A New Renters Insurance Guide

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.

Renters Insurance 101

Renting a dwelling — whether it’s an apartment, townhouse, condo, duplex or mobile home — means you likely don’t have to get insurance to cover the structure in which you live. Consequently, many renters will overlook the benefits of getting insurance for their personal property. Read on as we debunk some common misconceptions about renters insurance and provide information on why it is more important than you think. 

Myth #1: “My landlord will cover my personal property damages/losses”  

Fact: While there may be some landlords who offer renters insurance to their tenants, it’s more likely that the landlord’s policy will only cover the structure itself and not anything inside. This means that even if there are appliances inside the structure that the landlord owns, they will not be responsible for damages inflicted on your personal property by those items. An example of this is if you had groceries in your refrigerator and it broke down, thus causing all your food to spoil. It would not be on the landlord to replace that food under their structure insurance policy and, if you don’t have renters insurance, you may lose hundreds of dollars worth of food items. 

Myth #2: “Renters insurance is too expensive”  

Fact: Renters insurance is actually quite affordable and provides coverage for all of your personal belongings. An average renters insurance policy can protect all of your personal property in the event of an accident, such as a fire, explosion or theft, for an affordable yearly price. Plus, there are additional discounts and credits you could be eligible for, such as bundling renters and auto with the same insurance agency.   

Myth #3: “Renters insurance only covers my personal belongings”  

Fact: Renters insurance can also cover any damage you might cause to other tenants’ property or possible medical accidents that happen in your rental. If your bathroom floods and water seeps downstairs to damage other tenants’ personal property, renters insurance can help cover that damage. Another example of this is if you own a dog and it happens to bite or injure someone – renters insurance can actually help cover some of the medical payments. 

You can visit our website to learn more about renters insurance options or, if you want to speak directly with an agent about the best coverage option for you, you can contact your local agent today.