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Renters Insurance is a type of insurance policy that you buy when starting a new lease
or moving into a new rental property. Some landlords make you buy renters insurance.
If your lease requires renters insurance and you still don’t buy the insurance, then you
have may have violated your lease. Even if your lease does not require renters
insurance, it may be in your best interest to buy renters insurance.
The policy will normally cover you for a year and will have 4 different kinds of
coverage:
| Types of Coverage: | What it Covers: | Examples of Coverage: | Notes: |
|---|---|---|---|
| Loss of Property | Books, furniture, jewelry (up to a set amount), electronics, clothes, etc. | A burglar breaks into your apartment and steals your bike and your tools. | You will get either enough money to replace the lost thing or as much as you would get if you sold it. |
| Loss of Use | If you can’t stay in your place, you can get extra money for items like hotels, replacement clothes, and food. | If your rental burns down and you need to stay in a hotel for a night or two while finding a new place. | These payments are temporary and help with emergencies. |
| Personal Liability | Money to help pay if someone gets injured and sues you. It may help if you damage someone else’s property too. | Someone visits and trips over a carpet and breaks their arm and sues you, or you’re visiting neighbors and knock over a lamp. | This covers issues that were accidents. If you hurt someone or break something on purpose, renters insurance won’t pay. |
| Medical Payments to Others | Medical costs of someone who is hurt in your rental. | Someone comes over and twists their ankle and needs to pay for an x-ray. | This covers costs even if you were at fault, as long as you didn’t hurt someone on purpose. The payment max is lower than Personal Liability Coverage. |
Here are some steps to help you pick a renters insurance company that works for you:
WTLS is available to provide civil legal assistance focusing on issues that affect family safety, cohesiveness, and stability. Our housing counseling program provides holistic legal services to provide housing information and legal assistance for individuals at every stage of housing, from homelessness to homeownership. If you have a question about your rental contact us at 1-800-372-8346 for assistance. Click here to see a copy of this presentation: What is Renters Insurance.
The work that provided the basis for this publication was supported by funding under an award with the U.S. Department of Housing and Urban Development. The substance and findings of the work are dedicated to the public. The author and publisher are solely responsible for the accuracy of the statements and interpretations contained in this publication. Such interpretations do not necessarily reflect the views of the Government.
This page is for informational purposes only and is not a substitute for legal advice from an attorney. All information was accurate at the time of posting. If you have further questions about this information, please call 1-800-372-8346 or click here to apply for our services.
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