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Apartment Insurance: A Guide for Renters

If you rent your home, purchasing apartment renters insurance should probably be on your to-do list.

Your landlord’s insurance covers the building you live in, but not any of your property. For just a small investment, you can buy renters insurance that provides property and liability coverage in the event…

  • Your property is damaged.
  • Your possessions are stolen.
  • A visitor is injured at your home, suing you for damages.
  • You accidentally damage someone else’s property.

Let’s explore how apartment rental insurance can help offer you financial protection in these situations.

Many landlords require tenants to carry renters insurance.

Your Lease May Require You to Purchase Apartment Insurance

Many landlords won’t even rent to you unless you agree to purchase renters insurance and include this provision right in your lease. Why would your landlord care if you have apartment insurance? It’s simple: your coverage doesn’t just protect your belongings – it may cover any damage you accidentally cause to your apartment, the building, or a neighboring apartment.

Some examples of how your coverage can protect you (and your landlord) include…

  • You start an accidental kitchen fire that destroys the stove and microwave…both of which belong to the landlord.
  • The doorbell rings and you spend 10 minutes talking to your next would-be city councilperson…forgetting that you had left the tub running. Next thing your downstairs neighbor knows, water is gushing through their ceiling and all over their new TV.
  • A tipsy guest leaving a party at your apartment trips on the stairs on their way out the door and falls, cracking a rib and breaking their arm.

Without apartment renters insurance, your landlord, fellow building tenant, and party guest might try to sue you to recoup the cost of the damages. But if you don’t have any way of paying, then your neighbor and guest might turn their attention to your landlord. By requiring you to purchase apartment insurance, your landlord is protecting themself from potential liability and unwanted lawsuits.

Apartment Rental Insurance Protects Your Belongings

Without apartment insurance, you would be completely on the hook financially if your property is stolen or destroyed. Unless you are independently wealthy, you would likely suffer a major financial setback if you had to scramble to replace everything you lost.

With apartment renters insurance, you are typically covered for any losses or damage to your possessions that happen as a result of:

  • Fire.
  • Wind.
  • Hail.
  • Lightning.
  • Theft.
  • Vandalism.

Apartment insurance may even offer coverage for cases of theft when you’re not home, paying to repair or replace stolen items. For example…

  • Your bag (with your phone in it) is taken out of your locker at the gym.
  • Someone steals your bike while you’re perusing the latest vinyl releases at your favorite music store.
  • Your laptop is snatched from the backseat of your car.

Check out “Does Renters Insurance Cover Theft?” for full details.

Your apartment renters insurance may also cover instances where a fellow tenant accidentally damages your possessions (like in the overflowing bathtub example above), or if you cause an accident that damages your neighbor’s property.

One important thing to know: not every kind of disaster is covered. Damage from a flood or an earthquake is almost never covered under an average apartment insurance policy, nor water backup from a sewer or drain or overflow from a sump pump. No worries – you have options.

You Can Buy Extra Coverage (If You Need It)

When you purchase apartment rental insurance, you’ll have the ability to add on extra coverage for items not covered in your standard policy. These are known as endorsements. If you live in an area prone to flood or earthquakes, you may be able to purchase a corresponding endorsement to receive coverage.

Most apartment renters insurance plans have coverage limits on certain high-value items, so renters often buy an endorsement to provide extra coverage for that particular item. Endorsements are commonly purchased to protect high-value items, including…

  • Jewelry. Unless your engagement ring or Rolex watch was bought from a street vendor, its value is likely to exceed your coverage limits, which is typically $1,000 to $2,000 for all jewelry items. Furs are often lumped into this category, so if you own as many furs as a Kardashian, you’ll probably want to buy an endorsement to insure them.
  • Fine art. If you own any art with a value exceeding $1,000, you may wish to consider purchasing additional coverage.
  • Firearms. A single gun, depending on the value, may be covered under your normal policy. But if you have a larger collection, you may want to consider an endorsement.
  • Sports memorabilia. If you own a valuable collection of baseball cards or a basketball autographed by Michael Jordan, ensure you choose an endorsement to protect your investment.

If you want to know more about endorsements, check out “What Does Renters Insurance Cover?

A typical renters insurance policy includes property + liability protection.

Apartment Renters Insurance Provides Liability Protection

While ensuring your belongings are financially protected is important, more renters find that the coverage they are most grateful for is the liability protection that is part of their apartment insurance policy.

Did you know that if someone comes over to visit you and is injured by tripping on your steps, they could sue you? Depending on the severity of the injury, and how litigious their lawyer might be, lawsuit costs can add up fast and jeopardize your finances for years to come.

Apartment renters insurance can help provide protection by covering the costs associated with third-party injury claims, such as attorney fees, judgments and settlements, and medical expenses for the injured person. Your insurance may also provide protection for accidental property damage caused by you or a family member.

Renters liability coverage may come in handy if:

  • Your mother-in-law comes for a visit and bangs her head on your countertop while “inspecting” the quality of your pots and pans.
  • The family dog bites the new deliveryman who doesn’t make it a point to carry dog treats.
  • Your daughter accidentally kicks a soccer ball through a neighbor’s window while playing outside with her friends.

For more in-depth details on liability insurance, dive into “What is Renters Liability Insurance?

Free Quotes for Apartment Insurance

Ready to sign up for apartment rental insurance? It’s simple – just fill out an online application, sit back, and wait for quotes from our trusted insurance providers to arrive in your inbox. Review your options and choose the best coverage for your rental needs.