Renters Insurance & Tenants Contents Insurance (2024)

FAQs

What is contents coverage renters insurance? ›

Personal property coverage — also known as contents coverage on a home policy — helps cover the cost of your personal items if they are destroyed, damaged, or stolen due to a covered loss or peril. Personal property includes things like furniture, clothing, electronics, and kitchenware.

Your personal property, personal liability, additional living expenses, and guest medical expenses are usually covered under your renters insurance. It typically does not cover earthquakes, floods, bedbugs, mold, or damage to the exterior of the building.

While renters insurance is comprehensive, it doesn't cover everything. For instance, damages due to neglect, mold, insects and flooding are typically not covered. Additionally, damage to your roommate's possessions and your vehicle aren't covered.

Contents insurance covers the cost of replacing or repairing your possessions if they are damaged, destroyed or stolen. It includes everything you would take with you if you moved home including your furniture, kitchen appliances, curtains, bedding, clothing, television, computing equipment and jewellery.

It is a good idea to take out home contents insurance to cover your possessions against fire, theft and other risks, such as accidental damage. If something happens to destroy or damage your possessions, it can cost a lot of money to replace these items.

Flooding, earthquakes and sinkholes are all examples of natural disasters that are not covered by a typical renters insurance policy.

What does renters insurance cover? Renters insurance covers personal property, personal liability, medical payments and additional living expenses or loss of use, up to the limits of your policy.

If you rent an apartment, home or even a dorm, renters insurance is recommended for protecting your space and belongings in the event of a covered accident. Get a free renters insurance quote in minutes.

One of the main cons of getting renters insurance is that it can be an added expense for tenants already paying rent and other living expenses. This can be a deterrent for some tenants who may feel that they cannot afford the additional cost of a renters insurance policy.

Personal property

Most renters insurance reimburses you for the loss of items such as clothing, smartphones and other personal belongings because of these specific events: Fire or lightning. Windstorm or hail. Theft.

Does renters insurance cover damage to flooring? ›

Does renters insurance cover carpet and floor damage? Renters insurance won't cover the physical structure of the apartment, condo, or house you're renting. Your landlord's policy may cover damage to the floors or carpet from a covered peril.

Most contents insurance doesn't include cover for accidental damage. It may be worth adding this if you want cover for mishaps, such as staining your couch or smashing a vase. Also check what isn't covered, for example, damage to clothing or computers.

Your contents cover does include kitchen appliances that are free standing, such as washing machines. But if your appliance is built in, it will be covered under your buildings insurance. There's no cover for your washing machine if it breaks down.

Contents insurance & water leaks

The cover for contents is usually similar in that it provides cover for damage caused to your home contents such as furniture and carpets by water leaking from any fixed tank, appliance or pipe.

Taking a full home inventory (including items kept in a storage facility) and maintaining a list of your possessions – especially the most valuable – is the best way to ensure your coverage limit accounts for your belongings. The sum of the value of all your items is how much coverage you need.

For renters, contents insurance will cover the cost of repairing or replacing the items you keep at home like furniture, electrical appliances, and even potted plants. But before you purchase your policy make sure you determine how much it will cost to replace all of your contents.

Parts of an insurance contract. Declarations - Identifies who is an insured, the insured's address, the insuring company, what risks or property are covered, the policy limits (amount of insurance), any applicable deductibles, the policy number, the policy period, and the premium amount.