Renters insurance

Renters insurance is an insurance policy that covers a tenant’s personal property (clothes, electronics, furniture, etc.) against named perils — fire, theft, water damage, vandalism — and provides liability coverage if someone is injured in the unit and sues you. It is distinct from the landlord’s insurance, which covers the building itself but does not cover any tenant’s belongings.

Many leases require tenants to carry a minimum amount of renters insurance, typically $100,000 in liability coverage and a personal-property amount the tenant chooses. Even when not required, it’s usually worth having: typical premiums are $10–$25 a month, and the alternative — replacing everything you own out of pocket after a fire or burglary — is rarely affordable.

Standard renters policies cover the tenant’s belongings inside the unit, in storage, and often while traveling. They cover the tenant’s liability if a guest is injured in the unit (slip-and-fall) or if the tenant accidentally damages the building (an unattended candle, a bathtub overflow). Some policies include "loss of use" coverage that pays for temporary housing if the unit is uninhabitable due to a covered loss.

Not all damage is covered. Floods and earthquakes typically require separate policies. High-value items (jewelry, art, expensive electronics) often need scheduled coverage above the policy’s standard limit. Read the declarations page and the exclusions before assuming you’re covered.