Renters: Don’t learn about insurance the hard way!

Sometimes, it takes a drastic event to realize the importance of insurance. Renters should understand the important of having insurance. In the event of a loss, most people do not have the means or time to start over and re-purchase everything they own. Trying to put your life back together without insurance will not be a pleasant experience, one that can easily be avoided with a standard tenants policy. One of the most common mistakes that tenants make is assuming that their landlord’s insurance will cover their belongings in the event of loss or damage. A covered name peril would be Fire, windstorm, explosion, riot, vehicles, smoke, vandalism, or theft. Listed below are most common areas that a tenants policy will cover.

Personal Property or your “stuff”

The primary purpose of a tenants policy is to insure your personal property. The policy covers loss or damage to your personal property while at your residence in the event of a covered loss, such as theft, fire or storm. The policy also covers your property when it is away from your home, for example, if your laptop is stolen or damaged due to a covered peril when you take it with you on vacation.

“Loss of use”

Loss of use covers living expenses if your home is damaged beyond repair. For example, hotel, restaurant, and other living expenses you incur because of the loss of your home are covered. It’s important to note that there is usually a limit to the amount covered in loss of use, typically a set percent of your total renters’ insurance coverage.


Tenants insurance provides more than just peace of mind in replacing your possessions; it also provides liability coverage. Don’t overlook this insurance need. If someone is injured while in your home ̶ even if you don’t own the home ̶ you can still be held liable. You may be responsible for medical bills and could be subject to a lawsuit. A tenants policy protects you from the financial consequences of most risks.