A policy for tenants that covers personal belongings, liability, and additional living expenses. It does not cover the building structure itself, which is the landlord's responsibility. Renters insurance is affordable — typically $15 to $30 per month — and is increasingly required by landlords.
Related Terms
Liability Coverage
Insurance that pays for bodily injury and property damage you cause to others. In auto insurance, liability coverage is required in almost every state. It does not cover your own injuries or vehicle damage — you need collision and comprehensive coverage for that.
Landlord Insurance
An insurance policy designed for rental property owners that covers the building structure, liability, and lost rental income if the property becomes uninhabitable due to a covered loss. It does not cover tenants' personal belongings — tenants need renters insurance for that.
Personal Property Coverage
The portion of a homeowners or renters insurance policy that pays to repair or replace your belongings — furniture, electronics, clothing, and more — if they are damaged or stolen. Coverage typically applies both inside your home and anywhere in the world.