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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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Renters property insurance is the first of two major areas of protection included in a renters insurance policy. The premium you pay for this area of coverage provides protection for your personal belongings against the risk of a host of covered circumstances. From theft and fire to certain types of water damage, this coverage makes property plans extremely valuable and versatile for you as a renter. But there are some exceptions to a standard plan worth noting. Not every possible loss is covered, so you need to know what is excluded before you buy. An overview of the basics of renters property insurance is in order for those among us considering buying this sort of policy for the first time. The more you know, the more likely you will be to make an objective, well informed decision for you and your family.

What's Included in Property Protection

Renters insurance property protection is a critical component of every renter policy. As a renter, you're in a bit of a unique position when it comes to insurance. Homeowners have to think about protecting their financial investment in a house and surrounding property, so they need a policy with those provisions. But those of us who rent have no such needs. Our focus, then, is on what we do own, and making sure our things are taken care of. It's a great advantage to be a renter versus an owner when the premium comes due, because your renters property insurance is much cheaper than a homeowners policy, simply because no real estate or physical dwellings need to be included.

What's left, then, are the things we furnish our rented home with. Your furniture, appliances, dishes, clothing, artwork, everything and anything you keep in your apartment or condo needs to be insured against the risk of loss. Property protection can insure all your things. A standard plan might have some certain financial level of coverage, like say $25,000 worth. But you can always add more, and you can always add special protection for valuables like jewelry or other possessions to your renters property insurance.

Your property is covered against losses resulting from fire, theft, vandalism, electrical damage, lightning, and a host of other event types. For a full listing, you should consult with your provider or simply notice the specific language of the renters property insurance quotes you're gathering. You can get a good idea of what's covered, and more importantly, what's left out.

Common Exclusions worth Noting

As with any type of insurance plan, renters coverage does contain some exclusions. These are areas not covered by your standard form policy. Events occurring under these types can only be covered under your renters property insurance if you have special coverage for them either as an endorsement on your coverage or in a separate policy altogether. Some of the more common exclusions are hurricanes, floods, tornadoes, and earthquakes. In areas prone to any of these natural disasters, insurers usually give policyholders the option of adding some kind of option to protect them from these risks. But they usually add significantly to the cost of a standard plan, although the coverage can be well worth the cost. You have to weigh protection against price and decide for yourself what your priority is. It's very much an individual decision.

Make an Informed Coverage Decision

The level of renters coverage you take on for your condo or loft will largely depend on how much stuff you own. As previously noted, you have no basis for insuring the home itself when you are a renter. Your landlord is responsible for insuring the dwelling itself. One of the great advantages of renting is the way it saves you money month to month in so many different categories. Renters property insurance is certainly no exception. Even when adding to your plan and increasing limits, you still won't pay what you would for homeowners insurance on your loft. You can afford to fully protect yourself because your cost basis is only focused on your personal possessions. For this reason, there's really no excuse not to have renters property insurance. And there's no excuse for not having sufficient protection to cover everything you own.

Even so, it is always up to individual renters to decide what to do about their student lofts or senior citizen apartments. No one can force you to get renters insurance because it is not legally mandated for a renter to do so. Don't just do it because an article recommends you do so. Make an informed coverage decision. Gather some free quotes online using our service. When you begin to see how much protection you can get for your money, you'll likely decide that you can't afford not to enroll in renters property insurance coverage.