Renters Insurance

Accidents happen! Renters insurance protects you and your personal possessions in the event of a fire, theft, or other incident. Most renters' insurance policies will include protection for both individual property and personal liability. Your best option is to select a policy that offers both types of protection.

Why get it?

Many renters believe their landlord's insurance policy will cover their personal property in the event of an accident. This is often not the case. If one of your neighbors does something to cause damage to your personal property, the landlord is not required to cover you under their insurance. A few years ago, an apartment building was destroyed by fire due to an unattended charcoal grill. Of the 40 people who lost all their possessions, only two had renters' insurance.

How much should you get?

Most policies start at $5,000 worth of coverage for your personal possessions. However, you should create a list of the replacement costs of your property to determine if a higher policy limit is correct for you. Once you add in your computer, stereo, television, cell phone, clothes, and other items, you may find that you have far exceeded the $5,000 basic policy limit. As for personal liability, most basic policies will include $100,000 in coverage.

How much does it cost?

Renters insurance is surprisingly inexpensive. Basic policies start around $7 to $8 a month. Upgraded polices may run from $10 to $14 per month. 

Where can you get it?

You can obtain renters insurance through most major insurance carriers and even some credit unions. You may also be able to bundle a policy through your parents' homeowners insurance and receive an additional discount.

This article was created by a collaborative group of attorneys, landlords, students, and public officials.