Can I get insurance if I rent my home?
A: If you are renting your home you are eligible to purchase renters insurance.
Renter's insurance is designed to protect anyone who rents a home or apartment. Renter's insurance coverage protects your personal possessions and your finances in the event of a liability lawsuit.
Renter's Insurance 101
Renter's insurance consists of the 4 basic types of coverage:
- Contents Coverage
- Loss of Use Coverage
- MedPay Coverage
- Liability Coverage
Contents Coverage- As a renter, you should have coverage for all of your personal belongings that are in the home you are renting. Contents coverage provides coverage for your furniture, clothing, home dècor, electronics, etc in the event they are lost in a covered peril. Covered perils typically include wind, hail, lightening, fire, theft, riots, volcanic eruption, etc.
Loss of Use Coverage- in the event that the home you are renting is damaged, you may need to seek shelter elsewhere while damages are being repaired. Loss of use coverage provides coverage for alternate living expenses in the meantime.
Medical Payments (MedPay) Coverage- MedPay is the portion of a renter's insurance policy that provides medical reimbursement for injuries sustained by someone on your property. This would cover you only in the event that there was no lawsuit involved. For example, if a friend slips on your front porch and sprains their ankle, your MedPay coverage would provide coverage up to your policy limits for their medical bills. Most MedPay coverages range from $1,000-$2500 per incident.
Liability Coverage- Renter's insurance also includes liability coverage which protects you in the event you are presented with a lawsuit where you (or other covered persons on your policy) have caused damage or bodily injury to another person or their property.
For a renter's insurance quote, give us a call at 1-877-50-MyHome.
Last Updated: July 15, 2009
Have other questions about home insurance or how to get started? Want to speak with one of our licensed agents? Give us a call at 1-877-295-3422 and let us get started on your quote today!