Jump to:<\/h2>\n\n\n\n- What is renters insurance? <\/a><\/li>
- What does renters insurance cover?<\/a><\/li>
- What doesn’t renters insurance cover?<\/a><\/li>
- How much renters insurance coverage do I need?<\/a><\/li>
- Frequently asked questions<\/a><\/li><\/ul>\n\n\n\n<\/div>\n\n\n\n
What is renters insurance?<\/strong><\/h2>\n\n\n\n![\"Focused](\"https:\/\/www.mymove.com\/wp-content\/uploads\/2022\/09\/mm-inline-image-Buy-renters-insurance-2.jpg\")
fizkes \/ Getty<\/figcaption><\/figure>\n\n\n\nA renters insurance policy<\/a>, also known as an HO-4, covers your losses in case of theft, fire, or other damage. It also offers liability coverage, which means your insurance company will pay legal fees and court awards in case of injury or damage due to negligence. For example, if someone gets injured in your rental home and sues, renters insurance could help cover those legal costs. Standard policies also offer additional living expenses for situations where the rental property gets damaged and becomes uninhabitable, displacing you from your home.<\/p>\n\n\n\nYour policy will come with a deductible. The cost of your deductible depends on the policy you choose. A renters insurance deductible is the amount you will have to pay if you file a claim. The higher the deductible, the lower the monthly premium \u2014 but the more you\u2019ll have to pay should the worst-case scenario occur.<\/p>\n\n\n\n
Renters insurance is not legally required, but some landlords might require it if you want to rent from them. However, even if it\u2019s not required and the chances of these things happening are slim, it\u2019s still best to prepare for the worst so you can have peace of mind.<\/p>\n\n\n\n
<\/div>\n\n\n\nWhat does renters insurance cover?<\/strong><\/h2>\n\n\n\n![\"\"](\"https:\/\/www.mymove.com\/wp-content\/uploads\/2022\/11\/MM_Renters-Insurance_Infographics_1107_1.png\")
<\/figure>\n\n\n\nPolicies can differ slightly from state to state, and offerings vary between insurance companies. But overall, renters insurance policies are pretty standard. Here are what many renters insurance policies include. <\/p>\n\n\n\n
<\/div>\n\n\n\nPersonal belongings<\/strong><\/h3>\n\n\n\nThe personal belongings part of your policy protects your things against damage from the following listed disasters and incidents, called named perils.<\/p>\n\n\n\n
- Fire or lightning<\/li>
- Windstorm or hail<\/li>
- Explosion<\/li>
- Riot or civil commotion<\/li>
- Damage caused by aircrafts<\/li>
- Damage caused by vehicles<\/li>
- Smoke<\/li>
- Vandalism<\/li>
- Theft<\/li>
- Volcanic eruption<\/li>
- Falling objects<\/li>
- Weight of ice, snow, or sleet<\/li>
- Water damage caused by steam, heating, AC, sprinklers, or an appliance<\/li>
- Sudden and accidental tearing apart, cracking, burning, or bulging of a hot water heating system, AC, or sprinkler system<\/li>
- Freezing of plumbing, AC, sprinkler system, or appliance<\/li>
- Damage caused by short-circuiting<\/li><\/ul>\n\n\n\n<\/div>\n\n\n\n
Liability<\/strong><\/h3>\n\n\n\nMost policies offer personal liability protection \u2014 meaning the policy would help cover the legal costs and court payouts (up to the policy limit) should someone sue you or your family members for bodily harm or property damage. Liability protection can also pay for damage caused by your pet. Ask your agent about this.<\/p>\n\n\n\n
<\/div>\n\n\n\nAdditional living expenses<\/strong><\/h3>\n\n\n\nShould damage make your home uninhabitable, your policy can help cover the costs of living elsewhere. Policies can cover hotel bills or temporary rental costs, meals, and other expenses while you\u2019re away from your home.<\/p>\n\n\n\n
<\/div>\n\n\n\nMiscellaneous<\/strong><\/h3>\n\n\n\nMost policies protect from some losses that you may have not given much thought to, but should still ask your agent about.<\/p>\n\n\n\n
These other types of coverage can include:<\/p>\n\n\n\n
- Medical payments<\/strong> to others should they get hurt in your home.<\/li>
- Credit card and bank forgery<\/strong> in the event that someone breaks into your home and tries to use your stolen credit card or checks.<\/li>
- Other peoples\u2019 property<\/strong> should their items get damaged or stolen while in your home.<\/li><\/ul>\n\n\n\n<\/div>\n\n\n\n
What doesn\u2019t renters insurance cover?<\/strong><\/h2>\n\n\n\n![\"\"](\"https:\/\/www.mymove.com\/wp-content\/uploads\/2022\/11\/MM_Renters-Insurance_Infographics_1107_2.png\")
<\/figure>\n\n\n\nRenters insurance doesn\u2019t cover all types of damage. Here are a few things renters insurance doesn\u2019t cover.<\/p>\n\n\n\n
