The Truth About Renters Insurance

Below are common renters insurance myths and truths:


Myth: A landlord’s insurance policy will cover a renter’s personal belongings in the event of fire or theft.
Truth: While a landlord’s insurance policy will likely cover the dwelling and infrastructure of that dwelling, that coverage typically does not extend to the possessions owned by the renter.


Myth: Renters insurance is expensive.
Truth: On average, renters insurance costs less than $20 per month.


Myth: Renters insurance coverage is limited.
Truth: A renters insurance policy typically provides coverage for the loss or destruction of personal belongings in the event of a covered peril such as:

• Theft
• Fire
• Lightning
• Windstorm
• Hail
• Frozen plumbing system
• Vandalism

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Renters insurance may also provide coverage if:

• A renter is forced to temporarily move out of their home due to a covered loss.
• A person is injured in the renter’s apartment or home and requires medical attention.
• Items a renter keeps inside their vehicle are damaged or lost.

Based on Nationwide claims data, the following were the most common renters insurance claims submitted by its members in 2017:
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• Theft (from dwelling or vehicle)
• Water damage (non-weather related)
• Fire and smoke damage
• Liability
• Wind related

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