What renters insurance covers—and the risks of going without it

Who may need this coverage

• Apartment, duplex and house renters
• Students living off campus
• Roommates who own their own belongings
• Anyone required by a lease to carry liability coverage

Why it matters

Replacing furniture, electronics, clothing and tools at once is expensive. Renters coverage is usually one of the least expensive policies available, and it also responds to liability claims.

Situations in which it may be needed

• Fire, smoke or certain water losses in the unit
• Theft of belongings from the home
• A guest injured inside your rental
• Temporary relocation after a covered loss

Risks of being uninsured or underinsured

• Replacing everything you own out of pocket
• Paying a liability claim personally
• Covering hotel or short-term housing costs yourself
• Being out of compliance with your lease

What this coverage commonly helps protect

• Furniture, electronics, clothing and household goods
• Personal liability and medical payments to others
• Additional living expenses after covered losses
• Certain belongings away from home, subject to policy terms

What it may not cover

• The building structure itself
• Flood damage, which typically needs separate coverage
• Roommate property not listed on your policy
• High-value items above standard limits without a schedule

Questions to ask your agent

• Is my property covered at replacement cost or actual cash value?
• What liability limit should I carry?
• Do I need to schedule jewelry, tools or instruments?
• Does bundling with auto reduce my total cost?

A practical checklist

• Photograph or video every room
• Estimate what it would cost to replace your belongings
• Check the liability requirement in your lease
• List serial numbers for expensive electronics
• Store your inventory somewhere outside the home

Related questions

• Do renters really need insurance?

Keep reading

• Getting StartedHow to decide which types of insurance you actually need
• HomeReplacement cost vs. actual cash value: why the difference matters
• ClaimsWhat to do after an accident or property insurance loss