Renters Insurance

Coverage for tenant belongings, additional living expenses, and liability, since the landlord policy excludes tenant property.

Overview

Policies typically cost 10 to 20 dollars a month because contents, not structure, are insured, making it among the cheapest protection available. Replacement cost versions pay current prices for lost items rather than depreciated amounts. Water damage from burst pipes is covered while flood is not, and high value items such as jewelry, bikes, and instruments need scheduled riders above sublimits that often cap at 1,500 dollars per category. Liability extends to injuries in the rental and damage the tenant causes elsewhere, such as a leaking tub flooding the unit below. Many landlords now require the coverage as a lease condition.