Renter's Insurance A Renters Insurance policy is taken out to protect a renter in situations in which property loss or damage occur. It can also provide protection for the renter if he or she would be found responsible for the injuries or damaged property of others in the space. Renters insurance can be affordable. The average policy costs about $12/month for coverage of around $30,000 for property protection and about $100,000 in liability coverage. Things to keep in mind when deciding to purchase Renters Insurance: Your landlord’s insurance policy will not cover any of your belongings unless he or she is found to be negligent. Ask yourself if there is a natural disaster, fire, or burglary, will you be able to replace your damaged or stolen belongings? Check if you have auto insurance through a company that also offers rental insurance. You may be able to get a discount by having one company carry all of your policies. If you are a full-time student, you may be covered under your parents’ homeowner policy. Be sure to contact your parents to find out. What does Renters Insurance specifically cover? Renters Insurance will typically provide you with the means to either repair or replace your personal belongings including damage or theft due to fire, smoke, lightning, windstorm, hail, explosions, vandalism, theft, electrical surge, or water-related plumbing damage. In some cases, Renters Insurance may cover your belongings which are not in your home or apartment but for example, in your car. In the event that you cannot live in your home because of one of the above circumstances, your insurance may help you with expenses incurred. For example, it may pay for a temporary residence and food eaten out. The information above has been gathered with permission from “Student Legal Services Tenant Resource Guide,” a resource produced by University Student Legal Services at the University of Minnesota.