What Is Renters Insurance?

Renters insurance is a type of policy that includes a group of distinct coverages that aim to protect those that rent and live in a dwelling that is rented from an individual that owns the property. It may include coverage for personal belongings that become damaged due to a peril that is covered.

It also may include coverage for living expenses, lodging, and nutrition should you have to live in another location due to repairs for a loss that is covered in the policy.

It may include a personal liability coverage and more. It does not cover the dwelling in which you reside. The property owner is required to obtain coverage on the structure itself. 

Is Renters Insurance Required?

As a tenant, you are not legally required to obtain renters insurance; however, there are some property owners that may require you to obtain coverage in order to live on their property. This is most common among apartments and similar residential complexes.

If renters’ insurance coverage is considered to be optional, it is advised that you obtain it. Despite common belief, landlords are not responsible for your personal belongings. Should an incident occur, you would be covered. 

What Does Renters Insurance Typically Cover?

Renters insurance typically covers the following:

  • Personal Property 
  • Personal Liability
  • Medical Payments
  • Additional Living Expenses if Loss of Dwelling Use Occurs

Is There Anything Renters Insurance Does Not Cover?

Renters insurance will not cover any type of damage to the actual dwelling that you reside within. Your landlord will be legally required to possess and insurance policy that covers damage to the dwelling.

In some instances, this type of insurance will not cover damage to the property caused by any pets that you own or injuries or other types of damages incurred by your pet.

However, there are policies where you may obtain coverage that will cover injuries or various types of damage that your pet may cause. 

Will Renters Insurance Cover Property Kept in a Self-Storage Unit?

It is possible for this insurance type to cover personal property that you have stored in a self-storage unit. In most instances, though, the limits are usually quite low.

In other words, it is best to keep your property in the dwelling where you reside in order to have optimal coverage with the insurance policy that you obtain as a tenant. 

What Does Renters Insurance Cost? 

Renters insurance costs vary by the location of your dwelling, the coverage limits that you elect to sign up for, and the number of the units in the building where you reside. You may qualify for discounts on this type of insurance. 

Contact Us Today 

We here at Modica Associates specialize in a wide array of insurance types. If you have an interest in insuring yourself to protect your assets, your finances, and your property, we encourage you to contact us today.

We specialize in innovative protection solutions for today’s consumer. We are part of the Professional Insurance Agents, are accredited by the BBB, and we are part of the Independent Insurance Agent. For more information, contact us now by calling: 718-855-1836

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