Renters insurance in a nutshell has to do with an insurance policy that protects your personal properties as a renter of residential accommodations or commercial premises. Most people tend to use homeowners insurance and renters insurance interchangeably but it is not to be as they are not entirely the same. While renters insurance applies to renters or Lessors’ of properties, homeowners insurance concerns individual residence together with the assets in the home. It is a form of property insurance that provides protection for accidents in the home.


Just like homeowners insurance, renters insurance is equally a part of property insurance whereby the insurance company undertakes in consideration for the receipt of premium from the policyholder to provide cover in the event of eventualities the contents or the properties in the renter’s apartment. These eventualities could be in the form of accidental fires, burglary operations or robbery.

Similarly, renters insurance can as well cover injuries not caused by structural problems. This is because injuries and losses resulting from structural defects are completely the landlord’s responsibility. And also, you could be sued by someone who has sustained injury in your apartment as a result of your negligence. These legal costs of the defence of the legal action are to be borne by your insurers.

Renters insurance is very crucial for a renter. It is important because, as a renter, you can’t be careful all the time. Most times, the carelessness of your neighbors can result in serious damages to your personal belongings in your apartment. Even strangers can gain unlawful access to your apartment and cart away your belongings.


Having known the need for renters insurance, there is need to take you through the gateway to getting a renter’s insurance.

Make choice of an insurer

The choice of an insurance company will come after you have made decision to take up a renter’s insurance coverage. This entails looking out for an Insurance Company that offers renter’s insurance package around you. You can look out for an insurer by making enquiries from friends and family members as well as searching in the internet.

Make your application

Having located the insurance company of your choice, the next thing to do is be to start your application.

The application processes may differ from one insurance company to another. While some companies would want that you complete a form manually, others may prefer that complete the form online usually in their websites.

It is worthy of note that at this point, it is necessary for you to access your insurance needs. It is advisable that you take pictures or a video coverage of the belongings in your apartment. And possibly note the serial numbers in such properties that would help in verifying them. The value of each of the items should equally be noted.

The essence of these things is to be sure the accurate value of the belongings you own. This is so that you don’t under-insure yourself. The moment you take time to get the actual value of each of your belongings, you will have a net value of the item you own in your apartment.

Secondly, getting the record of the items you own and its entire value will be of help in the event that you have to file a claim. Since you already have the entire items and their value, you will have no problems proving their worth. And should your insurance company would want to verify some of the claims, the serial numbers of the belongings as stated earlier will be of serious help.

Similarly, it is equally advised that the spreadsheet containing the list of your belongings and their respective value to keep at a safe place outside your apartment to avoid it being destroyed in the event of fire outbreak. It is therefore suggested that you consider keeping them at a bank safe deposit or with a trusted friend or relative.

Pay your premium.

Having completed your application process, the next thing will be to pay your premium. Your insurance premium is the amount of money you pay for your insurance policy. The premium represents the income of the insurance company.

Premiums for renters insurance policy is not usually expensive when compared with other forms or categories of insurance policies. And in most cases and depending on the steps you put in place to reduce risks of losses, the insurance company may offer you some discounts. These preventives steps could include fire extinguishers, anti burglar alarm systems etc.


The extent of the coverage in your policy will depend on your agreement with your insurer. And subject to the payment of the applicable premium. Here, we shall examine what it covers and what it does not cover.

  1. Public liability claims
  2. Personal belongings and properties
  3. Additional accommodation


This serves to protect you against adverse claims. Often times, people sustain injuries at your home and you get sued. The legal expenses, court judgments and damages are what your insurer reimburses you. Also, it will equally pay for the damage your pets or you cause to others up to the limit agreed in the policy.


This is coverage for all your belongings as contained in your rented apartment. This particular policy undertake s to pay for damages to your belongings resulting from specified perils ;like theft, fire outbreak, electrical breaches, or any other named hazard.


Subject to your agreement with your insurance company. And in the event that your apartment becomes inhabitable as a result of the occurrence of the events named in the policy. The insurance company will provide additional apartment or money to enable you rent an alternative apartment. This will equally include other ancillary expenses you incur like, hotel bills, restaurant bills and any other expenses.


Having talked about what renters insurance covers, we shall now discuss what it does not cover. This is to make you aware that merely getting a Renters’ insurance does not automatically you in all circumstances.

Renters’ insurance policy cannot cover you in losses you incur as a result of your personal negligence.

Similarly, there are risks that you would pay additional premiums so as to enjoy coverage by them. In order words, they are not automatic. Some of these risks are ones with links to serious natural disasters. And with probability of high damage and includes; floods, earthquakes, volcanoes, etc.


Having said much about renter insurance, it is highly advised that you consider getting one for yourself. So as to help you mitigate the damages that you may sustain in the happening of any of the risks mentioned above.

One thought on “ RENTERS INSURANCE

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