Renters' Insurance

 Renters insurance generally includes three key protections:

• Personal Property: Covers belongings like clothing, electronics, and furniture if they're damaged or stolen, even outside your rental.
  
• Liability Coverage: Protects you in case a guest injures themselves or if you accidentally damage someone else’s property.
   
• Additional Living Expenses (Loss of Use): Covers temporary housing, meals, and related costs if your home is unlivable due to a covered loss. 

 No. Standard renters policies typically exclude damage from floods, earthquakes, or similar natural disasters. Separate endorsements or standalone policies are needed for those risks. 

 While not legally required, most landlords or management companies do mandate it. Even if it’s not required, the low cost compared to the potential financial exposure makes it a smart choice. 

 Rates are generally affordable—often under $20 per month—but vary based on your location, coverage levels, and personal property value. The average annual premium is around $148. 

 Generally, no. Policies usually cover only the named insured and any family members listed. Because roommates are not typically related or listed on your policy, their belongings aren’t covered. It’s best for each roommate to secure their own individual policy.  

 Common exclusions include damage to your vehicle, pets, pests like bed bugs, and losses from excluded perils like floods or mold not caused by a covered event. Valuable items—like jewelry, art, or collectibles—are covered only up to set limits unless you add specific riders.