Renter's Insurance

Do you rent your home? If so, you’ll want to have a renter’s insurance policy in place. Many people assume their landlord is responsible for covering damage or loss of property when they rent. However, while the landlord may be responsible for things such as your home’s structure, plumbing, and electrical systems, your landlord’s insurance would not cover your personal belongings (such as valuable jewelry, clothing, furniture, collections, musical instruments, sports equipment, electronics, and works of art). If there was a fire, burglary, or natural disaster, renter’s insurance would provide you the protection you need.

Renter's insurance provides reimbursement for your lost, damaged, or stolen personal possessions. It also protects you if someone is injured in the home you rent, and the injury is deemed to be your fault. A renter's liability policy would cover the costs of your legal defense, up to the limits on your policy. Without this coverage, you could have to pay the costs associated with the injury and court costs out of pocket.

In addition to the peace of mind that comes with this protection, renter's insurance will also compensate you for temporary living arrangements that arise from your home becoming uninhabitable as a result of storm damage or apartment fire, or some other such covered event.

Customization is an option to provide greater tiers of protection for important property, home office situations, and other special needs. Your Mountcastle agent can help you understand all the options and provide you with the best policy for your specific needs.  

Renter's Insurance FAQs

Your personal belongings are not protected by your landlord's insurance policy. You are not required by law to have renter's insurance; however, a landlord may require it as part of your rental agreement. It is wise to carry renter's insurance if you want to protect the investment you have in your valuable possessions. They will be insured against loss, theft, damage, and in addition, you will be protected in the event of liability claims as well.

Your renter’s policy covers personal property, replacement cost coverage, and personal liability protection. Renter's insurance covers not only personal property in your home but, in some cases, outside as well. Not only does the policy protect the contents of your home but also offers liability for damage to others’ property, or injury caused to someone else while visiting you. If another person is hurt while they are in the unit you rent, the renter’s insurance policy will provide the needed coverage.

Not at all. The national average monthly cost for renter's insurance is from $15 to $30.