What Does Renters Insurance Cover? (2024)

FAQs

What does renters insurance include coverage for? ›

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

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.

Flooding, earthquakes and sinkholes are all examples of natural disasters that are not covered by a typical renters insurance policy. All three of these events can easily damage your personal property, so you should buy additional coverage if you think you're at risk.

Renters insurance policies are helpful in three ways: repairing or replacing your belongings if damaged, paying for living expenses if you're displaced, and covering damages to others.

Renters insurance protects your personal property in a rented apartment, condo or home from unexpected circ*mstances such as theft, a fire or sewer backup damage – and will pay you for lost or damaged possessions. It can also help protect you from liability if someone is injured on your property.

Broken Windows in Your Home

Renters insurance will not cover a broken window in your own residence. Renters insurance only covers your personal property, not the home. Damage to the physical structure of the building you live in, which includes a broken window, is covered by your landlord insurance.

Renters insurance can help you repair or replace property after loss due to many types of damage or theft. It can also provide coverage for an accident at your residence. Policies usually have very affordable annual premiums. Note that your landlord's property insurance doesn't cover your belongings.

How does a deductible work for renters insurance? Renters insurance deductibles are applied the same way as homeowners and condo insurance deductibles. If you file a claim on a covered loss, your insurer will pay you the amount above your deductible, up to your policy's limit.

Renters insurance may cover pet damage as part of your policy's liability coverage. This may help protect your finances if your pet injures someone else or damages their property. However, renters insurance won't cover damage to your own property that's caused by your pet.

Certain natural disasters, including earthquakes and sinkholes, are also typically not covered by standard property insurance, regardless of whether you rent or own. Floods typically aren't covered, even when they result from another covered event such as a severe rainstorm.

Which of the following should be covered by renter's insurance? ›

Renters insurance covers your personal property, additional living expenses, liability insurance and medical payments to others. While not mandated by law, renters insurance provides you with a layer of financial protection at a reasonable rate.

Things like theft, fire, vandalism, some types of water damage (such as from burst pipes), a windstorm, and so on. (These are what's known as 'named perils' in insurance speak.)

Renters insurance helps protect your personal belongings after theft or damage. It can also cover personal liability, accidental injury, and temporary displacement. In the event of a covered loss, your rental insurer will pay your claim, less the deductible.

The main and most obvious distinction between renters insurance and homeowners insurance is that a homeowners policy safeguards the home's physical structure against covered perils while renters insurance won't protect the home or building occupied by the tenant.

Standard renters insurance policies typically won't offer coverage for bed bug infestations or any resulting damage. If an infestation occurs, you or your landlord are responsible for covering the extermination costs.

The typical renters insurance policy covers personal property, living expenses, liability coverage, and medical expenses, all of which we'll cover in-depth below.

How much does renters insurance cost in Maryland? The average price for renters insurance in Maryland is $16/month as of 2024, according to ValuePenguin.com. (FYI, the average cost of Lemonade Renters insurance across the U.S. is $14/month.) This rate may be lower than you'd have guessed.

Some location-based factors that impact renters insurance rates can include: The rate of crimes, especially theft, in your ZIP code. The weather and climate in your area, since locations prone to fires, storms and hurricanes are riskier. The age and condition of the property you live in.