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<h1 class="article-title">Why Renters Should Have Their Own Insurance</h1>

<p class="article-subheading">A recent survey found that 35% of Gen Z adults pay for a cell phone protection plan, but only 21% have renters insurance.<sup class="article-super">1</sup> Young renters who are just striking out on their own may not realize that a landlord’s insurance policy typically will not provide financial protection against the destruction or loss of the tenants’ possessions.</p>

<p><img alt="" src="//www.emeraldhost.net/files/newsletters/WA_25096_Why%20Renters%20Should%20Have%20Their%20Own%20Insurance.jpg"><br>

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Renters insurance provides protection for loss of personal possessions resulting from fire, smoke, windstorm, lightning, vandalism, theft, an explosion, or a water problem. (Damage from flooding, however, is not covered.) A renters policy also provides liability protection in the event someone is injured in the home; and if the home becomes unlivable due to a covered peril, renters coverage may pay for the renters’ living expenses while the property is being repaired.</p>

<p>There are two basic types of renters insurance:</p>

<ul><li><span style="font-size:16px"><strong>Actual cash value </strong>pays to replace possessions minus depreciation — a reduction in value due to age and use — up to the coverage limits of the policy.</span></li><li><span style="font-size:16px"><strong>Replacement cost</strong> pays the actual cost of replacing possessions with no reduction for depreciation (up to the policy limits), but premiums are typically higher.</span></li>

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<p>The average cost of a renters policy nationwide is less than $200 per year.<sup class="article-super">2</sup> If you rent your home, you may want to consult an insurance professional to explore your coverage options.</p>

<p class="article-footer">1) National Association of Insurance Commissioners, 2024<br>

2) Insurance Information Institute, 2024 (2021 data, most recent available)</p>

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