As one of the most straightforward types of insurance, renters insurance is a simple and affordable way to protect your belongings and give you peace of mind. Here’s a guide to help you better understand renters insurance.
What is renters insurance?
Renters insurance, also known as tenant insurance, is a type of home insurance coverage that helps protect you and your belongings if you’re renting . Your landlord’s insurance typically covers the building, while renters insurance covers the belongings inside.
Renters Insurance Coverage
The typical renters insurance policy has three types of coverage:
- Personal property
- Additional living expenses.
Personal property insurance coverage can cover belongings such as furniture, clothing, sporting goods or electronics, in the event of a covered loss (whether they get damaged at your home, apartment or anywhere else). Liability insurance provides coverage for bodily injury and property damage sustained by others. Additional living expenses coverage can help pay for lodging, meals and other expenses in the event of the residence you rent is damaged and left uninhabitable.
Cost of Renters Insurance
Renters insurance is typically one of the most affordable insurance coverages. The cost of insurance rates can vary based on your location, credit score and how much coverage you need. The more you want to protect, the higher your premiums will be, but typically the amount of coverage is up to you.
Finding the Best Renters Insurance
Before you begin exploring your options for renters insurance, it’s important to take inventory of everything you want to protect to determine how much coverage you would need. There are many carriers that provide renters insurance so it’s extremely beneficial to shop around and compare both coverage and rates. At SelectQuote, we can do that for you in just minutes, providing unbiased price comparisons from some of the most trusted insurance companies in the nation.
Get a Free Quote on Renters Insurance Today
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