Guide · Renting and leases

Renter's Insurance Basics

A friendly, practical guide to what renter’s insurance is, what it usually covers, and how to choose a policy that fits your life.

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Where to start

Something lost or damaged?
Make sure everyone is safe first. See if something is lost or damaged.
No policy yet?
Start with before you buy.
Already covered?
Keep it current with the smart coverage habits.

The short version

Renter’s insurance protects your belongings, your liability and your extra living costs. An owner’s policy usually covers the building, not what is inside it.

Most policies cover personal property against events like fire, smoke and theft, plus personal liability and additional living expenses. Floods and earthquakes usually need separate coverage.

To choose well: compare a few quotes, ask about replacement cost versus actual cash value, pick a comfortable deductible, and mention any valuables.

Make a quick photo or video inventory of your belongings and keep it stored online or away from home.

Rules differ from place to place, so we’d gently encourage a quick look at your local rules. If you ever have questions, we would love to help.

Four simple rules

1
The building’s policy isn’t yours
An owner’s insurance generally covers the building, not the belongings or liability of the people living inside.
2
Three parts to know
Most policies include personal property, personal liability, and additional living expenses if the home can’t be lived in.
3
Read what’s excluded
Floods and earthquakes are usually not covered by a standard policy and may need separate coverage.
4
Know what you own
A simple photo or video inventory makes choosing coverage, and filing any claim, far easier.

Try it

Smart coverage habits

From the guide’s own checklist. Tick each one as you go. Your ticks stay on this device. These are examples; your home may need others.

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Got a few quotes and compared coverage limits, deductibles and exclusions, not just the price
Asked whether the policy pays replacement cost or actual cash value
Made a photo or video inventory and stored it online or away from home
Kept receipts, or photos of receipts, for larger purchases
Told your agent about valuable items like jewelry, instruments or collectibles
Set a reminder to review your policy once a year, or when you move or buy something significant
Kept a copy of your policy and your insurer’s claim phone number where you can find them quickly

Try it

Before you buy

From the guide’s own checklist. Tick each one as you go. Your ticks stay on this device. These are examples; your home may need others.

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Thought about what it would cost to replace everything you own, room by room
Chose a personal liability limit that fits, and asked your agent what amount they suggest
Asked how additional living expenses work if the home ever can’t be lived in
Asked about flood, earthquake, pet liability or roommate coverage if any apply
If the lease asks for proof of coverage, asked the insurer how to list the owner or manager
Checked whether each roommate needs their own policy

If something is lost or damaged

Make sure everyone is safe first. Belongings can be replaced, people cannot.
Let the owner or property manager know right away, and call emergency services if needed.
If there was a theft, file a police report and keep the report number.
Take photos and video of the damage before cleaning up, when it is safe to do so.
Call your insurer to start a claim, and write down the claim number and the name of each person you speak with.
Keep receipts for temporary housing, meals and repairs, and share them with your insurer.

Write down the claim number, the date, and the name of everyone you talk with. A simple log keeps everything clear and calm.

Test yourself

How much do you remember?

4 quick questions from this guide, with a one line why for each. Totally optional, no sign in, and your answers are never saved.

From The Perfect Series

Go deeper with The Perfect Move-In Checklist Workbook

Simple, step by step checklists you can write in for moving in: the move in walk, moving day, your first week, utilities, keys and more.

See The Perfect Move-In Checklist Workbook All books in The Perfect Series

Keep the full guide handy

The PDF has everything: everyday habits, what to do when something goes wrong, common myths, helpful resources and plenty of real-world tips. Print it, save it or share it with anyone who could use it.

Download the PDF

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This guide shares general information to help you, and is not legal or insurance advice. Bunklow does not sell insurance or decide claims.