Renting & Tenant Education · Jun 11, 2026 · 2 min read
Renter's Insurance 101: What It Covers and Why You Need It
The cheapest protection you're probably not buying
Here's something most renters don't realize: your landlord's insurance doesn't protect your stuff. At all.
If there's a fire, the landlord's policy covers the building. Your belongings? Not covered.
What Renter's Insurance Covers
Personal Property Coverage
Your belongings — furniture, electronics, clothing, everything that isn't part of the building.
Covered against: Fire, theft, water damage, vandalism, windstorms, lightning.
Coverage extends beyond home: Your stolen laptop from your car is often covered too.
Replacement cost vs. actual cash value: Replacement cost pays for a new item. Actual cash value pays depreciated value. Get replacement cost.
Liability Coverage
- Someone gets hurt in your apartment
- Your dog bites someone
- You accidentally damage someone else's property
- Legal defense costs
Standard policies include $100,000 liability. Consider increasing — it costs very little.
Additional Living Expenses
If your unit becomes uninhabitable, this pays for:
- Hotel stays
- Restaurant meals
- Temporary housing
Medical Payments to Others
Small medical bills for guests injured in your home, regardless of fault.
What It Doesn't Cover
- Flooding (requires separate flood insurance)
- Earthquakes (separate coverage needed)
- Your roommate's stuff (they need their own policy)
- Your car (that's auto insurance)
- High-value items without riders (jewelry and similar items often have coverage caps)
How Much Does It Cost?
Typically affordable — often less than common household subscriptions.
Factors: coverage limits, deductible, location, bundling discounts.
Common Scenarios Where It Saves You
The Fire: Building gets repaired by landlord's insurance. Your belongings are destroyed. Your insurance covers replacement plus temporary housing.
The Theft: Break-in takes your electronics. Your insurance reimburses you.
The Water Damage: Pipe bursts, ruins your furniture. Your insurance covers it.
The Liability Claim: Guest breaks their ankle. Their $30,000 medical bills and lawsuit are covered by your liability insurance.
How to Get It
- Get quotes from 2-3 providers
- Compare coverage, not just price
- Entire process takes 15 minutes online
Renter's insurance is cheap, essential protection. There's no good reason not to have it.
The Tillson Woods leasing office can confirm current renter’s-insurance requirements and the applicable lease terms.
Questions about our insurance requirements? Contact us.
