What Is Renters Insurance and What Does It Cover?

When renting a home or apartment, many tenants may not realize that their landlord’s insurance typically only covers the building itself and not residents’ personal belongings or liability. Renters insurance helps address these gaps. Learning how this coverage works can help renters consider coverage options.

What Is Renters Insurance?

Renters insurance is a type of policy that helps tenants manage the costs that can come with unexpected events. While Georgia law doesn’t require this coverage, many landlords may still request proof before signing a lease. Even when it’s not a requirement, having this policy can help cover expenses and help you feel financially secure if something goes wrong.

What Does It Typically Cover?

Typically, renters insurance policies include these three main types of coverage:

• Personal property coverage may pay to repair or replace your belongings, such as furniture, electronics and clothing, if they’re damaged or stolen due to events like fire, theft or certain types of water damage.
• Liability coverage may provide financial support if you’re deemed responsible for harm to others or accidental damage to their belongings, both within your rental and beyond.
• Additional living expenses coverage can help pay for temporary housing and extra living costs if your rental becomes uninhabitable due to a covered loss.

Why Does Having This Policy Matter?

Without renters insurance, you could end up paying out of pocket to replace your belongings or handle liability claims. Georgia renters face risks such as severe weather, theft and accidents, which makes this coverage an important consideration for anyone renting an apartment, condo or house.

What May Affect My Policy Rates?

Several factors can affect the cost of your policy, including your location, the amount of coverage you choose and your deductible. You can often lower your expenses by bundling multiple policies, selecting a higher deductible or adding safety features to your rental. Shopping around and comparing quotes from different insurance companies can also help you find an option that fits your budget.

How Our Team Can Help

Our team at Cadenas Insurance Agency is here to answer questions and guide you in selecting the right policy. Contact us today if you have any questions or would like to review your coverage.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.