Renters Insurance

Renters Insurance Policies

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Renters insurance is a policy for renters to provide protection for their personal property from events such as fires, theft, and vandalism. Since a renter does not own the building, insurance does not protect the actual structure itself. Renters include any tenants of apartments, condos, homes, etc.

Renters insurance typically works by paying a monthly premium for protection. Renters are provided with options based on how much property they want to protect. This is based on the value of their personal property. The premium will be higher for a higher value of protection. Tenants may choose to add specific items to their policy, such as a wedding ring or other valuable jewelry. Each item will have an additional cost for protection. Additionally, premiums can also vary depending on what events the tenant would like to be protected against. For example, there is often an additional premium for protection against floods.

Additionally, most policies will have a deductible. This is the amount that the renter would pay in the event of a claim. There is also some choice here when picking a policy. A higher deductible would result in a lower monthly premium.

A final choice to be made when initially getting a policy is the frequency of payments. For most plans, the premium will be slightly less when paid yearly, versus paying smaller amounts monthly.

In the event of damage to the tenant’s property, the tenant would then make a claim to their insurance policy and pay the deductible. Then, the insurance company will cover the rest of the cost of the damages.

When damage such as a fire or theft occurs, the costs are generally quite significant. With a Renters policy, costs will be much lower. This can significantly lessen the burned on a renter when such damage occurs. Owners of renter policies also enjoy a piece of mind knowing that they personal items are protected against any unforeseen damage.


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