Renters Insurance

Unlike homeowners insurance, with renters insurance you cannot insure against damage to the building you can only take out insurance to cover the contents of your home.

As with homeowners insurance, renters insurance does cover you against liability claims if someone is injured in your house and, if you don’t have pet insurance, will usually cover you if a pet causes injury to someone else or their property. Renters insurance will also cover you for living costs in the event that you were unable to occupy your rented home due to fire or other disasters covered by your renters insurance policy.

Having renters insurance is not a legal requirement (although renters insurance cover is sometimes required by the landlord) but your possessions are not covered by any insurance policies that your landlord might take out. If you don’t have renters insurance you must be prepared to loose everything you own in the event of theft, fire or other such disasters.

Standard renters insurance does not cover you in the event of flood but you can take out flood insurance through your renter’s insurance provider, but the policy will be with the Federal Flood Insurance Program.

The cost of renters insurance will vary depending on such things as level of cover, value of personal possessions and the area in which you live. You will need to get a renter insurance quotes to get a full understanding of how much your renters insurance will cost. Always get several quotes as shopping around could reduce your annual cost of renters insurance quite dramatically and, as with most insurance nowadays, shopping online generally results in some of the most competitive prices.