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Thanks for making it easy to find the cheapest renters insurance. Knowing our stuff is always protected gives me peace of mind.

Matt and Bethany, Charleston SC

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Flood insurance for renters is essential whether you live on the banks of a river or the middle of the desert. Never assume that a sudden rush of water can't cause damage to your home just because the obvious threat isn't there. If you check with your landlord or property owner and find that your building is situated in a plane prone to flooding, as a renter, you're not required to obtain this protection, however, it could be a careless and costly mistake not to do so.

Coverage is provided by the National Flood Insurance Program in order to make sure all of those who need policies have it available. If you find it necessary to purchase contents insurance for renters then you'll want to do so as soon as possible. There is a 30 day waiting period in place and any threats or damages suffered during the period will go unprotected. This waiting period is in place to ensure consumers don't abuse their policy by only obtaining it when there is an immediate threat.

Flood Protection as Part of Your Policy

Flood insurance for renters isn't typically a part of your policy. In fact, it can be difficult to secure this kind of insurance policy. You'll need to make a separate policy application and keep in mind there is a waiting period for flood insurance for renters. Not all insurers can provide this type of coverage, as it is solely available to your insurer through the NFIP. Depending on where you live, your rates can run pretty high. However, the general renters insurance policy is usually extremely affordable, making you budget for flood insurance for renters a little bit healthier.

You can't add this type of coverage on to your renters policy, however you can request it in addition to your policy. Flood insurance for renters can be attached to your premium, if not your policy. You'll know the combined cost of your policies once you've been approved for coverage.

Why You Need Flood Protection

Anyone who lives on or near a body of water, be it a creek, river, lake or some other tributary, should protect his or her belongings and financial investment in the event disaster strikes. Because of the thirty day waiting period, you should make an application for your coverage as soon as you can. Remember, if there is impending threat, you may not be covered in time to protect your possessions.

Flood insurance for renters is the only way to protect your financial investment in your personal property if you are a tenant in someone else's property. Property owners and homeowners are generally required, by conditions set forth by their mortgage or finance companies, to maintain a policy protecting them against this type of damage if they live in a flood zone. Their protection however, doesn't extend to the tenant who lives on the property. Don't ever assume that you're protected under your landlord's policy or you could lose your financial investment in everything you own.

Flood insurance for renters is structured much like your standard renters policy. You set a value amount for your personal property based on what it's worth would be today. Having a copy of the inventory you made for your renters insurance policy will come in handy in case of flood damage, as well as fire or theft covered by your standard policy.

If there is damage to the structure, or any adjacent property, this is the responsibility of the property owner or landlord. He or she will be compensated, as stipulated in their homeowners flood policy, for clean up of the property. You may need to find alternative housing in the meantime.

Other Types of Water Damage

Your standard tenants policy will cover against water damage, often referred to as a "flood". A quality policy generally provides for water damage to your personal property from such events as leaking pipes, faulty washing machines, burst water heaters, and even such human error as overflowing a bathtub. You'll need to read your policy thoroughly, however, as not all coverage provides for water damage. You will be compensated for any personal property which is damaged as a result of the event. If there is a fire and the water used to douse that fire causes damage to your property, you'll be compensated as well.

Making Sure You're Protected

If you aren't sure whether or not you're in an area prone to floods, ask your landlord. If you doubt your insurance for renters protection, ask your insurer for clarification. Making sure you're protected to the fullest is your job. Understand your policy and just what it covers. If you sense you're underinsured, take steps to remedy that situation. Renters insurance is affordable and flood insurance for renters isn't something you'd want to be without.