Renters Insurance

Can I get insurance if I rent my home?

Renters insurance provides financial protection against the loss or destruction of your possessions when you rent a house or apartment. While your landlord may be sympathetic to a burglary you have experienced or a fire caused by your iron, destruction or loss of your possessions is not usually covered by your landlord’s insurance. Because in most cases, renters insurance covers only the value of your belongings, not the physical building, the premium is relatively inexpensive.

By purchasing renters insurance, your possessions are covered against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm and water damage (not including floods). Like homeowners insurance, renters insurance also covers your responsibility to other people injured at your home or elsewhere by you, a family member or your pet and pays legal defense costs if you are taken to court.

Renters insurance covers your additional living expenses if you are unable to live in your apartment because of a fire or other covered peril. Most policies will reimburse you the difference between your additional living expenses and your normal living expenses but still may set limits as to the amount they will pay.

There are two types of renters insurance policies you may purchase:

1. Actual Cash Value – pays to replace your possessions minus a deduction for depreciation up to the limit of your policy

2. Replacement Cost – pays the actual cost of replacing your possessions (no deduction for depreciation) up to the limit of your policy

With either policy, you may want to consider purchasing a floater. A standard renters policy offers only limited coverage for items such as jewelry, silver, furs, etc. If you own property that exceeds these limits, it is recommended that you supplement your policy with a floater. A floater is a separate policy that provides additional insurance for your valuables and covers them for perils not included in your policy such as accidental loss.

RSS Insurance Journal

  • North Carolina Attorney General Plans to Sue Purdue Pharma Family September 18, 2019
    North Carolina’s attorney general says he’s pursuing accountability from the family that owns OxyContin maker Purdue Pharma with a pending lawsuit over their role in the country’s opioid epidemic. Attorney General Josh Stein said Friday a lawsuit targeting the Sackler …
  • Report: More Than 70 Kids in North Carolina Poisoned by E-Cigarettes September 18, 2019
    North Carolina Poison Control says nearly 75 children under age 5 have been poisoned by e-cigarettes and vaping products in 2019. The News & Observer of Raleigh reports the group said in a news release that nearly 150 people have …
  • Arkansas Senate Leader Proposes New Regulations, Tax on Vaping September 18, 2019
    Arkansas’ Senate president has proposed a new tax and regulations on vaping products, and said he hopes the governor will call lawmakers back to the Capitol to take up the issue. Republican Sen. Jim Hendren proposed the legislation in response …
  • Arnold, Palsgraaf Appointed to New Positions at North Dakota Insurance Department September 18, 2019
    North Dakota Insurance Commissioner Jon Godfread has appointed John Arnold as deputy insurance commissioner and Johnny Palsgraaf as general counsel. Prior to his appointment with the North Dakota Insurance Department, Arnold served as the State Elections director for the Secretary …