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Insurance - Head Matters


5. Homeowner's and Renter's Insurance

d. Renter's insurance

As a renter, personal property is not covered by the  property owner’s homeowner's policy.  The renter is responsible for insuring against the loss of their personal property with a renter’s policy. 

In other words, if you’re renting an apartment and there’s a flood in the building and if you don’t have renter’s insurance, you will not be reimbursed for any of the damage to your personal property.

Renter's insurance is typically relatively inexpensive and may cost around $150 a year ($13 per month).
Typical dangers covered by renter’s insurance:
  • Fire
  • Smoke damage
  • Lightning
  • Falling objects
  • Windstorms
  • Damage from ice, snow or sleet
  • Hail
  • Loss or damage to physical objects because of civil commotion or riot
  • Explosions
  • Volcanic eruptions
  • Liability in case someone gets injured in the rental unit
  • Theft
  • Glass breakage
  • Vandalism
  • Loss of use of the facility
  • Water damage from leaking or overflow of plumbing system

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To determine how much coverage you might need from your renter’s insurance policy, take an inventory of the replacement cost of everything in your residence—you might be surprised at how much it would cost to replace your belongings.  Write everything down and store the list in a place away from where you live (remember it may be lost if something happens to your apartment). If you have a catastrophe, a renter’s insurance policy might be the best $150 you’ve ever spent.
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