<\/div>\n\n\n\nFlooding, earthquakes, and sinkholes<\/strong><\/h3>\n\n\n\nThese natural disasters aren\u2019t covered by renters insurance. If you live near a fault line or your rental is in a flood zone, think about taking out additional coverage. Ask your agent about common weather events in your area, and plan accordingly.<\/p>\n\n\n\n
<\/div>\n\n\n\nMaintenance damage<\/strong><\/h3>\n\n\n\nHome insurance companies rule that it\u2019s the policyholder\u2019s responsibility to take precautionary steps to protect the rental from damage. So, policies will not cover incidents due to a lack of maintenance or infestations like mold or termites.<\/p>\n\n\n\n
<\/div>\n\n\n\nExpensive valuables<\/strong><\/h3>\n\n\n\nExpensive belongings like art, jewelry, and antiques may not be covered due to policy limits. You can take out supplementary policies (called riders) to cover those valuables.<\/p>\n\n\n\n
Your renters insurance policy won\u2019t cover any damage to your vehicle either. Make sure you have an updated auto insurance policy<\/a> in place to cover any damages or vehicle theft.<\/p>\n\n\n\n<\/div>\n\n\n\nHow much renters insurance coverage do I need?<\/strong><\/h2>\n\n\n\n![\"Senior](\"https:\/\/www.mymove.com\/wp-content\/uploads\/2022\/09\/mm-inline-image-Buy-renters-insurance-1.jpg\")
SDI Productions \/ Getty<\/figcaption><\/figure>\n\n\n\nTo answer this question, you\u2019ll need to make a list. Take an inventory<\/a> of everything you own and every item\u2019s value. Take a picture or video of your rental and your most important belongings. Include any serial numbers for things like electronics and instruments. Also, think through the big-ticket items you\u2019ll need additional coverage for. Now, tally all of that up. If you can\u2019t get a precise number, at least get an estimate. Your agent will need to know that number. The valuation of your items will also impact whether you should go with an actual cash value policy (ACV) or a replacement cost value policy (RCV).<\/p>\n\n\n\nACV<\/strong>: Under this type of policy, insurers will pay out the depreciated value of an item. The payout will likely be less than market value and it could cost you more money to replace the item. <\/p>\n\n\n\nRCV<\/strong>: This type of policy pays to replace your lost or damaged belongings with a similar item at the current market value. The payout would be enough to replace your item.<\/p>\n\n\n\n<\/div>\n\n\n\nThe bottom line<\/strong><\/h2>\n\n\n\nDon\u2019t wait to own a house before you insure your belongings. For a small premium, you can have peace of mind that your belongings are covered, you have liability protection, and you have a safety net if accident or disaster makes your home uninhabitable.<\/p>\n\n\n\n
<\/div>\n\n\n\nFrequently Asked Questions<\/strong><\/h2>\n\n\n\n<\/div>\n\n\n\nDoes renters insurance cover moving?<\/strong><\/p>\n\n\n\nNo, your renters insurance policy is designed to protect one property and the belongings inside of it. Most coverage is restricted to a single address, but some companies will allow you to purchase special insurance for your move.<\/p>\n\n\n\n
What happens to renters insurance if you move?<\/strong><\/p>\n\n\n\nWhen you move, you need to inform<\/strong> your insurance company so they can update your account. Your policy will be updated to reflect your new address, so your premium could be affected, going up or down depending on where you live. <\/p>\n\n\n\nHow do I update my renters insurance?<\/strong><\/p>\n\n\n\nMost insurance companies make it easy to update your renters insurance. Some companies have excellent mobile tools, allowing you to change your address either through the app or on the website. Or you may be required to call a customer service number to change the address on your policy. You can only change your mailing address online.<\/p>\n\n\n\n
How can I save on renters insurance?<\/strong><\/p>\n\n\n\nOne reliable way to save would be to bundle your renters insurance with your auto insurance.<\/a> Contact your auto insurance provider and see if there\u2019s a discount!<\/p>\n\n\n\n
What is renters insurance?<\/strong><\/h2>\n\n\n\nfizkes \/ Getty<\/figcaption><\/figure>\n\n\n\nA renters insurance policy<\/a>, also known as an HO-4, covers your losses in case of theft, fire, or other damage. It also offers liability coverage, which means your insurance company will pay legal fees and court awards in case of injury or damage due to negligence. For example, if someone gets injured in your rental home and sues, renters insurance could help cover those legal costs. Standard policies also offer additional living expenses for situations where the rental property gets damaged and becomes uninhabitable, displacing you from your home.<\/p>\n\n\n\nYour policy will come with a deductible. The cost of your deductible depends on the policy you choose. A renters insurance deductible is the amount you will have to pay if you file a claim. The higher the deductible, the lower the monthly premium \u2014 but the more you\u2019ll have to pay should the worst-case scenario occur.<\/p>\n\n\n\n
