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Ready to get your own place, but not ready to commit to buying property? Renting is a great alternative and can offer the experience of living in different neighborhoods in a city. However, it is important to insure the place you are renting. As a new renter, understand what Renters Insurance is and why it’s critical to obtain. 

What is Renters Insurance?

Renter’s Insurance is similar to Homeowners Insurance in that it protects personal belongings from unexpected damages or theft. Additionally, there are an array of coverage options to ensure that specific needs are covered. 

Do I Need Renters Insurance?

Some landlords have property insurance that covers the building in case of the unexpected; however, this does not cover personal items. Renter’s Insurance can help provide peace of mind by providing coverage on personal belongings that are in your apartment, condo, duplex, etc. Some landlords may even require a renter to have Renter’s Insurance as a lease condition.  

However, something to note is that if a college student is looking to live in a dorm or you have a child that will be, contact your insurance agent to see if your homeowners policy covers dorms or campus housing. If not, it could be critical to get a Renter’s Insurance policy for them.

What Does Renters Insurance Cover?

See a few coverage options below:

• Personal Property: covers personal belongings inside the rented home in the event of damage or theft
• Additional Living Expenses: covers costs that could incur in the event that an individual and their family cannot live in the rented space due to a covered loss
• Personal Liability: ensures coverage in the event a person is legally liable for property damage or bodily injury
• Medical Payments to Others: can cover limited medical payments to those injured on the property, regardless of fault

Renting is a great option to explore and could be the solution you need to venture out and enjoy life on your own. As you explore Renter’s Insurance and coverage needs or are already aware and have questions, don’t hesitate to reach out to a local OKFB agent.