Tenants Insurance | Home Insurance | An Post Insurance (2024)

FAQs

What are reasons people typically do not get renters insurance? ›

Many renters don't purchase renter's insurance, either because they don't think it is necessary or believe they are covered under the landlord's policy. The cost of renter's insurance is relatively low.

Renters insurance has three basic coverage components: personal possessions, liability, and additional living expenses.

By adding your landlord as an additional insured, you provide them with an extra layer of protection and streamline the claims process if any unforeseen incidents occur.

Things like theft, fire, vandalism, some types of water damage (such as from burst pipes), a windstorm, and so on. (These are what's known as 'named perils' in insurance speak.)

Renters insurance coverage is almost always worth it. It is much more affordable than other policies, including home or auto insurance, and provides valuable financial protection. Even if you can save enough money to cover unexpected loss, renters insurance may be worthwhile.

Limited Coverage

Another potential drawback of renters insurance is that it may not cover certain types of losses, such as damage caused by flooding or earthquakes. Tenants need to review the terms and conditions of their policy carefully to understand what kinds of losses are covered and which are excluded.

Damage from sinkholes, bedbugs, and other pests aren't covered by a typical renters insurance policy. If your car is stolen or damaged, a standard renters insurance policy won't usually help with those costs either.

Your personal property, personal liability, additional living expenses, and guest medical expenses are usually covered under your renters insurance. It typically does not cover earthquakes, floods, bedbugs, mold, or damage to the exterior of the building.

Like renters insurance, condominium unit-owners insurance provides coverage for personal property, loss of use, personal liability and medical payments to others.

Without a renters policy in place, damage or injury from a gathering gone wrong could be your responsibility. Renters insurance can help protect a landlord against tenant negligence. Tenant negligence can take many forms, ranging from a kitchen fire while cooking to water damage from an overflowing tub.

Can I add my significant other to my renters insurance? ›

Can significant others share renters insurance? Most states allow two unrelated people to share a renters insurance policy if they live in the same rental home. Many renters insurance companies allow policy sharing as well.

Having an additional insured on your renters insurance means that you would be paying to cover them and their personal property too. Renters insurance is designed to cover you, not your landlord, and they should have their own insurance policy in place.

This'll typically range from $250 to $2,500 for renters insurance, and $1000 to $2,500 for homeowners.

In most cases, yes, your insurance premiums will increase after filing a renters claim. As it recalculates your premiums in the wake of a claim, your insurance company will generally consider the type, amount and frequency of claims. The more often you file claims, the riskier you are to insure.

Wind and hail are some of the most common types of property damage claims. About 1 in 35 homes will make a wind or hail property damage claim this year.

Renters insurance isn't legally required, but a landlord can require tenants to have a renters policy. Many landlords want tenants to be insured to help avoid potential disputes if, say, their belongings are damaged while on the property, according to the Insurance Information Institute (III).

Renters insurance protects your belongings from loss, damage, or destruction following things like burglaries, fires, tornadoes and other covered events. Plus, renters insurance also protects your liability (and your money) if someone is injured at your rental home or apartment.

The key reason renters insurance comes cheap lies in what it does and doesn't cover. With homeowners' insurance, you insure both the structure and belongings. With renters insurance, however, you only protect your possessions, personal liability if someone gets injured in your rental, and guests' medical bills.