Any tenant who does not own the property they primarily live on will need renters insurance.

This includes those of you who live in rental houses, apartments, dorm rooms, and senior living complexes.  For commercial, this includes those operating in retail, office, or warehouse space.  However, this article is focused on the residential side of renters insurance.

Typically, your lease agreement will demand you get a renters insurance policy and provide a proof prior to moving in.


What does renters insurance cover?

Let’s start by clearly defining what is and is not included.  The easiest way to think of this is before and after you move out.  Everything in the house before you moved in will be covered by the landlord’s insurance.  Everything you moved into the home is your responsibility to cover.

Your renter’s insurance is designed to protect you, your property, and your liability.  This includes:

  • Personal property damage: Your personal belongings are covered by your renter’s insurance in the event they are damaged or destroyed.  Belongings such as your electronics, clothing, appliances, and essentially anything you own.  Some common events include theft, fire or smoke damage, vandalism, and freezing.
  • Personal liability:  More than protecting your belongings, insurance will also protect you!  Coverage can protect you against legal liability in the event of an accident at your residence.  Such as medical bills and lost wages if somebody else got injured.
  • Loss of use:  In the event your rental unit becomes uninhabitable, your renters insurance policy may cover expenses that exceed your normal living expenses.  This can be due to landlords neglect and not making repairs, or due to extreme weather.  If it is related to your landlord, take the time to research your state’s Landlord-Tenant Laws to ensure you are following proper protocol.
  • Medical protections:  Your insurance provider will cover reasonable medical expenses if someone else is injured in your residence.

For more information, check out our blog covering what renter’s insurance covers.


Why does my landlord want me to have renter’s insurance?

Yes, it is true.  Your landlord does have property insurance.  However, what isn’t true is the fact that the landlord’s insurance policy only protects them, their property, and liability.

Hence the need for renters to cover their own personal items.

Your landlord is only responsible for their property.  Therefore, if a theft breaks down the door and steals all your electronics, the landlord is only responsible to replace the door.  Their insurance will only cover the door.

Although your landlord has their own insurance, adding one more layer of insurance protection also helps reduce their own risk.  For example, if your dog bites somebody then your renter’s insurance will cover that before having to go to the landlord’s insurance.

It prevents further headaches and stress for landlords.  But more importantly, it also prevents headaches and stress for you as a renter as well.


What does it mean for my landlord to be listed as an interested party on my renter’s insurance?

Having the landlord added as an interested party does not impact your insurance at all.  No extra cost.  They have no access to your personal information either.

An interested party on any insurance policy allows that third party to get up-to-date information whenever the policy is changed or canceled.  Since renter’s insurance is commonly a provision in your lease agreement, this ensures you do not breach the contract by canceling your policy.

Lastly, your property management company will also request to be listed as an interested party.


What to send my landlord for my renters’ insurance?

Follow your lease agreement and understand the requirements.  Typically, all you own is proof of policy.  With the landlord listed as an interested party, they should already receive a copy automatically.


My landlord doesn’t require renter’s insurance.  Should I still get it?

Although not common, this generally happens with landlords that self-manage.

Here’s our take.  In the grand scheme, renter’s insurance is affordable and provides a lot of value in the event something bad happens.  Renter’s insurance typically ranges from $10 to $30 per month, depending on how much value coverage you want.

You should still consider renters insurance if you:

  • Live in a multifamily unit
  • Live in an area prone to extreme weather: fires, hurricanes, tornadoes, floods, earthquakes
  • Own expensive electronics


How to buy renters insurance?

Let’s keep this simple and affordable.  You can get renters insurance through SURE and it starts as low as $8 per month.  Burbz is a preferred partner with SURE.  Our entire process for submitting a request only takes a few minutes.