Renters Insurance FAQ

Renters insurance protects your belongings and covers liability for accidents in your apartment. This renters insurance FAQ covers what’s included, how to score discounts and when a rider makes sense for valuable items.

AAA provides coverage for people in all sorts of living arrangements, including renters insurance. For more information, contact a AAA insurance agent.

Why should I buy renters insurance?

Renters insurance provides coverage for lost, stolen or damaged possessions in your apartment. The items in your living area can be worth a lot of money and expensive to replace after a disaster.

What does renters insurance cover?

Renters insurance protects you in case of injury, liability and other catastrophes, like if a stove fire wrecks your kitchen, a thief steals your home entertainment system or a guest slips and falls in your bathroom. With renters insurance, you are protected from damage to your belongings and if someone injured themselves while inside your apartment.

Learn more about renters insurance coverage. 

How is rental insurance different from homeowners insurance?

When you own a home, you also own the property in and around your home. If you rent your home, your landlord is the property owner.

A landlord has the responsibility to protect and maintain the building structure. But a landlord, who may own your building, is not responsible for the objects inside your rented apartment, accidental injury or other legal liability. In fact, your landlord may have insurance, but not for your specific living area.

Similarly, condo insurance acts differently since a condominium association usually owns the property. The association takes responsibility for day-to-day maintenance of buildings and common areas, like a gym or a pool. However, the condo association may not cover individual units and the property inside. Examine your condo association’s bylaws and look for gaps in coverage. You might want to get a policy for yourself to protect your individual unit and your possessions.

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Is renters insurance mandatory?

Renters insurance isn’t legally required, but your landlord may make it a condition of your lease agreement. Failure to aquire it in this case may result in lease cancellation or eviction.

When it comes to landlord vs. renter insurance, the two are very different. While we know renters insurance covers you, the tenant, landlord insurance protects the physical building and is not something you need to have if you are simply renting.

Is it possible to find cheap renters insurance?

No matter the cost of renters insurance, it’s not as expensive as replacing all of the items in your apartment without insurance. Insurance gives you a chance to replace and repair items without breaking the bank.

Plus, you can ask for discounts. If you have smoke detectors, fire extinguishers or a security system, you may be eligible for a discount. Ask your insurance agent as you apply.

Cheap renters insurance is possible, but it is more important to have insurance that provides good coverage for the items that you hold dear and depend on every day.

Are there any situations renters insurance doesn’t cover?

In a similar way to homeowners insurance, renters insurance may have coverage limits, or not apply to certain situations. Of course, check with your insurance agent and ask about the specifics of your policy. Ask if you need an add-on to your coverage, especially if you have pets or a home business.

What if I have rare or unusual items? Will renters insurance cover them if they are lost or damaged?

Purchase an add-on or rider (also known as a floater) on your insurance policy to protect especially valuable items, such as jewelry, collectibles and antiques. You will have to provide a receipt for the purchase of the item, or have it appraised for its value. An appraisal must be kept recent especially since collectibles may change value over time. So it is a good idea to keep appraisals recent and update them every three to five years.

Alternatively, you can ask your insurer to raise the liability limit on your policy without adding a rider.

What if I have a storage unit? Will renters insurance cover the items inside that as well as the possessions in my apartment?

Some policies have coverage for items in a storage unit while others do not. You can also buy additional coverage for your storage unit through your insurance, or from your storage unit company.

How can I get the most out of my renters insurance?

Don’t be afraid to ask your insurance agent about any part of your policy, especially if you’d like renters insurance deductibles explained. Be honest, and tell them if you plan to make a change in your life, like remodeling your kitchen or making a big purchase. Agents are here to help you, make your life simpler and ensure the important things in your life are covered for any emergency.

In addition, make an inventory of the items in your home. This helps you know exactly the value of your possession and their condition before they were destroyed.

Do you have renters insurance? How has it helped you? Let us know in the comments.

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