Renters insurance is not legally required, but some landlords might require it if you want to rent from them. However, even if it\u2019s not required and the chances of these things happening are slim, it\u2019s still best to prepare for the worst so you can have peace of mind.<\/p>\n\n\n\n
<\/div>\n\n\n\nWhat does renters insurance cover?<\/strong><\/h2>\n\n\n\n<\/figure>\n\n\n\nPolicies can differ slightly from state to state, and offerings vary between insurance companies. But overall, renters insurance policies are pretty standard. Here are what many renters insurance policies include. <\/p>\n\n\n\n
<\/div>\n\n\n\nPersonal belongings<\/strong><\/h3>\n\n\n\nThe personal belongings part of your policy protects your things against damage from the following listed disasters and incidents, called named perils.<\/p>\n\n\n\n
- Fire or lightning<\/li>
- Windstorm or hail<\/li>
- Explosion<\/li>
- Riot or civil commotion<\/li>
- Damage caused by aircrafts<\/li>
- Damage caused by vehicles<\/li>
- Smoke<\/li>
- Vandalism<\/li>
- Theft<\/li>
- Volcanic eruption<\/li>
- Falling objects<\/li>
- Weight of ice, snow, or sleet<\/li>
- Water damage caused by steam, heating, AC, sprinklers, or an appliance<\/li>
- Sudden and accidental tearing apart, cracking, burning, or bulging of a hot water heating system, AC, or sprinkler system<\/li>
- Freezing of plumbing, AC, sprinkler system, or appliance<\/li>
- Damage caused by short-circuiting<\/li><\/ul>\n\n\n\n<\/div>\n\n\n\n
Liability<\/strong><\/h3>\n\n\n\nMost policies offer personal liability protection \u2014 meaning the policy would help cover the legal costs and court payouts (up to the policy limit) should someone sue you or your family members for bodily harm or property damage. Liability protection can also pay for damage caused by your pet. Ask your agent about this.<\/p>\n\n\n\n
<\/div>\n\n\n\nAdditional living expenses<\/strong><\/h3>\n\n\n\nShould damage make your home uninhabitable, your policy can help cover the costs of living elsewhere. Policies can cover hotel bills or temporary rental costs, meals, and other expenses while you\u2019re away from your home.<\/p>\n\n\n\n
<\/div>\n\n\n\nMiscellaneous<\/strong><\/h3>\n\n\n\nMost policies protect from some losses that you may have not given much thought to, but should still ask your agent about.<\/p>\n\n\n\n
These other types of coverage can include:<\/p>\n\n\n\n
- Medical payments<\/strong> to others should they get hurt in your home.<\/li>
- Credit card and bank forgery<\/strong> in the event that someone breaks into your home and tries to use your stolen credit card or checks.<\/li>
- Other peoples\u2019 property<\/strong> should their items get damaged or stolen while in your home.<\/li><\/ul>\n\n\n\n<\/div>\n\n\n\n
What doesn\u2019t renters insurance cover?<\/strong><\/h2>\n\n\n\n<\/figure>\n\n\n\nRenters insurance doesn\u2019t cover all types of damage. Here are a few things renters insurance doesn\u2019t cover.<\/p>\n\n\n\n
<\/div>\n\n\n\nFlooding, earthquakes, and sinkholes<\/strong><\/h3>\n\n\n\nThese natural disasters aren\u2019t covered by renters insurance. If you live near a fault line or your rental is in a flood zone, think about taking out additional coverage. Ask your agent about common weather events in your area, and plan accordingly.<\/p>\n\n\n\n
<\/div>\n\n\n\nMaintenance damage<\/strong><\/h3>\n\n\n\nHome insurance companies rule that it\u2019s the policyholder\u2019s responsibility to take precautionary steps to protect the rental from damage. So, policies will not cover incidents due to a lack of maintenance or infestations like mold or termites.<\/p>\n\n\n\n
<\/div>\n\n\n\nExpensive valuables<\/strong><\/h3>\n\n\n\nExpensive belongings like art, jewelry, and antiques may not be covered due to policy limits. You can take out supplementary policies (called riders) to cover those valuables.<\/p>\n\n\n\n
