What is Renters Insurance?

Renters Insurance provides people who live in a rented residence valuable protection for their personal property and liability. Your landlord's insurance policy does not cover your belongings or the damage you cause to your unit. If you face a loss, Renters Insurance can help protect you from the high cost of replacing your belongings or being found legally liable.

What does Renters Insurance protect?

Renters insurance, sometimes referred to as tenants insurance, includes three basic types of protection:

Personal Possessions

Standard renters insurance protects your personal belongings against damage from fire, smoke, lightning, vandalism, theft, explosion, windstorm, water and other disasters listed in the policy.

To decide how much insurance to buy, you need to know the value of all your personal possessions - including furniture, clothing, electronics, appliances, kitchen utensils and even towels and bedding. In other words, if your home were to burn, you should have enough insurance to replace all of your possessions.


Renters Insurance provides liability protection that covers you against lawsuits for bodily injury or property damage done by you, your family members and even your pets. This coverage pays for both the cost of defending you in court and court awards—up to the limit of your policy. Most standard renters insurance policies will generally provide at least $100,000 of liability coverage, but additional amounts are available. Consider whether the amount of liability coverage provided by your policy is sufficient to protect your assets.

What features should I look for in a Renters Insurance Plan?

Many people don't know that Additional Living Expenses coverage, also known as ALE, is included in a renters insurance policy. If your home is destroyed by a disaster that your policy covers and you need to live elsewhere, renters insurance covers your additional living expenses. Policies will generally reimburse you the difference between your additional living expenses and your normal living expenses. ALE covers hotel bills, temporary rentals, restaurant meals and other expenses you have incurred while your home is being rebuilt.

Reprinted with permission from iii.org

Renters Insurance covers more than just your stuff. It's important to consider what you have to lose beyond material positions.

What features should I look for in a Renters Insurance Plan?

Renters Insurance plans have many different features. MyLifeProtected recommends choosing a plan with these important benefits:

Replacement Cost

There are two types of personal property protection, Replacement Cost and Actual Cash Value. Replacement Cost pays the actual cost of replacing your possessions (with no deduction for depreciation), up to the limit of your policy. The price of Replacement Cost coverage is about 10 percent more than Actual Cash Value coverage but can be well worth the extra cost.

Reprinted with permission from iii.org

Worldwide Coverage

This means that belongings that are outside of your home are also covered against the same disasters listed in your policy. For example, property stolen from your car would be covered. However, there are generally dollar limits on the amount you can be reimbursed. For example, if you have $25,000 worth of personal possessions insurance, you may be covered for up to $2,500, or 10 percent of the total.

Reprinted with permission from iii.org

Electronics Coverage

Some plans may have a special limit on how coverage can be dedicated to your electronics. In an apartment with a TV, laptop, smart phone, speakers, and more, you'll likely want all of these items to be covered up to your plan's limits. Electronics coverage allows for your electronics to be covered up to the policy's limits.

Be on the look out for a plan that offers Replacement Cost, Worldwide and Electronics coverage. Check the policy for specific limits on all of these areas.

How much Renters Insurance do I need?

Make sure you have enough Renters Insurance to replace all of your personal possessions in the event of a burglary, fire or other covered disaster. The easiest way to determine the value of all your personal possessions—including furniture, clothing, electronics, appliances, kitchen utensils and even linens—is to create a home inventory. This is a detailed list of all of your personal possessions along with their estimated value. An up-to-date home inventory will also make filing an insurance claim faster and easier. Reprinted with permission from iii.org

We've created a simple Renters Insurance Calculator to help get you started thinking about how much personal property coverage you may need. Your liability needs can depend on a couple factors, including your lifestyle and assets. You will want to get enough coverage to ensure your assets are safe, and you may want to consider more or less coverage depending on whether you have elevated risk, like if you own a pet or like to throw parties.

How much does Renters Insurance cost?

Renters Insurance typically costs about $15-30 per month. That's about the price to order pizza in one night a week, and less than a coffee per day.

Can I buy Renters Insurance online?

Yes, you can get a quote and enroll for Renters Insurance online. Learn more about Renters Insurance from MyLifeProtected and get a quote, or fill out the Renters Insurance Calculator first.

Can I purchase Renters Insurance from MyLifeProtected?

Yes, you can purchase Renters Insurance from MyLifeProtected that includes the important features listed above.