A standard renters insurance policy typically covers your personal belongings should they be damaged, destroyed, or stolen. Renters insurance also covers liability in case someone is injured or someone else’s property is damaged, as well as any medical payments.
Renters Insurance Basics
Renters insurance offers financial protection to tenants in case anything were to happen to their personal property and in the instance of legal liability.
What Is Covered by Renters Insurance?
In a nutshell, standard renters insurance covers four main areas: 1. Personal possessions 2. Liability 3. Living expenses 4. Medical payments
How Much Is Renters Insurance?
According to the National Association of Insurance Commissioners (NAIC), the average cost of a renters insurance policy is $15 to $30 a month.
The Takeaway
While not required by your landlord, renters insurance can help cover your personal belongings, additional living expenses and liability should there be an incident, disaster or theft where you live. To figure out how much coverage you need, it’s a good idea to take inventory of your items.