Renter's Insurance: What You Should Know

Ever wondered if you need renter's insurance? Check out the latest video from Taymil Tips that shares everything you should know about renter's insurance, from its price to what it covers.

Disclaimer: The information in this video should be taken only as general guidance and is not intended to take the place of professional legal advice. For more in depth details about specific insurance policies and what they cover, please consult an insurer who sells renters insurance. NerdWallet has a great breakdown of different companies and the benefits they offer here:

Facts about renter's insurance:

1. Renter's insurance covers all the stuff you own: furniture, jewelry, clothes, electronics, bike, small appliances, art, etc. 

2. Renters insurance also covers your property when it’s in your car.

3. As long as it’s a “covered” kind of loss, your renters insurance will cover your property no matter where the loss occurs. "Covered" risks usually include theft, vandalism, fire, water damage (but not flooding), and extreme weather events at a minimum.

4. The average cost of renters insurance is pretty low, around $10-20 a month or $100-200 a year. NerdWallet has a great breakdown of different companies and the benefits they offer here.

5. If you already have car insurance, you can usually get a discount on renters insurance from the same company.

6. The default deductible is usually $500, but you can opt for a lower one or contact your insurance rep to get it lowered. Unlike health insurance, where you often have a yearly deductible, your renters insurance deductible is for each claim that you make.

7. Up to 2 unrelated roommates can usually be put on a single policy, even if they're not both on the lease.

8. If you live in a dorm, your parent’s homeowners or renters insurance will still cover your property.

9. If you have to leave your home for a covered risk, renters insurance will pay for all your expenses while you’re out: hotel, food, laundry, childcare and other expenses that arise because you're away from home.

10. Renters Insurance includes liability coverage if someone gets hurt in your home.

11. Renters insurance covers a lot of other things: identity theft, lost luggage, a power surge that fries your electronics.

12. There's one big scenario that isn't covered: when you rent or sublet your place.