Renters Insurance
Your landlord insures the building. Everything inside it, and anything you could be held responsible for, is a separate policy.
Anyone whose name is on a lease rather than a deed.
- Tenants who have never added up what their possessions would cost to replace all at once.
- Renters with people in the unit regularly, where an injury to a guest is their own liability claim.
- Anyone who would have nowhere to go, and no budget for it, if the unit were unlivable for a month.
A renters policy is three coverages in one contract. Most tenants buy it for the first and need the second.
The policy on the property protects the property. It does not follow your possessions, it does not answer for a guest injured in your unit, and it does not pay for anywhere to stay if the unit becomes unlivable.
The three parts of the policy
- Personal property, written at an amount meant to replace what you own rather than at a figure chosen for the premium.
- Liability, which responds when you are held responsible for injuring someone or damaging property.
- Loss of use, also called additional living expenses: hotel bills, a temporary rental and meals while the unit is unlivable after a covered loss.
What it does and does not reach
- Commonly covered: fire and smoke, a burst pipe, water backing up into the unit, wind, lightning, theft and vandalism.
- Not covered: flood and earthquake, which need separate coverage and do not arrive by raising the contents limit.
- Not covered: a vehicle parked at the property, which belongs to the auto policy rather than this one.
- Not covered: the belongings of a roommate who is not named on the policy.
The decisions that shape the policy.
- Set the contents limit against replacement cost. The right figure is what it would take to replace what you own, not a round number that keeps the premium low.
- Read both limits. A renters policy typically has an overall payout limit and a separate cap on any single claim. The second one decides most losses.
- Consider medical payments alongside liability. Where it is available, no-fault medical coverage lets a guest's medical bills be paid without a dispute about fault.
- Name every adult in the unit. Coverage follows the names on the policy, which is worth settling when the lease is signed rather than after a theft.
Renters questions we hear most
Does my landlord's insurance cover my belongings?
No. That policy is there for the building. Everything inside your unit is covered only by your own renters policy.
Are my roommate's belongings covered by my policy?
Only if they are named on it. An unlisted roommate would need their own.
How do I decide how much contents coverage to buy?
Set the contents limit against what it would cost to replace what you own, not against a figure picked to keep the premium down. Totalling a room at a time is usually enough to show whether a limit is realistic.
If I have to move out while the unit is repaired, who pays for that?
That is loss of use, also called additional living expenses, and it is part of a renters policy rather than a separate product. It is what covers hotel bills, a temporary rental and meals while the unit is being put right.
- Home Insurance
- Condo Insurance
- Mobile Home Insurance
- Flood Insurance
- Auto Insurance
- Classic Car Insurance
- Motorcycle Insurance
- RV Insurance
- Off-Road & Recreational Vehicle Insurance
- Boat & Watercraft Insurance
- Umbrella Insurance
- Life Insurance
- High Net Worth Insurance
- Pet Insurance
- Event & Special Event Insurance
Let's put the right policy in place.
Oxford Risk LLC is an independent agency. We represent you rather than a single carrier, which means we can place your coverage with the company whose appetite actually fits your risk. Tell us what you need to protect and an advisor will take it from there.
- Call (330) 315-3081
- Hours Monday - Friday: 8:00 AM - 4:00 PM
- Offices Fairlawn, OH, Cranberry Township, PA, Columbus, OH, Livonia, MI