Am I required to have renters insurance?

Renter’s insurance isn’t required by law, but many landlords and management companies may require proof of coverage before they hand you the keys. This is because it benefits both parties by ensuring that tenants have coverage for their belongings and liability, reducing the risk for potential legal disputes. Even if it's not mandatory, having renters insurance is still highly recommended.

Is renters insurance expensive?

We know that any additional expense can put additional strain on your budget. The monthly cost for renter’s insurance will depend on the coverage you choose, but many consumers find it affordable and worth the cost, because the premium you pay is a small price to pay for the protection it provides.

Do I need renters insurance?

While that is a personal decision, you might think about what would happen if you lost your home in a fire and had to replace clothing, electronics, cookware, and all the many things that we use in the course of a day. Without renters insurance, you would have to replace those items at your own expense, which could be very expensive. Renters insurance could provide coverage to replace many of these items and make rebuilding your life and home easier and more affordable.

How much coverage do I need?

Renters insurance isn’t a one-size-fits-all type of policy. Because circumstances differ from person to person, it's best to have an idea of the assets or personal belongings you’d like to protect, their value and what you’re able to pay for renters insurance on a monthly basis. Having these amounts in mind will make choosing the right coverage easier.

Renters Insurance | First Acceptance Insurance

Renters Insurance

Renting a home can have a lot of benefits; when something breaks, it's probably your landlord’s responsibility to fix it. What renters may not know, though, is that while landlords typically have insurance that covers the physical structure of the property, this coverage does not extend to a tenant's personal belongings. Renters insurance is important to make sure you, as a tenant, are protected against financial liability, damage, and more. It offers peace of mind and ensures that you're not left financially devastated due to unforeseen circumstances.

Jump To:

What is Renters Insurance?

Renters insurance is a type of insurance policy designed specifically to protect individuals who are renting a home or apartment. Your landlord will likely have insurance to cover their property, but this insurance may not apply to theft or damage to your personal belongings or even injuries suffered by guests in your home, and you could be responsible for replacement costs or medical bills.

How Does Renters Insurance Work?

Renters insurance is different than homeowners insurance. Depending on the type of coverage you decide to purchase, your insurance plan could cover everything from personal property loss to liability for injuries to others that occur on the property you rent. Just like other types of insurance, you’ll have to file a claim with your insurance company and provide information about the circumstances for a claim investigation.

Just like with auto insurance, you may have to pay a deductible as part of your claim. A deductible is the amount of money you pay out of pocket before the insurance company pays for the claim. For example, let’s say your TV is stolen and the cost to replace it is $1,000. If your deductible is $500, you will pay $500 first, and then the insurance company will pay you the additional $500 to replace the television.

What Does Renters Insurance Cover?

The type of renters insurance coverage you choose will be based on your needs and circumstances. Understanding the most common types of renters coverage can help you choose the coverages that are best for you.

Personal Liability Coverage

This coverage is one of the most important parts of a renters policy. It comes into play in many circumstances, but the most common type of liability claim occurs when someone is injured in your home. Liability coverage could provide compensation to the injured person for costs of medical bills, lost wages, legal fees and/or court judgements up to the policy limit.

Liability coverage could also provide compensation for damage that occurs to your property that your landlord’s insurance doesn’t cover. If your child breaks someone’s window while playing ball, for example, your liability insurance may cover it. If you accidentally cause a fire when cooking, your liability insurance may pay to repair the damage.

Protection for Personal Belongings, Also Known as Personal Property Coverage

Personal belongings is what most people think of in regards to renters insurance. If you return home from a weekend trip to find that someone broke in and stole your belongings, the coverage provided by your renters insurance may help replace those items. You might think that your possessions aren’t worth much money, but replacing multiple items due to theft or other covered events could be very expensive.

The types of losses and damages that your renters insurance may cover depends on your specific policy. Many renters insurance policies will replace lost or damaged property under the following circumstances:

Fire and Lightning
Theft
Smoke damage
Falling objects
Windstorms and hail
Explosions or riots
Damage from someone else’s vehicle
Vandalism

Renters insurance covers the cost of replacing or repairing personal belongings in the event of covered perils such as fire, theft, or vandalism. This includes items like furniture, electronics, clothing, jewelry, and appliances. Without renters insurance, you would have to bear the entire financial burden of replacing your belongings if they were damaged or destroyed.

Medical Payments to Others Coverage

If, for example, a guest slips and falls in your apartment, they may need to seek medical attention immediately and need further therapies or surgeries. The injured person would submit a claim through your renters insurance.

As a resident of the property, you are financially liable for these medical costs if someone suffers an injury in your home. Without insurance to cover these expenses, you could end up paying for medical bills out of your own pocket. Your landlord’s insurance usually won’t cover these situations, so it’s important to have coverage to protect yourself.

Additional Living Expenses Coverage or Loss of Use

There might be situations where your home is uninhabitable. If a plumbing pipe bursts and floods your home, you might have to vacate for a brief period of time while a cleaning crew or contractors repair the damage. Staying in a hotel, dining out, and other expenses can add up very quickly, even for just one week. When you have loss of use coverage in your insurance policy, you could be reimbursed for any increased living expenses you may incur. The safety of you and your family is of the utmost importance, and this compensation means you can safely live outside your home even in emergency circumstances.

First Acceptance Insurance’s renter's insurance policy offers the peace of mind you deserve at a price you can afford. Whether you're renting an apartment, condo, or house, we've got you covered. With flexible coverage options tailored to your specific needs, you can rest easy knowing that your personal belongings are protected against theft, damage, and other unforeseen events. Don't leave the security of your possessions to chance—choose First Acceptance Insurance for reliable and affordable renters insurance. Get a free renters insurance quote today!

Information and coverage descriptions are general in nature. Actual coverage depends on the policy. Nothing on this website alters the terms or conditions of any First Acceptance Insurance Company, Inc. policies. Supplementary coverage options or products may be added to an insurance policy for an additional cost where applicable. Product and features are subject to underwriting criteria. Price may vary based on how you buy. Not all products, discounts or payment plans are available in all states or distribution channels. All products described herein are subject to terms and conditions.