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What Does Renters Insurance Cover?

What does Renters Insurance Cover?

Money is often tight when you’re renting a property – especially if you’ve just moved in. You had to find the cash for a security deposit, the first month’s rent, maybe new furniture, gadgets and even a truck rental to get it all your stuff there.

So, it’s easy to think you can go without Renter’s Insurance. In fact, you might not think about it at all – trusting that your landlord’s insurance has got you covered.

Well it doesn’t. And that could mean you’re at risk. So, we thought we’d put together a quick guide outlining just what renter’s insurance coverage includes – and why it’s so important.

Your stuff

The first thing that Renters Insurance covers is your personal possessions. If you’re just starting out in your first place you might not have too much stuff. If you’re a family with a few years behind you, you’ve probably accumulated lots of possessions.

But here’s the thing, even if you think you don’t have many possessions and it’s not worth getting them covered, you could be in for a surprise. Take a step back, and think about all of your stuff…phones, cameras, computers, sound systems, TVs… your clothes… even your furniture.

If a catastrophic event happens, like a fire, you may have to replace them all - and that costs big bucks. Then think about where you’re going to live if that catastrophe leaves your rental uninhabitable, and how you’re going to pay for it.

That’s where Renter’s Insurance comes in. With many renters insurance programs – including Protect Your Bubble’s – you can choose the level of coverage that suits your circumstances and your budget. And most insurers cover Additional Living Expenses or Fair Rental Value if your rental is no longer fit to live in.

  • Additional Living Expenses cover any necessary increase in living expenses incurred by you so that your household can maintain its normal standard of living.
  • Fair Rental Value means it covers the fair rental value of that part where you reside, less any expense that does not continue while the premises are uninhabitable.

Your liability

When you rent a property you have a financial liability resulting from any injury to a visitor to your home, or damage you may have accidentally caused to the property or neighbouring properties from fire, smoke, explosion and water.

That’s sounds like lawyer speak, but think of these scenarios. You’ve balanced a heavy box on top of a closet. It comes down on a visitor, knocking him out and causing a head injury. Or you leave the bath running and it overflows - flooding the apartment below you.

In both cases – and depending on the exact circumstances - you could have a claim made against you. And without Renters Insurance, if you’re found legally liable you could be faced with a pretty big bill.

It varies from policy to policy, but with Renter’s Insurance you’re covered for visitor's medical costs, repair and replacement costs in cases of property damage to others plus legal costs should you be sued.

Can you afford to be without cover?

You can see from this quick guide that Renters Insurance is not a luxury – it’s a necessity.  In fact some landlords now insist their tenants have it.

Find out more about protecting your rental property for less than a dollar a day*

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All insurance products are offered by The Signal, L.P. The Signal, L.P. is a licensed Insurance agency appointed by American Bankers Insurance Company of Florida and American Security Insurance Company. American Bankers Insurance Company of Florida and American Security Insurance Company are Assurant, Inc. companies licensed to offer insurance products. Protect Your Bubble, the Protect Your Bubble logo, Bubble and Squeak and other Protect Your Bubble trademarks, service marks, graphics and logos used in connection with this website are trademarks of Assurant, Inc. in the United States.