more how renters insurance works.

Key Terms to Know

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Policy

Even when it’s not required, it’s important to insure your belongings for when the unimaginable occurs, because it does! A renters policy can be tailored to cover everything you own in your rented home.

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Claim

You file a claim when you need assistance from your insurer if your belongings are damaged, destroyed or stolen.

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Deductible

You’re responsible to pay a deductible when you are paid out a claim. You choose the deductible amount when you buy the renters insurance policy.

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Policy Limit

You are only insured up to policy limits so make sure to consider how much your belongings are worth by creating an inventory before you buy a policy.

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Personal Property

Your personal property includes everything from a bicycle to the dining room table. Consider how expensive it would be to replace all of your belongings without renters insurance.

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Liability

You may be liable for injuries to people who visit your home. Renters insurance covers your liability in these situations.

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Additional Living Expenses

If your home becomes uninhabitable due to a covered peril, like a fire, renters insurance will pay for you to live elsewhere and may even pick up the tab for other everyday expenses due to displacement.

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Actual Cash Policy

The actual cash value of your personal belongings is the price of your belongings minus depreciation due to everyday wear-and-tear. Most Americans have an actual cash policy, which is cheaper than a replacement cost policy.

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Replacement Cost Policy

If you want the ability to replace your belongings with new items, you’ll want to buy a replacement cost renters insurance policy, but it will cost more.

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Covered Peril

Not every type of loss is covered by renters insurance, so make sure to read over the list of covered perils in your renters insurance policy.

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Frequently Asked Questions

Can security systems, fire alarms and sprinklers earn me a discount?

Yes, if you have a security system, fire alarm and sprinklers in your unit let your insurance agent know so they can apply a discount to your policy.

Can I add roommates to my renters insurance policy?

It’s okay to add one person to an insurance policy, but it’s usually a partner or family member. Roommates are encouraged to each buy a policy to ensure coverage. If only one of you has a policy, you may not all get reimbursed for losses, especially if your limits are lower than the losses of every tenant combined.

Does renters insurance cover collectibles/collections or expensive jewelry?

To ensure that your collectibles and or jewelry have adequate coverage, add a separate rider to your renters insurance policy to cover expensive items which may otherwise go over your policy limits.

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