Skip to Content

Everything You Need to Know About Renters Insurance

A document outlining coverage for personal belongings and liability in a rental property. Renters insurance is crucial for safeguarding your belongings against shocking events such as natural disasters, fires, or thefts. Though it’s not actually legally required, renters insurance is an inexpensive way to protect yourself and your possessions, bestowing peace of mind knowing that you are protected in an unexpected event. It regularly integrates personal property, liability, and additional living expenses. With renters insurance, you can avoid financial hardship by having the necessary coverage to recover from a loss.

What is Renters Insurance?

Renters insurance is a necessary policy that every renter should have. It gives personal liability coverage and covers the loss or replacement of your belongings when living in a rental home. Though it may not be mandated by law, it’s certainly strongly suggested, as many landlords require it. These policies are not only inexpensive but also provide essential protection for renters.

What Does Renters Insurance Cover?

Renters insurance covers personal belongings against theft, loss, or damage and liability for injuries in your rental home. It can especially cover the cost of temporary housing if your rental home is damaged by a natural disaster. Policies differ and may integrate additional benefits, for instance, car coverage or reimbursement for stolen items while on vacation. Ponder on having a renters insurance policy that meets your particular needs.

How Do I Put Value on My Possessions?

To warrant proper protection with renters insurance, discover the value of your possessions by making use of apps or spreadsheets. Keep a list of your belongings and their value, purchase receipts for expensive items, and photos of everything you own. This method can make the claims process smoother and provide you peace of mind.

What About Pets and Roommates?

Grasping well the potential coverage and limitations of renters insurance related to pets is crucial. While it’s uncommon, renters insurance can help cover your liability if your pet injures someone. Having said that, it’s worth noting that renters insurance won’t cover any destruction your pet might set off to your personal belongings.

It’s equally primal to observe that several insurance providers have breed constraints and may not cover certain dog breeds or other animals. Thus, it’s appropriate to go after your provider to see if your pet is covered or if there are any breed restrictions that you should grasp well.

Relative to roommates, not all tenants’ insurance policies automatically cover them. Some providers may permit you to add your roommate to your policy, while others may demand them to get their own policy. It’s critical to ascertain that if you are both on the same policy and your roommate makes a claim, it may affect your insurance record and prompt your rates to go up.

Other Important Things to Know About Renters Insurance

  • Not everything is covered besides damage to the dwelling, insect infestations, and natural water damage.
  • Natural flooding is regularly not covered, and a separate flood insurance policy may be essential if you live in an area prone to flooding.
  • When having ownership of a policy, compare different options delicately to give it importance that you’re getting the right coverage for your needs.


Going in search of a rental home in Fitchburg  or nearby? Contact RPM Greater Madison Metro today online or browse our available rental listings to find excellent homes in your area.


Originally Published on February 26, 2021

We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.

The Neighborly Done Right Promise

The Neighborly Done Right Promise ® delivered by Real Property Management, a proud Neighborly company

When it comes to finding the right property manager for your investment property, you want to know that they stand behind their work and get the job done right – the first time. At Real Property Management we have the expertise, technology, and systems to manage your property the right way. We work hard to optimize your return on investment while preserving your asset and giving you peace of mind. Our highly trained and skilled team works hard so you can be sure your property's management will be Done Right.

Canada excluded. Services performed by independently owned and operated franchises.

See Full Details