“I lost all of my belongings in an apartment fire last year. RentalInsurance.org got me a cheap plan that covered all my stuff. I never have to worry about losing my things again!”

Veronica, New York

What is Rental Insurance?

Rental Insurance is insurance for people who rent an apartment, a home, condo, or even an office. Home owners have house insurance to help cover the cost to rebuild and replace the homes contents. Rental Insurance does the same for renters.

Rental Insurances

Insurance that covers the loss of personal property is called content insurance or basic insurance. The other type of insurance is called liability insurance which covers property damage of rental property and other property that is next or near the rental property.

What Rental Insurance covers

Think about everything you own. How long did it take to acquire all those belongings? If something happened and all your belongings were lost due to a fire could you afford to replace all those wonderful, personal belongings? Probably not, having rental insurance is just for that purpose to replace stolen or damaged personal property and to help replace personal belongings lost in a fire. If you are a business owner, rental insurance can even cover your business property.

Rental insurance can also help cover the cost of staying in a hotel or motel while repairs are being made to the rental property or to help relocate to a different rental property if the repairs will last for several months.

Liability insurance is rental property insurance which covers structural damage that occurs while the renter is renting the property and any property that is attached, such as any of your neighbors above, below, and/or next to your apartment.

Personal Property

Personal property in broad terms is everything a person owns, which includes clothing, furniture, bedding (pillows, blankets, and sheets), movie and music collections, computers, cameras, TV’s and appliances.

Tips

When buying insurance for rental property, floods and earthquakes are never included in the original policy. Buying a separate policy for floods covers damages caused Mother Nature or the neighbor that forgot to turn off the tub water, or a pipe springs a leak causing a flood.

If the rental property is in a high risk earthquake area, spending the little extra money for a separate earthquake policy will cover losses due to earthquake devastation.

When buying rental insurance it is advisable to take pictures of all of your belongings, and write down all serial numbers documenting these items, keep your documented personal property information in a safe place like a safe deposit box or in the insurance file.

Rental insurance without liability will cover theft of personal property, damages due to vandalism or fire. Liability insurance for renters covers structural damage the renter is responsible for while renting the property.

Personal property includes everything owned by the renter including but not limited to furniture, clothing, electronics, appliances, and computers. Renters insurance is affordable and is worth the investment, a life preserver for your personal belongings.