{"id":7536,"date":"2018-01-16T14:56:14","date_gmt":"2018-01-16T19:56:14","guid":{"rendered":"https:\/\/www.renthop.com\/content-manager\/?post_type=qa&p=7536"},"modified":"2023-07-24T13:43:09","modified_gmt":"2023-07-24T17:43:09","slug":"should-i-get-renters-insurance","status":"publish","type":"post","link":"https:\/\/www.renthop.com\/blog\/should-i-get-renters-insurance\/","title":{"rendered":"Should I Get Renters Insurance?"},"content":{"rendered":"

Renters insurance is a self-explanatory concept, but is several confusing specifics. Some renters may wonder if they need a policy when renting an apartment, especially in an unpredictable area like New York City<\/a>. Renters insurance is not always mandatory, but if you\u2019re a renter with a lot a valuables (as most of us are) it is a smart move and good news, it is not nearly as costly as homeowner insurance<\/a>!<\/p>\n

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What Is Renters Insurance?<\/h2>\n

Renters insurance covers your valuables at home if something were to happen in your apartment such as damage to apartment, fire, theft, etc. Most people might think that those things are covered by the landlord, but that is not the case. A landlord\u2019s insurance will cover the building but not specifically your valuables located inside your apartment. Side note, the landlord\u2019s policy will cover appliances that they own in your apartment<\/em>. A lot of big insurance companies offer renters insurance, so as a renter you have plenty of options to pick from.<\/p>\n

Some landlords require that their tenants purchase renters insurance, and will state this in their lease.<\/p>\n

What Does Renters Insurance Cover?<\/h2>\n

So what does renters insurance specifically cover? Obviously, it covers your personal property but let\u2019s look at the specifics. The most common areas that this insurance covers (but this can be different from company to company) are:<\/p>\n

Damage to Personal Property<\/h3>\n

This includes damage to furniture, clothes, electronics, appliances, and so on by fire, lightning, etc.<\/p>\n

Theft of Personal Property<\/h3>\n

If you are so unlucky to be the victim of theft or burglary, a renters insurance will cover the loss of items stolen.<\/p>\n

Certain Water Damage<\/h3>\n

While the damage caused by flooding<\/a> is its own thing and not covered under renters insurance, the insurance will most likely cover damages to your property caused by a water pipe bursting and any other accidental discharge of water to your property\/valuables. If you live somewhere where flooding can be a threat, you might want to purchase flood insurance on the side.<\/p>\n

Liability Coverage<\/h3>\n

The liability coverage will cover any injury to another person on your property. This can also include dog bites if your dog was so unlucky to bit another dog or a human. Renters insurance will not cover your pet when it comes to illness and injuries, so if you have a pet you should also purchase a separate pet insurance.<\/p>\n

Additional Living Expenses<\/h3>\n

In the case of your home getting damaged to the point where you are not able to live in your apartment, renters insurance will cover additional living expenses so you have somewhere to live in the meantime.<\/p>\n

What does Renters Insurance Exclude?<\/h2>\n

There are going to be things and areas your renters insurance won\u2019t cover. But it gets confusing to know exactly what it doesn\u2019t cover. While you\u2019ll get the full overview of what your insurance will cover once you\u2019ve signed up and purchased it, here are some areas usually not covered by renters insurance:<\/p>\n