Renter's Insurance: Why It Matters and What It Covers
Many renters skip insurance thinking their landlord's policy covers them. It does not. Learn what renter's insurance covers, how much it costs, and why it is worth having.
A landlord's property insurance covers the building — not your personal belongings, liability, or temporary housing costs if something goes wrong. Renter's insurance fills that gap at a remarkably affordable price.
What Renter's Insurance Covers
- Personal property: Furniture, electronics, clothing, and valuables damaged or stolen
- Liability: Legal costs if someone is injured in your rental unit
- Additional living expenses: Hotel and meal costs if your unit becomes temporarily uninhabitable due to a covered event
What It Typically Does Not Cover
- Flooding (requires separate flood insurance)
- Earthquakes
- High-value items like jewelry or art above policy limits (may need a rider)
How Much Does It Cost?
Renter's insurance averages $15–30 per month depending on coverage limits, location, and deductible. For the protection it provides, it is one of the most affordable forms of personal insurance available.
Many landlords now require proof of renter's insurance before move-in. Even if yours does not, it is strongly recommended for any renter with belongings worth protecting.
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General information for the Carolinas market, not legal, tax or investment advice. Rules differ by state and by situation — take professional advice before acting.