Many renters are under the impression that their landlord’s insurance will cover them in the event of a catastrophe, which is not the case. A landlord’s insurance only protects the building a renter lives in, not their personal property. To get reimbursement for personal property damaged or destroyed, renters insurance can help.
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While the majority of homeowners buy insurance for their homes and possessions, more than half of all renters fail to buy any insurance protection for their belongings.
When a fire destroys your home or apartment, the loss can be devastating. Insurance can take some of the sting out of that loss by reimbursing you for the cost of replacing at least some of your possessions. Renter’s insurance generally covers property damage or loss caused by theft, fire, vandalism or storms. In addition, most policies include liability coverage, which protects a tenant if someone gets hurt when visiting their home or apartment.
The cost of renter’s insurance is usually lower than homeowner’s insurance because it covers only personal property and liability, not the structure. According to the Connecticut Insurance Department, premiums for renter’s insurance average between $15 and $30 per month depending upon the location and size of the rental unit and the policyholder’s possessions. The amount of the deductible can also affect the cost of premiums.
Two types of renter’s insurance coverage are available:
SOURCE: Connecticut Insurance Department
PREPARED BY: 211/tb
CONTENT LAST REVIEWED: November2020