Renter's Insurance (HO4)

Renters Insurance covers the contents of a rented property. The renter insures their own personal property, but is not responsible for insuring the actual building structure, as that is the responsibility of the landlord. Generally, the coverage is inexpensive to obtain, and also covers the renter in the event someone is injured inside their rented property. Renter's Insurance is often an overlooked policy type because many renters either don't know it exists or don't think it's necessary. In a 2014 Survey conducted by Nationwide, it was found that nearly 56 percent of renter's did not have a Renter's Policy.*

*https://www.businesswire.com/news/home/20140408006034/en/Nationwide-Insurance-Survey-Finds-Majority-Renters-Protected

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renters insurance

What is Covered Under a Renter's Policy?

There are four primary types of coverage provided under a Renter's Policy:

  • Personal Property: A Renter's policy will cover the contents of the rented property, owned by the renter. Your client may have thousands of dollars of personal property stored in their apartment or rented home. In the event the home is burglarized, or destroyed by fire or other disaster, this policy will cover the  cost of replacing their belongings. It does NOT cover the actual building structure
  • Personal Liability: Similar to a homeowner's policy, renters should have coverage to protect themselves against lawsuits and legal costs associated with them if someone is hurt within their home. It will also cover medical bills of persons injured on their property.
  • Loss-of-Use Coverage: In the event the apartment or home becomes uninhabitable, this coverage can provide living expenses for the renter to find temporary lodging.