Your initial apartment rental out of college will always be special—after all, it’s the first residence you obtained on your own. Whether you have roommates or not, deciding whether to purchase renters insurance is among your most important decisions. Here, review answers to common queries to determine what’s best for your new residence.

Frequently Asked Questions About Renters Insurance

What does it cover?

Renters policies typically cover the personal property within your rental, as well as property in your vehicle if it is stolen. It also provides liability coverage if someone sustains an injury in your apartment and files a claim, and covers “reasonable” housing costs if your rental becomes uninhabitable due to storm damage or any other reason.

Any improvements you make to the rental with your landlord’s permission, such as installing recessed shelving, also enjoys renters coverage.

How does it differ from homeowners policies?

Unlike homeowners coverage, renters insurance does not pay for damages to the housing structure, only the contents of your apartment. Any damage to the apartment building falls under the landlord’s policy.

Renters policies also differ from homeowners coverage by not protecting property features such as detached garages and swimming pools. Such features are included in landlord policies.

What are instances renters insurance does not cover?

Like homeowners insurance, renters policies do not cover flooding damage. You must purchase a separate policy if you reside in an area prone to flooding. Renters policies also do not cover pest infestations, including bed bugs. You or your landlord will pay for infestation-related damages depending on your lease.

Is buying coverage legally necessary?

Unlike auto coverage, renters insurance is not legally necessary. However, some landlords require it before tenants sign leases. Your landlord will let you know if this is the case or provide instructions and carrier recommendations in the rental application. If you decide to purchase a policy, make an inventory list of your possessions for reference. 

Before you get ready to sign your first lease, discuss your renters insurance needs with Aaron Insurance Agency in Dothan, AL. The agency has served the region since 2000, providing a wide range of policy options that suit customer budgets. Call (334) 712-0777 today for a free quote or request one online. Like the Facebook page for more helpful advice.