Everything You Want to Know About Renters Insurance
If you’re a renter, you need renters insurance. Get a quote today and make sure you’re protected. Starting at $9/mo.*
If you’re a renter, you need renters insurance.
Get a quote today and make sure you’re protected. Starting at $9/mo.*
What Does Renters Insurance Cover
The greatest benefit of any renters insurance policy is coverage for your personal belongings, but there are other benefits too.
Here’s what you’ll get:
Personal Property Coverage
Renters insurance can help you repair or replace damaged or stolen personal items, such as computers, bicycles, TVs and furniture. You’re insured for damage caused by fire, wind, vandalism, theft and other covered events.
Liability and Medical Coverage
If someone brings a claim or lawsuit against you, renters insurance can help pay for your defense and court costs. It can also pay for the medical expenses of guests who are accidentally injured in your unit.
Emergency Living Expenses
If you’re temporarily forced out of your apartment due to a fire or other covered events, renters insurance will help pay for related costs. This includes your hotel, meals and other living expenses.
What's a Covered Event?
Renters insurance will protect you if the damage was caused by a covered event. Those are events specifically listed on your policy.
Here are some examples:
Fire or lightning
Windstorm or hail
Smoke
Vandalism
Theft
Weight of ice or snow
Some situations can be complicated. Let’s say the ceiling of your apartment caves in from too much ice and snow, and your TV is damaged. Your landlord’s policy will pay to repair the ceiling, while your renters policy will pay to replace the TV.
Fire or lightning
Windstorm or hail
Smoke
Vandalism
Theft
Weight of ice or snow
Some situations can be complicated. Let’s say the ceiling of your apartment caves in from too much ice and snow, and your TV is damaged. Your landlord’s policy will pay to repair the ceiling, while your renters policy will pay to replace the TV.
Actual Cash Value vs. Replacement Cost
Usually, you’ll have a choice between two types of personal property coverage on a renters insurance policy: actual cash value or replacement cost. The difference is important.
Replacement cost value – Pays you to replace the damaged item with a new, similar item.
Actual cash value – Pays you what the damaged item is worth at the time of the loss.
Sample Item
Age of Item
Original Price
Actual Cash Value1
Replacement Cost2
Bicycle
3 yrs
$400
$292
$437
Laptop
4 yrs
$800
$525
$900
Sofa
5 yrs
$1,000
$590
$1,159
Winter Coat
7 yrs
$550
$263
$676
Let’s say the sofa you bought for $1,000 five years ago is damaged in a fire.
With actual cash value, you’ll receive what your sofa is currently worth—which might be $590 due to depreciation.
With replacement cost value, you’ll receive the value of a new sofa of the same size and quality. In this case, you may receive $1,159 due to inflation.
Having replacement cost on your contents may cost a little more up front, but it’s worth it to fully restore your damaged items.
What Isn’t Covered by Renters Insurance
Here are some things that renters insurance won’t cover:
The Building Itself
As a renter, you don’t need to worry about protecting the structure of the building you live in. Your landlord should have insurance to cover that.
Damage Caused by Flooding
If you live in a low-lying area, you may want to purchase a separate flood insurance policy to fully protect your belongings.
Your Roommate’s Things
If you live with a roommate, your renters insurance will only cover your stuff—not theirs. They need to buy a separate policy to be covered.
Get a quote today and make sure you're protected. Starting at $9/mo.*
The above content is for general informational purposes only and does not replace or modify any provisions, limitations or exclusions contained in any insurance policy.
Plymouth Rock Assurance® and Plymouth Rock® are brand names and service marks used by separate underwriting, managed insurance, and management companies that offer property and casualty insurance in multiple states pursuant to licensing agreements. Each underwriting and managed insurance company is a separate legal entity that is financially responsible only for its own insurance products. A full list of underwriting companies by state can be found on our states licensed & disclaimers page. Actual coverage is subject to the language of the policy as issued. Some discounts, coverages, payment plans, features and benefits are not available in all states and companies, and premiums may vary by purchase method. PA Residents: we reserve the right to refuse to quote any individual a premium rate for the insurance advertised herein.