Renting a home or apartment offers flexibility and convenience, but unexpected events like theft, fire, or water damage can leave you with financial losses. While your landlord’s insurance covers the building, it doesn’t protect your personal belongings. That’s where renters insurance comes in—offering affordable and essential coverage for tenants.

What is Renters Insurance?

Renters insurance is a policy that protects tenants from financial loss due to theft, damage, or liability claims. It covers personal belongings, temporary living expenses, and legal liability in case of accidents within your rented space.

Types of Renters Insurance Coverage

1. Personal Property Coverage (Protects Your Belongings)

Covers the cost of repairing or replacing personal belongings damaged or stolen due to:

• Fire and smoke
• Theft and vandalism
• Water damage (excluding floods)
• Electrical surges

2. Liability Coverage (Protects Against Legal Expenses)

Provides financial protection if someone is injured in your rented home or if you accidentally damage someone else’s property. Covers:

• Medical expenses for guests injured in your rental
• Legal fees if you’re sued for damages
• Property damage caused by you or your pets

3. Additional Living Expenses (ALE) Coverage

If your rental unit becomes uninhabitable due to a covered event, ALE covers temporary living costs, such as:

• Hotel stays
• Short-term rentals
• Meals and transportation

4. Medical Payments to Others

Covers minor medical expenses if a guest gets injured in your home, regardless of who’s at fault.

5. Flood & Earthquake Coverage (Optional Add-On)

Standard renters insurance does not cover flood or earthquake damage. You can add separate coverage for these risks if you live in high-risk areas.

6. Theft Protection (Even Outside Your Home)

Protects your personal belongings even when they are outside your home. For example, if your laptop is stolen from your car, renters insurance can help replace it.