Renters Insurance 101

Thinking about a policy to protect you while renting, here is our Renters Insurance 101 course for you.

Renters insurance is fairly simple insurance to buy and understand with 3 main components.

  1. Liability
  2. Personal Property
  3. Everything else (additional riders)

1.) Liability Insurance — Liability insurance covers what you might do to harm someone.  So you may be asking how can I harm someone while I’m renting?  First and foremost in say an apartment complex having a fire start in your unit.  If you have a yard, they could trip on your garden hose, or slip on your driveway.  They can trip on something on the inside of your house.  It may also cover you, if you say hit someone while riding your bicycle on the bike trail.  It also may cover you, if you were to say slander someone.  This has become more and more of an issue with people ranting and raving on social media.

2.) Personal Property — Personal property is your stuff.  You should be thinking, how much will all of your stuff cost to replace?  Keep in mind you may not be finding it on sale when you need to purchase it after a fire.  Also keep in mind inflation, and that prices do go up year over year.  Take a look around and take an inventory of what you have, don’t forget about the food in the pantry / refrigerator all the way down to the toothpicks.

3.) Everything else (additional riders) — You may think about identity theft insurance.  You may also want to list your collections or jewelry separately which is called scheduling.  This gives you full coverage for that specific item.  Maybe you have toys such as  ATV’s or snowmobiles, that can also be listed.

Whatever you decide on coverage’s the price of renters insurance is fairly low in price, and everyone who rents should have it.