Rental Insurance Tips for Residential Tenants: What Do You Need?

Rental insurance protects your belongings and liability. The coverage you need depends on what you own and what your policy includes.

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Your landlord typically has insurance for the rental property. What protection do you need for your belongings and liability? Rental insurance, also called renters insurance, provides that protection. Most policies also cover additional living expenses if a covered event makes your rental uninhabitable. But having a policy and having enough coverage are different questions. The answer depends on what you own, what it would cost to replace, and what the policy covers or excludes. Before we compare prices, we need to understand what the insurance is being asked to protect. 1. Understand What's Covered Start with the policy details. Most renters insurance policies cover personal belongings, liability, and additional living expenses after a covered event makes the rental uninhabitable. That last condition matters: the coverage depends on the event being covered. Review the coverage limits, deductibles, and exclusions before purchasing. These details help you judge whether the policy meets your needs; the general description of renters insurance cannot answer that for a particular policy. 2. Assess Your Belongings Create an inventory of your furniture, electronics, clothing, jewelry, ap