Common Renters Insurance FAQ
What does renters insurance cover?
- Personal property coverage - protects your personal property from covered perils such as theft, vandalism, or fire.
- Personal liability coverage - will pay for third-party injuries or damage you cause.
- Loss of use coverage - covers temporary living expenses if your unit becomes uninhabitable.
- Medical payments coverage - covers medical payments related to guest injuries that occur on your property.
What is not covered by renters insurance?
While a standard renters insurance policy covers a wide range of accidents, it doesn't cover everything. You may need additional coverage for instances involving floods, earthquakes, sinkholes, bed bugs/other pests, high valuable items, and property that may belong to a roommate.
How much does renters insurance cost?
A major benefit of renters insurance is that it is relatively inexpensive compared to other insurance types. According to the most recent data from National Association of Insurance Commissioners, the average cost for renters insurance is about $14 a month. However, although a renters policy is relatively affordable, your actual costs will vary depending on the amount of coverage you need, your deductible, and where you live.
Is renters insurance worth it?
Renters insurance is generally worth it in most scenarios due to its low cost compared to other insurance types. According to the National Association of Insurance Commissioners, the average cost for renters insurance in 2020 was around $14 a month. Although your insurance costs will ultimately depend on your coverage limits, location, and plan deductibles, comparing quotes online can help you find an ideal combination of coverage and price.
Is my roommate covered by my renters insurance?
If you live with a roommate, they will need their own renters insurance policy to protect your property. Most insurance companies won't allow roommates to be covered on the same policy unless they are related or married. Check with an insurance agent for the best coverage recommendations.
Does renters insurance cover pets?
A standard renters insurance policy may cover your personal liability if your pet causes damage to someone else or their property. However, your renters insurance will not pay for your pets veterinary bills or damage it causes to your personal property.
Will renters insurance cover jewelry?
A standard renters insurance policy will typically cover jewelry and other highly valuable items, but with limitations. Although your policy may provide some coverage for your jewelry, you'll need to add an endorsement to your policy to cover the full value of your jewelry.
