Renter’s Insurance: What Type of Coverage Does It Provide?

According to the US census in 2016, over 100 million Americans rent homes or apartments. However, because renters continue to be undercounted due to various factors, that number could potentially be higher.

Renter’s insurance is a policy specifically designed to provide financial protection to people renting their living space. If you’re unclear about what kind of coverage it provides, here’s a quick guide.

What Does Renter’s Insurance Cover?

Damage to or Loss of Personal Property

Renter’s purchase renter’s insurance primarily to protect against loss of and/or damage to their personal property. It offers financial protection for belongings such as furniture, appliances, electronic devices, computers, phones, clothes, jewelry, luggage, and more. Here are the perils a typical renter’s insurance policy protects against:

  • Theft
  • Vandalism
  • Riots
  • Damage by fire and lightning
  • Falling objects
  • Snow, sleet, or ice damage
  • Smoke damage
  • Damage by aircraft
  • Damage by vehicle
  • Water leakage or steam damage
  • Electrical short-circuiting
  • Power surges
  • Volcanic eruption

Personal Liable Coverage

While you can do your best to make your place as safe as possible, the reality is that accidents happen. In the event that any of your guests sustain bodily injury caused by your personal property, renter’s insurance will cover the medical costs. This includes hospital stay, dental procedures, x-rays, surgeries, and other related costs.

This, of course, doesn’t include you because that’s where your health insurance comes in.

Moreover, a renter’s insurance policy provides coverage for damage liability. In the event that you cause any damage to the owner’s property, it’ll offer financial protection.

Renter’s Insurance

Additional Living Expenses

If your rental apartment or home is rendered uninhabitable due to a covered peril, your policy will cover living expenses. Living out of your home can get expensive if you have no choice but to live in a hotel. With renter’s insurance you can expect to be fully protected if this happens.

What Renter’s Insurance Doesn’t Cover

Renter’s insurance policies don’t typically cover the following:

  • Flood or earthquake damage
  • Pests such as rodents and bed bugs
  • Damage or theft of your vehicle
  • Roommates’ personal property

If you’re looking to secure an affordable renter’s insurance policy that’s fine-tuned to your needs, you’ve come to the right place.

We provide full services insurance Springfield, MA and provide home and auto insurance solutions to customers in the Western Massachusetts area. Our expert Insurance Agents Springfield MA have over 50 years of combined experience in the industry.

Get in touch with us today to request a quote or call us at (413) 781-3800.