- Consider the cost of replacing all of your belongings — at today’s prices — if everything in your home is destroyed in a fire or other catastrophic event.
- Renters also covers more than your personal belongings.
- Personal liability coverage in a renters policy can help pay for bodily injury to others or damage to their property if you’re responsible.
- Additional living expenses coverage can help pay for temporary housing and other expenses if you can’t live in your home while it is repaired.
Even if you don’t own much, replacing all of your personal possessions at today’s prices could be very expensive unless you have renters insurance to help cover the cost. You’ve got furniture, clothes, electronics, weekend gear and dishes in the cupboard. It all adds up.
Renters policies can also provide coverage for loss of use if, for example, you can’t live in your apartment because of a fire, weather damage or other covered event. Additional living expenses coverage in your policy can help cover the cost of temporary increased living expenses, like a hotel room and meals.
You also get liability coverage with a renters policy. This would provide coverage if you’re responsible for bodily injury to others or damage to their property. Let’s say you forget to turn off the oven and cause a small fire that damages your unit and the one next door. Maybe you shatter someone’s windshield with a golf ball or crack a guy’s rib with your elbow while playing basketball. Your actions are unintentional, but you could still be responsible for the costs. Renters insurance can help you protect yourself from unexpected financial losses — whether your property is damaged, destroyed or stolen, or if you’re responsible for property damage or injury to others.
The information contained in this page is provided for general informational purposes only. Read our editorial standards for Insurance Questions and other content. We make no representations or warranties of any kind, express or implied. This does not refer to any specific insurance policy and nothing herein is intended to replace or modify any terms in your actual policy.
Farmers may also provide information on topics that are not directly about insurance policies or coverage that we believe could be helpful to you. Information in such articles is not meant as professional advice, and any reliance you place on such information is therefore strictly at your own risk.
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