Many landlords will require tenants to purchase renters insurance since a landlord's property insurance does not cover tenants. Coverage usually falls under “actual cash value”, which pays the value of the object that was damaged or lost, or in “replacement value”, which is the amount needed to replace the damaged or lost items.
Here is a list of most common events that insurance policies cover for:
- Fire, lightning or smoke
- Theft or vandalism
- Riots and civil disturbances
- Falling objects
- Water overflows
- Damages from extreme weather
Liability Protection: This covers medical payments for injuries or accidents that happen on your property, and is only applicable for accidents caused by the person insured.
Renters Insurance Price: For basic coverage and liability protection, costs range from $5-$35 per month. This range is dependent on the amount of property and which type of liability coverage you would like.
Where to purchase renter’s insurance: There are major insurance carriers that will provide you with an online quote for renters insurance. A quick online search will yield many results, or you could ask your neighbors who are also renting to get their advice.