Your renters insurance policy won\u2019t cover any damage to your vehicle either. Make sure you have an updated auto insurance policy<\/a> in place to cover any damages or vehicle theft.<\/p>\n\n\n\n<\/div>\n\n\n\nHow much renters insurance coverage do I need?<\/strong><\/h2>\n\n\n\nSDI Productions \/ Getty<\/figcaption><\/figure>\n\n\n\nTo answer this question, you\u2019ll need to make a list. Take an inventory<\/a> of everything you own and every item\u2019s value. Take a picture or video of your rental and your most important belongings. Include any serial numbers for things like electronics and instruments. Also, think through the big-ticket items you\u2019ll need additional coverage for. Now, tally all of that up. If you can\u2019t get a precise number, at least get an estimate. Your agent will need to know that number. The valuation of your items will also impact whether you should go with an actual cash value policy (ACV) or a replacement cost value policy (RCV).<\/p>\n\n\n\nACV<\/strong>: Under this type of policy, insurers will pay out the depreciated value of an item. The payout will likely be less than market value and it could cost you more money to replace the item. <\/p>\n\n\n\nRCV<\/strong>: This type of policy pays to replace your lost or damaged belongings with a similar item at the current market value. The payout would be enough to replace your item.<\/p>\n\n\n\n<\/div>\n\n\n\nThe bottom line<\/strong><\/h2>\n\n\n\nDon\u2019t wait to own a house before you insure your belongings. For a small premium, you can have peace of mind that your belongings are covered, you have liability protection, and you have a safety net if accident or disaster makes your home uninhabitable.<\/p>\n\n\n\n
<\/div>\n\n\n\nFrequently Asked Questions<\/strong><\/h2>\n\n\n\n<\/div>\n\n\n\nDoes renters insurance cover moving?<\/strong><\/p>\n\n\n\nNo, your renters insurance policy is designed to protect one property and the belongings inside of it. Most coverage is restricted to a single address, but some companies will allow you to purchase special insurance for your move.<\/p>\n\n\n\n
What happens to renters insurance if you move?<\/strong><\/p>\n\n\n\nWhen you move, you need to inform<\/strong> your insurance company so they can update your account. Your policy will be updated to reflect your new address, so your premium could be affected, going up or down depending on where you live. <\/p>\n\n\n\nHow do I update my renters insurance?<\/strong><\/p>\n\n\n\nMost insurance companies make it easy to update your renters insurance. Some companies have excellent mobile tools, allowing you to change your address either through the app or on the website. Or you may be required to call a customer service number to change the address on your policy. You can only change your mailing address online.<\/p>\n\n\n\n
How can I save on renters insurance?<\/strong><\/p>\n\n\n\nOne reliable way to save would be to bundle your renters insurance with your auto insurance.<\/a> Contact your auto insurance provider and see if there\u2019s a discount!<\/p>\n\n\n\n
A renters insurance policy<\/a>, also known as an HO-4, covers your losses in case of theft, fire, or other damage. It also offers liability coverage, which means your insurance company will pay legal fees and court awards in case of injury or damage due to negligence. For example, if someone gets injured in your rental home and sues, renters insurance could help cover those legal costs. Standard policies also offer additional living expenses for situations where the rental property gets damaged and becomes uninhabitable, displacing you from your home.<\/p>\n\n\n\n Your policy will come with a deductible. The cost of your deductible depends on the policy you choose. A renters insurance deductible is the amount you will have to pay if you file a claim. The higher the deductible, the lower the monthly premium \u2014 but the more you\u2019ll have to pay should the worst-case scenario occur.<\/p>\n\n\n\n Renters insurance is not legally required, but some landlords might require it if you want to rent from them. However, even if it\u2019s not required and the chances of these things happening are slim, it\u2019s still best to prepare for the worst so you can have peace of mind.<\/p>\n\n\n\n Policies can differ slightly from state to state, and offerings vary between insurance companies. But overall, renters insurance policies are pretty standard. Here are what many renters insurance policies include. <\/p>\n\n\n\n The personal belongings part of your policy protects your things against damage from the following listed disasters and incidents, called named perils.<\/p>\n\n\n\n Most policies offer personal liability protection \u2014 meaning the policy would help cover the legal costs and court payouts (up to the policy limit) should someone sue you or your family members for bodily harm or property damage. Liability protection can also pay for damage caused by your pet. Ask your agent about this.