Fine Print Guide

Guide

Renting a home

When you rent, the landlord insures the building. Your belongings, your hotel if the place becomes unlivable, and your liability are up to you.

At a glance

  1. Read what your lease requires Often required by someone else
  2. Buy a renters policy Optional
  3. Record what you own Optional
  4. Check flood risk if you're on a ground floor Optional

  1. 1 Read what your lease requires

    Often required by someone else

    Many leases require renters insurance with a minimum liability limit, often $100,000, and ask you to name the landlord as an "interested party" so they're told if you cancel.

  2. 2 Buy a renters policy

    Optional

    Pick a personal property limit that would replace everything you own. Replacement cost costs a little more; actual cash value pays little for used furniture.

    Read more: Renters insurance

  3. 3 Record what you own

    Optional

    Walk through each room with your phone camera, opening closets and drawers. Store the video online. It makes a claim much faster.

  4. 4 Check flood risk if you're on a ground floor

    Optional

    Renters policies exclude flood. You can buy contents-only flood insurance, often cheaply outside high-risk zones.

    Read more: Flood insurance

Things that often surprise people

  • Your roommate's things aren't covered by your policy unless they're named on it.
  • If you cause a fire or a leak, the landlord's insurer can pay the landlord and then come after you through subrogation.
  • Things stolen from your car are covered by renters insurance, not car insurance.