You don’t have to own your residence to qualify for home insurance. In fact, it’s actually a savvy method of protecting your investment. It goes by a couple different titles – renter’s and tenant’s insurance, namely. These terms both mean the same thing and often are used interchangeably.

Renter’s Insurance Explained

When you hear the term home insurance, you most likely think of the big-ticket items, such as the water pipes, large kitchen appliances, or the actual building itself. As a renter, your landlord most likely carries insurance for these items.

So, that’s good enough, right?

Not necessarily. Your landlord’s coverage won’t cover your personal belongings. Items like:

  • Your furniture
  • Your entertainment center, laptops, PCs, or sound systems
  • Your jewelry

…must be covered under a policy in your name.

Something else you could be liable for without your own policy is any injury that occurs inside your home.

Finally, say that somehow the building or its structural integrity is damaged during the course of your rental agreement. The landlord’s insurance carrier could sue you for repair or renovation costs. With renter or tenant insurance, you’re financially protected.

Is renter’s insurance necessary?

Accidents happen. While it isn’t mandatory to carry renter’s insurance, it could be your financial saving grace in the event of an accident or unexpected loss. If you’ve never had to replace a damaged or stolen item, you might not know just how costly it can be – or how much you could save by carrying tenant insurance.

Since we try and provide the best coverage always, The average types of renter’s insurance policies include:

  • Comprehensive All-risk Form*
  • Personal liability
  • Tenants legal Liability
  • Replacement Cost for Contents
  • Additional Living expense coverage

*some policy exclusions will still apply and can be reviewed with a Broker from out office.

Ready to chat?

Our Brokerage has knowledgeable guides to help you choose the right coverage for your unique situation. For instance, if you’re attending college and you rent a home with other students, there are student-specific policies to cover items like textbooks and laptops. We know how important your belongings are to your life. We can help you today, because we AIM to make your tomorrow as secure as possible.