What is Renters insurance? This insurance also known as tenants insurance, is a type of home insurance that you consider when you rent a home, condo or apartment. In this case, your risk is significantly lower and the home (or building) owner will be carrying the majority of risk and have their own homeowner insurance policy.
Nevertheless you still have a lot of things to protect even if you do not own the house. Renter’s insurance would cover following the risks (additional insurance riders might be required):
- Your personal property and belongings (e.g. home cinema, laptop, music system etc.)
- Personal and premises liability (e.g. in case you damage 3rd party property)
- Living expenses (e.g. if you temporarily have to move to the hotel)
- Special items such as jewelry, art items, collectibles, rugs etc.
- Other coverages such as identity theft, sewer backup, legal protection etc.
Normally you are also able to choose your deductibles and somewhat influence your insurance rates. Renters Insurance is one of the cheapest insurance types on the market and rates can be as a low as $10-20 per month.
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- Include into your policy all important coverage such as e.g. sewer back up
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