Renter Insurance

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Renters Insurance Is Now Often Required

Finding an apartment to rent that does not require renters insurance is dwindling fast. A rarity 15 years ago, landlords now expect a renter to have renters insurance, a security deposit, and the first month's rent.

Renters insurance combines liability coverage, which pays for damage to the property caused by the renter's negligence, with personal property coverage, which pays to help replace a renter's damaged or stolen personal property.

No longer concerned that a prospective tenant might choose a different apartment complex because of their renters insurance requirement, the apartment building owner has the advantage.

What Your Renter's Insurance Does Not Cover

A renter's insurance policy typically costs $12 - $15 per month. When deciding on coverage, choose a replacement cost policy, which reimburses you for what it costs today to replace a damaged item, as opposed to a cash value coverage policy, which only covers the item's current worth. It will cost a little more, but is worth it.

If you're living with a family member, their property will be covered as long as their name is on the renter's insurance policy. However, a roommate not related to you must purchase their own renter's insurance policy.

A renter's insurance policy does not cover natural disasters, so a separate policy will be needed if you live in a flood prone area for instance.

Liability coverage is not usually in a renter's insurance policy, so if you throw parties and have concerns about someone getting injured, add that coverage.

Document everything of value to assure coverage in the event of a claim.

1. receipts for all large purchases
2. list of model and serial numbers for your electronics
3. Store documents in a fireproof safe or make copies that can be saved externally
4. Take photos and store externally, such as in an app, smartphone, or on the cloud