What is renters insurance and how is it different from homeowners?
Anyone who rents a property – apartment, house, or condominium – should consider renters insurance. It provides protection for personal items, such as furniture, electronic equipment and clothing – but not for the dwelling itself. It also provides liability protection for you should you injure someone or damage that person’s property. Your landlord or the owner of the property is responsible for insuring the building and for his/her own liability coverage.
Does renters insurance cover all belongings?
Some possessions, such as jewelry, furs, coins, computers, antiques, artwork, silverware and other items, may exceed the standard renters policy, and are often subject to a theft limit. When shopping for renters insurance, ask about the various property limits and how they apply to expensive items you may own. You may want to consider purchasing additional coverage for specific items not included in the renters policy.
If my landlord carries insurance, do I need coverage?
The landlord carries insurance that covers the building structure, but does not cover the renter’s personal belongings – furniture, wardrobe, appliances, television or anything you brought with you.