What is Renters Insurance? – Nationwide (2024)

FAQs

What is Renters Insurance? – Nationwide? ›

Renters insurance protects your personal property in a rented apartment, condo or home from unexpected circ*mstances such as theft, a fire or sewer backup damage – and will pay you for lost or damaged possessions. It can also help protect you from liability if someone is injured on your property.

Renters insurance typically covers fire, windstorms, lightning, explosions, theft, and vandalism. Your personal property, personal liability, additional living expenses, and guest medical expenses are usually covered under your renters insurance.

What is this Renters insurance? Renters insurance provides liability insurance and the tenant's personal property is covered against named perils such as fire, theft, and vandalism. It also pays expenses, when the dwelling becomes uninhabitable.

Renters insurance is an insurance policy that can cover theft, water backup damage, certain natural disasters, bodily injuries and more in a rented property.

The average cost of renters insurance is about $15 to $20 per month¹. However, what you end up paying depends on a number of factors.

Items not covered with renters insurance include: Personal property loss that exceeds the coverage limits on your renters insurance policy. Liability situations that exceed the limits on your policy. Damages caused to the structure of the building you are renting (which is covered by your landlord's homeowners policy).

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

Rental reimbursem*nt coverage helps you pay for transportation expenses, such as a rental car or public transportation fare, while your own vehicle is being repaired after a covered insurance claim. It does not apply if your vehicle needs routine maintenance work or if you need to rent a car on vacation.

The Bottom Line

Renter's insurance provides coverage for your personal belongings, whether in your home, car or with you while you're on vacation. In addition, renter's insurance provides liability coverage in case someone is injured in your home or if you accidentally cause injury to someone.

Flooding, earthquakes and sinkholes are all examples of natural disasters that are not covered by a typical renters insurance policy. All three of these events can easily damage your personal property, so you should buy additional coverage if you think you're at risk.

Does Nationwide cover broken pipes? ›

If a plumbing issue arises, your homeowners insurance may cover any water damage that occurs as a result; however, the costs to repair the actual plumbing issue, will likely not be covered under your standard policy.

When you purchase this type of policy, you'll typically receive a document confirming your coverage. In that document, you'll find what's known as a renters insurance declaration page. What's a declaration page for renters insurance? It's a summary of the coverage within your renters insurance policy.

If a toilet suddenly overflows and damages your possessions, renters insurance likely will cover the damage. If you're found negligent, though, a renters policy won't cover the costs.

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.

Insurance is all about risk, so customers that live in areas with higher risks of claims usually have to pay more for coverage. Some location-based factors that impact renters insurance rates can include: The rate of crimes, especially theft, in your ZIP code.

How much is renters insurance in California? The average cost of renters insurance in California is $182 a year, or approximately $15 a month.

Broken Windows in Your Home

Renters insurance will not cover a broken window in your own residence. Renters insurance only covers your personal property, not the home. Damage to the physical structure of the building you live in, which includes a broken window, is covered by your landlord insurance.

Renters insurance may cover pet damage as part of your policy's liability coverage. This may help protect your finances if your pet injures someone else or damages their property. However, renters insurance won't cover damage to your own property that's caused by your pet.

Renters insurance might cover some of your personal property should the ceiling collapse in the home or apartment you rent. It should also cover additional expenses incurred while your place is undergoing repairs. However, it will not likely cover any injuries you sustained in your own rental.

A renters insurance policy does not typically cover any type of bug or rodent infestation, including bed bugs.