<\/p>\n\n\n\n Should damage make your home uninhabitable, your policy can help cover the costs of living elsewhere. Policies can cover hotel bills or temporary rental costs, meals, and other expenses while you\u2019re away from your home.<\/p>\n\n\n\n Most policies protect from some losses that you may have not given much thought to, but should still ask your agent about.<\/p>\n\n\n\n These other types of coverage can include:<\/p>\n\n\n\n Renters insurance doesn\u2019t cover all types of damage. Here are a few things renters insurance doesn\u2019t cover.<\/p>\n\n\n\n These natural disasters aren\u2019t covered by renters insurance. If you live near a fault line or your rental is in a flood zone, think about taking out additional coverage. Ask your agent about common weather events in your area, and plan accordingly.<\/p>\n\n\n\n Home insurance companies rule that it\u2019s the policyholder\u2019s responsibility to take precautionary steps to protect the rental from damage. So, policies will not cover incidents due to a lack of maintenance or infestations like mold or termites.<\/p>\n\n\n\n Expensive belongings like art, jewelry, and antiques may not be covered due to policy limits. You can take out supplementary policies (called riders) to cover those valuables.<\/p>\n\n\n\n Your renters insurance policy won\u2019t cover any damage to your vehicle either. Make sure you have an updated auto insurance policy<\/a> in place to cover any damages or vehicle theft.<\/p>\n\n\n\n To answer this question, you\u2019ll need to make a list. Take an inventory<\/a> of everything you own and every item\u2019s value. Take a picture or video of your rental and your most important belongings. Include any serial numbers for things like electronics and instruments. Also, think through the big-ticket items you\u2019ll need additional coverage for. Now, tally all of that up. If you can\u2019t get a precise number, at least get an estimate. Your agent will need to know that number. The valuation of your items will also impact whether you should go with an actual cash value policy (ACV) or a replacement cost value policy (RCV).<\/p>\n\n\n\n ACV<\/strong>: Under this type of policy, insurers will pay out the depreciated value of an item. The payout will likely be less than market value and it could cost you more money to replace the item. <\/p>\n\n\n\n RCV<\/strong>: This type of policy pays to replace your lost or damaged belongings with a similar item at the current market value. The payout would be enough to replace your item.<\/p>\n\n\n\n Don\u2019t wait to own a house before you insure your belongings. For a small premium, you can have peace of mind that your belongings are covered, you have liability protection, and you have a safety net if accident or disaster makes your home uninhabitable.<\/p>\n\n\n\n Does renters insurance cover moving?<\/strong><\/p>\n\n\n\n No, your renters insurance policy is designed to protect one property and the belongings inside of it. Most coverage is restricted to a single address, but some companies will allow you to purchase special insurance for your move.<\/p>\n\n\n\n What happens to renters insurance if you move?<\/strong><\/p>\n\n\n\n When you move, you need to inform<\/strong> your insurance company so they can update your account. Your policy will be updated to reflect your new address, so your premium could be affected, going up or down depending on where you live. <\/p>\n\n\n\n How do I update my renters insurance?<\/strong><\/p>\n\n\n\n Most insurance companies make it easy to update your renters insurance. Some companies have excellent mobile tools, allowing you to change your address either through the app or on the website. Or you may be required to call a customer service number to change the address on your policy. You can only change your mailing address online.<\/p>\n\n\n\n How can I save on renters insurance?<\/strong><\/p>\n\n\n\n One reliable way to save would be to bundle your renters insurance with your auto insurance.<\/a> Contact your auto insurance provider and see if there\u2019s a discount!<\/p>\n\n\n\nWhat does renters insurance cover?<\/strong><\/h2>\n\n\n\n
<\/figure>\n\n\n\nPersonal belongings<\/strong><\/h3>\n\n\n\n
Liability<\/strong><\/h3>\n\n\n\n
Additional living expenses<\/strong><\/h3>\n\n\n\n
Miscellaneous<\/strong><\/h3>\n\n\n\n
What doesn\u2019t renters insurance cover?<\/strong><\/h2>\n\n\n\n
<\/figure>\n\n\n\nFlooding, earthquakes, and sinkholes<\/strong><\/h3>\n\n\n\n
Maintenance damage<\/strong><\/h3>\n\n\n\n
Expensive valuables<\/strong><\/h3>\n\n\n\n
How much renters insurance coverage do I need?<\/strong><\/h2>\n\n\n\n
The bottom line<\/strong><\/h2>\n\n\n\n
Frequently Asked Questions<\/strong><\/h2>\n\n\n\n